May 17, 2012
KY Missing Money – Part 1 of 2
(Part 1 of 2)
According to the Kentucky State Treasurer, the state is currently holding more than $150 million in unclaimed property that is owed to hundreds of thousands of Kentuckians. The only things standing between 200 thousand people and their piece of the pie are awareness of these forgotten funds, and the ability to locate and reclaim their Kentucky unclaimed money.
The Kentucky State Treasury sounds off about how much money it has given back in the past thirteen 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 divide that up over thirteen years, they're only returning a little over $2 million every year, on average. Much more than that is turned over to the state every year, so the $150 million the state currently holds will almost certainly grow. Even if Kentucky was to no longer take any more abandoned money this year it would still take them seventy-five years to return the $150 million currently being held, based on the current rate of $2 million every year.
It is not at all surprising that most people simply shrug off the idea of unclaimed property as some sort of scam, because it is difficult to believe that there are billions of dollars nationwide that people simply forgot about over the years. Who really just "forgets" that they have cash somewhere? It appears that quite a number of people. It's not surprising that the states (including Kentucky) lack the resources to find every single resident who is owed missing money. Gov. does not do very much efficiently, why would returning money to the people be an exception? Citizens of the Bluegrass State ought to take matters in to their own hands if they ever hope to experience the joys of found money.
(to be continued)
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