Where do all the billions and billions of dollars that haven't been claimed come from? Every year, hundreds of thousands of people in the United States and Canada leave their friends, family, and birthplace to follow a dream, start a new life, and move.
They leave "home" for as many different reasons as there are people who do it. But one thing is for sure: people who leave are looking forward. Don't go back. In turn, many thousands lose touch with each other over time, either by accident or by choice.
Because our society is always changing, most people have no idea who most of their relatives are or where they live. Consider it! Do you know all of your relatives by name? This includes aunts, great-aunts, uncles, and great-uncles, half-brothers and sisters, grandparents, great-grandparents, etc. The clear answer for most people is "now."
Grandparents usually only have vague memories of the past, but if you ask them about missing or "long-lost" relatives, it never comes up. And once the grandparents are gone, you probably won't find out.
So why does all of this matter? Because "lost" can go in both directions. If someone wants to get in touch with you, you either have long-lost relatives or you are a long-lost relative yourself. It could mean that there is "untold" wealth waiting to be found.
Imagine for a moment that your great-uncle, who is still alive because of your aunt, dies and names you as the only heir to his $2 million estate. But no one knew where you were, not even the great-uncle. After a half-hearted search, the lawyers will take their fees from the estate and send the rest to the state's "unclaimed money account." If you live in Canada, you can send it to the "Bank of Canada."
People think that the U.S. states are holding more than $ 250 billion in unclaimed money and that the Banks of Canada are holding more than $ 500 billion.
In Canada, the law says that all banks and credit unions that have accounts that haven't been used in at least seven years must send the names and last known addresses of those people. Two notices have already been sent out by the bank after that amount of time. After two years of inactivity, one is sent out, and after five years, the next. When the limit is reached, all unclaimed funds are turned over to the Bank of Canada, but each account stays in the name of the original holder, just like with U.S. accounts.
In the U.S., each state has its own time standard, though many of them may be the same. But by law, all financial institutions, such as retirement funds, insurance companies, banks, county government offices, etc., must also tell the state about unclaimed money. After a certain amount of time, which is set by law, the money is given to the unclaimed property division of the state treasury. In either case, all they have to do to get their money back is find it and ask for it.
Isn't it time you got your money back?
