A Bethesda woman tops the list so far this year of Unclaimed Property recipients by finding more than $100,000 in a bank account listed among the accounts published by Comptroller Peter Franchot. The annual list, which was published in the spring and distributed in newspapers statewide, includes more than 80,000 new unclaimed property accounts worth more than $61 million.
“I encourage everyone to check the unclaimed property insert or to visit marylandtaxes.com to look for your name,” said Comptroller Franchot.
This year, Comptroller Franchot appears on the cover of the insert in The Franchot Zone (or Unclaimed Property cache) full of possessions and financial payoffs that banks, insurance companies and financial institutions were unable to return to the rightful owners. Any of the goods not claimed by their owners eventually go to the state. Visit the Comptroller’s YouTube channel to watch his newest video (available at https://www.youtube.com/watch?v=C5LayKI2wzE).
Along with the unclaimed property list, which is published annually as required by law, the Comptroller’s Office also searches tax records to try and locate property owners. In addition, the agency has a booth at the Maryland State Fair, and other events throughout the year, to allow people to check the unclaimed property database.
Marylanders also can check to see if their name is on the unclaimed property list through the Comptroller’s website. Here’s how:
- Go to marylandtaxes.com
- Enter your name in the agency’s database
- Claim your property
Financial institutions, insurance companies and corporations are required to notify the Comptroller’s Office of any property that has gone unclaimed, or without activity, for more than three years. This is usually wages, bank accounts, stocks or dividends, life insurance policies or from safe deposit boxes. When the Comptroller’s Office receives property that isn’t monetary, as required by state law, the items are appraised and the auctioned off on eBay (www.ebay.com/usr/mdcompfranchot). The proceeds are held for the owner in perpetuity. Funds are available to be claimed at any time, with no statute of limitations and are not subject to taxes.
Franchot urges anyone who finds his or her name on the list to contact his office at 410-767-1700 (Central Maryland), or toll-free at 1-800-782-7383, to find out how to reclaim their lost property.
The Comptroller’s Office honored nearly 43,225 claims totaling more than $62 million in Fiscal Year 2016. Since 2007, the Comptroller’s Office has returned more than $585 million in unclaimed property. In total, the agency has more than 1.2 million accounts worth more than $1.5 billion in its Unclaimed Property accounts.
To search the Unclaimed Property database online, visit www.marylandtaxes.com.
