TREASURER CAHILL ANNOUNCES SPRING PUBLICATION OF ABANDONED PROPERTY LISTINGS FOR MASSACHUSETTS
Over $30 million in new unclaimed property accounts owed toindividuals and businesses
BOSTON, February 27, 2008 – Some higher education institutions are getting a valuable lesson. Amherst College, Boston College, Harvard Business, Divinity, Law and Medical Schools, Tufts University and University of Massachusetts are all on the latest list of 40,000 new individuals, charities and businesses that can claim abandoned property from the state.
“Our goal is to get the people of Massachusetts the money that is owed to them,” said Treasurer Tim Cahill. “I urge all businesses and individuals to check the Abandoned Property list and visit our website at www.findmassmoney.com.”
Abandoned Property includes forgotten savings and checking accounts, uncashed checks, insurance policy proceeds, stocks, dividends and contents of abandoned safe deposit boxes. After three years of no customer-generated activity, most accounts are considered “abandoned” and are turned over to the Treasury. An updated list of abandoned accounts is published twice annually as new accounts are turned over to the Commonwealth. There is no time limit to claim abandoned property and, in many cases, claimants will receive interest.
The newly released list includes 17 accounts over $100,000, 32 accounts between $50,000 and $100,000, and a total of 982 accounts in excess of $5,000. In addition to bank accounts, the new accounts include 1,305 abandoned safe deposit boxes, 85 owners of mutual funds and 1,542 owners of stock.
Including the 40,000 newly released names, there are over four million accounts in the Abandoned Property database. Current accounts include: Manny Ramirez, Condoleezza Rice, Alan Dershowitz, American Hockey Coaches Association and Fire & Ice Restaurant.
Since Treasurer Cahill took office, the Abandoned Property Division has returned over $247 million to rightful owners, with an average yearly increase of 19%. The Treasury has also employed cutting-edge technology to hold eBay auctions of unclaimed jewelry, coins and other items from safe deposit boxes, garnering over $450,000 for the state.
Beginning with the publication’s inclusion in the Boston Globe on Sunday March 2, 2008, citizens will have the opportunity to identify any unclaimed funds. The insert will accompany the Boston Herald on Sunday, March 9, 2008 and regional newspapers over the following two weeks as follows:
March 19, 2008:
Berkshire Eagle
Brockton Enterprise
Fitchburg Sentinel & Enterprise
Malden Evening News
Metrowest Daily News
New Bedford Standard Times
Patriot Ledger
Taunton Daily Gazette
Woburn Daily Times
March 20, 2008:
Lowell Sun
Nantucket Inquirer
Springfield Republican
Worcester Telegram & Gazette
March 21, 2008:
Attleboro Sun Chronicle
Cape Cod Times
Daily Hampshire Gazette
Eagle Tribune
Fall River Herald News
Lynn Daily Item
Salem Evening News
Vineyard Gazette
To see if you have abandoned property, please visit www.findmassmoney.com or call 888-344-MASS. Both the call and website are free of charge. The Abandoned Property Division has extended telephone hours through April 12, 2008: Monday through Friday from 8:00 am to 8:00 pm, and Saturday from 9:00 am to 4:00 pm.
Timothy P. Cahill serves as Massachusetts State Treasurer and Receiver General. He was sworn in for his second term on January 17, 2007. As the Commonwealth’s Chief Financial Officer, Cahill brings a business-minded approach to managing the state’s finances and has implemented better business practices in the Treasury’s departments and affiliated agencies. Prior to his election in 2002, Cahill served as Norfolk County Treasurer from 1997-2002, as a Quincy City Councilor from 1987-2003, and was a successful small business owner and the author of a book about local businessmen. He is a graduate of Boston University and a recipient of the 2007 Eisenhower Fellowship. Treasurer Cahill lives in Quincy with his wife, Tina, and their four daughters.
