Kentucky Unclaimed Money Climbs To 150 Million Dollars

April 21st, 2022 by admin Leave a reply »

According to the KY State Treasurer, the state is now holding more than $150 million in unclaimed property that belongs to the citizens. The only things standing between 200,000 people and their slice of the pie are awareness of these forgotten assets, and the ability to locate and reclaim their Kentucky unclaimed money.

The Kentucky State Treasury boasts about how much money it has returned in the past 13 years, “In 1994, the General Assembly transferred responsibility for the unclaimed property fund to the Kentucky State Treasury. Since then, about $28 million has been returned to rightful owners.” $28 million sounds like a lot, but when you spread that out over 13 years, they’re only returning a little more than $2 million per year, on average. Much more than that is turned over to the state each year, so the $150 million the state currently holds will certainly grow. Even if Kentucky was to stop taking any more abandoned money today it would still take them 75 years to return the $150 million currently being held, based on their current rate of $2 million per year.

It’s not surprising that most people simply dismiss the idea of unclaimed funds as some sort of scam, because it’s difficult to believe that there are billions of dollars across the country that people simply forgot about over the years. Who ever just “forgets” that they have money somewhere? Well, apparently a lot of people. Not surprisingly, the states (including Kentucky) lack the resources to track down every single person who is owed missing money. Government doesn’t do much efficiently, why would returning money to the people be any different? Citizens of the Bluegrass State need to take matters in to their own hands if they ever want to discover the joys of found money.

Though there are dozens of different potential sources of lost money in Kentucky, the State Treasury’s website provides the following list of the most common types: “dormant savings and checking accounts, unclaimed wages, dividends, credit balances and any type of outstanding checks.”

A common misconception is that you should only search for unclaimed money in your home state. This couldn’t be more wrong, not only because many people have lived in numerous states throughout their life, but also because you don’t have to have lived in or even been to a state that might owe you money. Many people work for companies that have their headquarters in another state. If these companies owe someone money, but are unable to track them down, the cash is supposed to be reported to the state where the company is incorporated.

In addition to searching the records of more than one state, people need search more than once, because unclaimed money lists are sporadically updated. If a property hasn’t been dormant long enough to be considered “unclaimed” by the state, the original holder won’t have turned it over, which means the state will have no record of it. Often times, even after the state has received a particular account, their system will still not have a record of it for some time, because someone who works in the appropriate department must physically add the record to the system.

With these issues, and dozens more, it’s no wonder that residents have difficulty locating their funds. As these surpluses of cash grow, so does the confusion about how to find it, so it’s more important than ever to seek the assistance of an expert in this area to help you in your search.


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