One in every 10 of us, translating into over 30 million people within the U.S., have their names listed on a state register for unclaimed funds. They just don’t know it. The Jewish Link spoke with someone who wants to change that. He’s on a mission to get the word out, especially within the Jewish community. And he insists on doing so anonymously. We’ll call him Judah.
Judah related that he had stumbled onto this potential windfall a few years ago while listening to a financial podcast focusing on unclaimed properties. He soon put his newfound knowledge to the test and discovered that a few friends had between $500 and $1000 just waiting to be united with their rightful owners. The company he works for was listed as well, and was able to stake a claim to $15,000. He realized that many people could benefit if only they knew that such programs existed. After some soul-searching, he decided to take it to the next step, buying ad space in publications within states with large Jewish populations, such as New York, New Jersey and Florida. Thus was born what he called his “hashavat aveida project,” returning lost items to their owners. His ad can be found on this page in The Jewish Link.
Judah explained how it works. States essentially act as custodians for unclaimed funds, listing them by owner name on their websites. An asset makes the list after three years go by without any activity. According to the website for New Jersey, there is no time limit for making a claim. Each state has its own website for unclaimed properties. For instance, the one for New Jersey is https:/nj.gov/treasury/unclaimed-property, but Judah offered that anyone can reach the correct destination by simply typing “New Jersey unclaimed funds.” Claims can be made for oneself or as the heir or descendent of someone else. Additionally, claims are not limited to individuals, but can be listed for schools, yeshivas and businesses as well.-
Naturally, there is some paperwork involved in making a claim, including proof of identity and ownership, but the effort can sometimes yield a meaningful payback. Judah offered that these funds can take a multitude of forms, such as an old bank account, an insurance payout, physical property, a stock certificate, college refunds or a long-forgotten utility deposit. Often these unclaimed assets make their way into a state’s database because the owner has had a change of address.
Every state has its own way of handling unclaimed funds. For instance, some list the unclaimed item as having a value of either under or over $100. Others will include the exact amount, but only after a claim is registered. While some allow a claim to be processed online, others require that the it be completed and sent via regular mail.
Judah shared his observation that those who are affluent are more likely to find their names on a state unclaimed property list than those of more modest means, simply because they have more varied financial assets. It is his hope that since funds/properties discovered on the list are essentially found money, that they might consider directing some of those funds towards those with a greater need. In this way, the ads he has purchased will not only result in his fulfilling the mitzvah of hashavat aveidah, but will indirectly lead to an overall increase in the giving of tzedaka.
Judah closed by saying that after attending the funeral of a great uncle and learning of all his great exploits and contributions, he was inspired to do something special to follow suit. That eventually led to his immersion in this worthy project.
Robert Isler is a marketing researcher and freelance writer. He can be reached at [email protected].
