January 11, 2012
Search For MI Unclaimed Money – Part 1 of 2
(Part 1 of 2)
Michigan is home to a lot of pop culture icons – Madonna (from Bay City), the 'Motown' music label, Eminem, Diana Ross (from Detroit), Bob Seger, Stevie Wonder… the list of famous artists goes on and on. It is also home to the automobile capital of the world Detroit, also known by natives as Motor City (which is where the term 'Motown' comes from) and 'The World's Cereal Bowl'- Battle Creek, MI which is the home of the Kellogg's company. Without a doubt, many assets essential to pop culture have come out of 'The Wolverine State'. There are less known assets in MI that even most residents don't know about though – hundreds of millions of dollars in Michigan unclaimed money! This cash is just sitting-around in the Michigan Unclaimed Property Department instead of where it belongs, in the hands of the owners of the lost financial assets.
According to the State Treasurer's Dept., "The Michigan Department of Treasury has millions of dollars in lost or forgotten assets from dormant bank accounts, uncashed checks, valuables left in safe deposit boxes and stock certificates. Because these properties were considered abandoned and unclaimed by the bank or company entrusted with them, they are turned over to the state, as required by law. The Michigan Department of Treasury is the custodian of these assets and returns them to their owners (or the owners' heirs) when they are rightfully claimed."
The citizens who are owed Michigan unclaimed funds may have lost track of their money while moving to another city or getting new jobs. This is very common in the fast-paced lifestyle we're all living now, and forgetting to leave things like a forwarding address is very easy to do. Consequently, mailed notices and checks often don't get to the addressees and must be returned to the sender (the IRS or businesses and financial institutions), where they stay until the 'dormancy period' has gone by, and state law requires that these monies be turned over to the state. In Michigan this period is five years for most types of unclaimed funds.
(to be continued)
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Columbus — The Ohio Department of Commerce Division of
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