14 Sep 2014
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Middetown Receives Unclaimed Property

How much will Middletown receive? Find out below.

Middetown Receives Unclaimed Property

This week General Treasurer Gina M. Raimondo announced Treasury's Unclaimed Property Division will be reuniting 37 cities and towns with just over $72,000. The amounts of municipal unclaimed property range from around $21,000 for Pawtucket to $40 for Scituate. 

The town of Middletown will receive $367.  Hey, when digging around for overdue money, maybe this is why people say - it's not the money, it's the principal.  We will take it.

Treasury currently holds over $250 million in unclaimed property and encourages people to  search its online missing money database.

I searched under my name, and found out Wells Fargo Bank owes me some money.  Reportedly, upgrades to the claims system have reduced processing time to less than one week.

"Returning this unclaimed property to cities and towns is an example of government working across all levels," Raimondo said. "As Treasury streamlined its data matching process, it discovered these municipal properties, and now going forward we will actively work with local finance departments to return their money." 

In addition to municipal outreach, for the second year in a row, Treasury has notified General Assembly members of constituents in their districts who have unclaimed property and encouraged assembly members to contact them. Work is also underway with other state agencies to match constituent information in a new direct mail pilot program. One example is the matching unclaimed property records against the department of motor vehicle database.

"Property remains unclaimed for many reasons, the most common being inaccurate information," Raimondo continued. "We are actively testing new ways to solve the data matching problem, so we can reunite people with their property. I am hopeful that direct mail and engaging other groups and agencies is a way to make the program more successful."

An incorrect address or misspelled name will likely lead to property being turned over to the unclaimed property division for safekeeping. In the case of cities and towns, included on the list are unclaimed insurance premiums and smaller checks for various fees, among other monies.

 

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