April 9, 2012
Search For NH Unclaimed Money – Part 2 of 2
(Part 2 of 2)
The reasons unclaimed property is often difficult to find are numerous, but among the most common are the lack of knowledge of the searcher on which websites to use and how often they need to search.
There are a number of different types of property that can become abandoned and classified "unclaimed", but the state treasury's website names the following as some of the more common: Stocks, Certificates of Deposit, Mutual Funds, Bonds, Refunds, Gift Certificates, Payroll, Wages, Commissions, Salary, Death Benefits, Uncashed Checks, Insurance Payments, Dividends, Paid-up Life Insurance Policies, Money Orders, Demutualization Proceeds, Deposits. Each type of account can only be classified as "unclaimed" (and handed over to the state) after it has seen no activity for a certain time period of time, which is unique among each type. These dormancy periods are generally between 1 and 5 years in New Hampshire, depending on the type of property.
Due to the fact that each type of account has its own dormancy period, a person could search for money owed to them on a particular day, when their property hasn't been turned over to the state, so the state will have no record of it. Many times, people give up at this point, not realizing that their funds could be turned over to the state the next year, or even 5 years down the road. Beyond that, the the state's own records have to be manually updated by a state employee, so the accuracy of the records is questionable, because there is not someone adding listings in real time.
All of those issues with when a property actually gets added in to the the state's own records won't matter if a person doesn't have any idea where to search. Most people just search any web site that provides a search box, but very few of these websites have any legitimate listings. The majority of the "databases" are not real. Choosing an unclaimed property site to run your searches from a primary concern. Just as important is studying the search methods used by professionals in the missing money field, and utilizing them in your own searches.
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