ANNAPOLIS, MD. (May 17, 2010) - Comptroller Peter Franchot today announced that his office will be cutting checks to nearly 9,000 Marylanders as a result of this years 144-page advertising supplement. As part of an aggressive campaign to reunite Marylanders with property and money owed to them, the Comptroller’s office released the insert in newspapers across the state earlier this month. The supplement included 60,000 recently-identified owners of more than $42 million in unclaimed funds.
"While some states allow these accounts to lay dormant, my office works hard to find the rightful owners,” said Comptroller Franchot. “I’m pleased to be able to return all of this money to hard working Marylanders.”
Financial institutions, utility and insurance companies and other corporations are required to report to the Comptroller any bank accounts, security deposits, wages, insurances benefits and contents of safe deposit boxes that have been unclaimed after three years. Funds remain the property of the owners or their legitimate heirs and can be claimed anytime. There is no statue of limitations.
Comptroller Franchot urges everyone to check histhe agency’s complete unclaimed property records for free, online at either www.marylandtaxes.com or www.missingmoney.com. The agency has records on approximately 800,000 accounts worth more than $900 million.
In addition, numerous property items held by the agency that remain unclaimed are now eligible to be posted for auction on eBay. Since this program began in July 2006, nearly 7383,300 items have been sold, totaling more than $820,000. These items can be viewed and bid on by clicking the eBay icon at www.marylandtaxes.com .
Along with newspaper advertising, the Comptroller's Office also searches for owners of unclaimed funds by matching files with the Internal Revenue Service and state Motor Vehicle Administration records as well as setting up computers at the Maryland State Fair and other events to allow people to check the agency’s files of unclaimed funds.
In fiscal year 2009, which ended on June 30, 2009, the Comptroller's Office honored nearly 43,000 claims totaling more than $42 million.