Millions of citizens in the country are advised to claim the unclaimed funds in the state where they lived before it will be turned over to the state.
Unclaimed Funds in Alabama
Residents in every state should claim the unclaimed funds before they will be turned over to the state. This is an opportunity for each resident in the state to have an additional source of money. One of the ways to determine the unclaimed funds is to visit the official website of the State Treasurer.
In Alabama, State Treasurer Young Boozer announced that February 1 as National Unclaimed Property Day. Residents and business owners are encouraged to claim the funds, according to CBS42.
It is estimated that nearly 33 million people have unclaimed property, financial accounts or items of value in which the owner has not initiated any activity for a number of years.
Moreover, if the company cannot locate the owner, the properties and money will be turned over to the state. Here are some of them:
- Unpaid life insurance benefits
- Forgotten bank accounts
- Account deposits from utility companies
It is important that these residents should claim unclaimed funds and properties to have an additional source of money.
Alabama State Treasurer Released A Statement on Unclaimed Funds
Alabama State Treasurer Young Boozer said, “Nothing gives us greater pleasure in our office than reuniting people with their money! As funds are turned over to us once a year, I like to remind folks to check our website, treasury.alabama.gov, every year on their birthday. That’s an easy way to remember, and we might just be holding a present for you in the way of unclaimed property funds.”
He also added that the state currently holds $1 billion in unclaimed funds for citizens. Likewise, he also encouraged them to visit the official website of the State Treasurer’s office and search for their name, the name of a business they own, or family members.