Is the state hiding your money? The warden of the unwanted property expresses his concern

0
2
  Is the state hiding your money?  The warden of the unwanted property expresses his concern

There is nearly $1 billion in unclaimed property sitting on that list. It gets there when businesses or banks that hold assets cannot find owners and turn over the cash to the state.

Officials report a 32% increase in the number of claims. 

How does it work?

“That’s tremendous,” Wooden said. “That’s what we want, we want to reconnect people with their money.”

Story Highlights

  • State Treasurer Shawn Wooden says that is simply not true.

  • One year ago, the state treasurer launched a new Big List website to make it easier for people to get their cash.

You log onto the site, put in your name or business and click search. Advance the screens, fill out the boxes, upload documents, verify you are who you are and get the claim number.

Maria Greenslade, assistant treasurer for the unclaimed property division, suggests, “You would want to write down [the] claim number. Then look for the claim number in an email and check the status of [the] claim in a few weeks.”

Ron Lizzi, a self-proclaimed watchdog of unclaimed property, says the state should do more. “If the state has money belonging to you and it knows that and it knows your current address because you pay taxes, or you register to vote, it should simply send you a check,” Lizzi said.

Wooden told News 8 he is aware other states like Rhode Island handle it differently. Connecticut law puts the onus on the people and only requires amounts more than $50 to be reported on the Big List — see Sec. 3-66a on that page. Wooden says that’s 99% of claims.

“It’s less than 1% where there’s that gap, but anyone can call that 1-800 number,” Wooden said. Lizzi said not everyone scrolls the website for the 1-800 number. He said the state is hiding $50 million in cash.

The unclaimed money that goes into the state general fund can be used by politicians, including the treasurer for a Citizen’s Election grant. Wooden told News 8, “I support using it for public good temporarily while we’re trying to connect it with rightful owners.”

Wooden said Connecticut is ranked 2nd in the nation for returns of unclaimed property by the National Unclaimed Property Administration Association that tracks it. “I could say to you, ‘I returned two wallets I found last year.’ Do I sound like a good guy? Maybe I do, but what if I found five? Now I’m a crook,” Lizzi said.