What is Unclaimed Money Maryland?
Maryland Unclaimed Money: Maryland Abandoned Property and Regulations Act refers to unclaimed property, which is property left behind by the owner after some time. Maryland defines unclaimed property as money. It can be in wages, bank accounts, dividends, or insurance benefits. Maryland exempts real property, boats, and cars from the Abandoned Property and Regulations Act.
A holder is anyone who owns unclaimed property or is a trustee of it. It also covers persons and institutions with property yet to be claimed. It includes financial institutions like banks, credit unions, and insurance companies.
Maryland’s law requires that property owners report no owner activity to the government within three years. After three years, the state government will temporarily take custody of the property until the owner takes possession. This process is known as escheatment. Maryland’s Comptroller of Maryland manages unclaimed properties.
How to Locate Unclaimed Money in Maryland
Maryland State Comptroller’s online search allows people to examine unclaimed government money. Marylanders can view the database from any computer and follow the instructions. In addition to using various public media channels such as mass mailings, newspaper advertisements, and online promotional videos, the state office also seeks out owners through outreach programs, media campaigns, and media campaigns.
The public can also buy a CD of unclaimed property owner owners for $4 by writing a request to the Comptroller’s Office at:
Room 310, Comptroller Maryland Compliance Division Unclaimed Property
301 W. Preston Street
Baltimore, MD 21201
The Comptroller of Maryland-Unclaimed Property is available for payment by money order, business check, or money order. The CD would contain non-confidential data such as the owner’s last known address and claim number.
Maryland Law, Md. Code Ann. General Provisions Article GP SS4-335 states that the Comptroller is prohibited from disclosing any private information like the owner’s SSN or the property’s value. It also prohibits disclosures by the Comptroller of financial information and other personal information. In addition, Md. Code Ann., Commercial Law Section SS17-311(2) permits only persons of interest to get information about the property’s value and description, as well as the name and address of their holder.
How can I get Maryland Unclaimed Money free of charge?
The Comptroller of Maryland provides a free search service and is accessible to the general public. Other federal agencies maintain records of unclaimed money within their jurisdiction. They also have online repositories that you can access at any moment. The National Association of Unclaimed Property Administrators and the U.S. Bankruptcy Court are some examples of such agencies.
NUAPA maintains records of unclaimed properties across the country. It is an excellent tool for Marylanders to search abroad for unclaimed funds. HUD maintains records on unclaimed HUD funds. The Treasury Department keeps records of unclaimed HUD funds via an online search.
Searching for unclaimed bankruptcy assets? Use the U.S. Bankruptcy Unclaimed Funds Locator.
How long does it take to get Maryland unclaimed money?
Maryland’s average wait time for processing claims takes 6-8 weeks. The average wait time for processing claims can vary depending on how many claims have been submitted. For more information, call (410) 767-1700 or fax (410) 333-7150. Maryland residents can call the toll-free (800) 782-7383 for assistance.
Alternative options include visiting the office in person at:
Comptroller Maryland Compliance Division Unclaimed Property Room 310
301 W. Preston Street
Baltimore, MD 21201
Who can claim the unclaimed money of Maryland’s deceased relatives?
Maryland allows heirs and their surviving family members to file claims with the Comptroller’s Office for the property that a deceased person has abandoned. The Comptroller may request copies of vital records such as a marriage certificate, death certificate, Will, or other essential documents to confirm the requester’s relationship.
What happens to Maryland’s unclaimed money if no one claims?
Maryland’s Abandoned property Act, which is custodial, only allows for temporary ownership of unclaimed property. The property can be claimed at any time, with no deadline. However, the law provides for the Comptroller’s office to auction abandoned safe deposit boxes and to register the best value of the property to its rightful owner.