Palonek reminds Louisiana Business Owners of the Oct 31 deadline to report Unclaimed Property
Every day thousands of people lose track of their bank accounts, cash, stocks, bonds, refunds, safe deposit boxes and gift cards. Edward Palonek of foundmoney.com is helping people just like you reunite with their unclaimed cash.
- (1888PressRelease) October 23, 2010 - According to State Treasurer John Kennedy Louisiana's property law requires private businesses, financial institutions and public organizations to turn over money, securities and other intangible personal property to the state by October 31.
"For the most part, Louisiana businesses do a good job of reporting unclaimed property," said Treasurer Kennedy. Due in part from the property law, Louisiana now has over $398 million waiting to be claimed by residents and businesses.
The October 31 is the deadline that holders of unclaimed property must file unpaid debts or undelivered securities with the state after a certain length of time, depending on the type of unclaimed property.
Some examples of holders of unclaimed property are business associations, corporations, banks, sole proprietors, public agencies, organizations (both for-profit and non-profit), and insurance companies that hold money for someone else.
According to Edward Palonek who is the founder of foundmoney.com, the first company to make a search mechanism available on the internet for everyone to search for unclaimed property, "even if you no longer reside in Louisiana you would still be entitled to the unclaimed property if it belonged to you or your business before it got handed over to the State".
Fiscal 2010 marked a record-breaking year for the 38 year program for collecting and returning unclaimed property to Louisiana citizens according to the State Treasurer's office. Treasurer Kennedy says "$433 million still owed to citizens". Louisiana collected $62.1 million and refunded $22.3 million to the owners of unclaimed property for fiscal 2010.
"We collected a large amount of money this year partly because more businesses than ever are learning about their legal obligation to report unclaimed funds to the state," said State Treasurer John Kennedy. "When businesses do not have correct addresses for the owners of utility deposits, apartment deposits, final paychecks and other funds, this money becomes unclaimed property and is turned over to the Treasury for safekeeping."
The types of unclaimed property that businesses and organizations must report by October 31 include, checking and savings accounts, uncashed payroll or cashier's checks, money orders, travelers checks, certificates of deposit, customer deposits, overpayments, paid-up life insurance policies, health and accident insurance payments, uncashed death benefit checks, gift certificates, Christmas club accounts, stock dividends, utility deposits and oil and gas royalty payments.
"There is over $32 billion dollars in more than 115 million unclaimed accounts waiting for the rightful owners to come forward and make a claim to some of this money across North America, with the help of websites such as foundmoney.com, re-uniting owners of these lost and forgotten assets couldn't be more fun or easier, in fact, the majority of these forgotten or lost accounts never expire and can always be claimed", says Palonek.
Contact
Foundmoney at www.foundmoney.com
Edward Palonek at www.edwardpalonek.org
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