Massachusetts’ Unclaimed Property Division is currently holding over $1 billion in unclaimed money.
Even with the rising awareness of unclaimed property, the Massachusetts Unclaimed Property Division is still growing at a rate of about $200 million a year. On average, less than $50 million a year is being returned to rightful owners. The Massachusetts Common Wealth General Fund is growing exponentially by the year.
An abandoned property list released in September, 2009 includes 13 accounts worth over $100,000, 32 accounts between $50,000 and $100,000, and a total of 555 accounts in excess of $5,000. In addition to bank accounts, the new accounts include 2,210 abandoned safe deposit boxes, 84 owners of mutual funds and 1,636 owners of stock.
To give you an idea of the history of Massachusetts’ Unclaimed Property division I have compiled some older data. Take a look.
For fiscal year 2005, the Massachusetts Abandoned Property Division collected approximately $214 million in unclaimed money.
Massachusetts Collected $218 million in abandoned property in 2004.
Massachusetts Collected $238 million in abandoned property in 2003.