Grossman Targets Unclaimed Property Outreach to Massachusetts Communities Impacted By June Tornados
Effort Aimed at Identifying Owners of Over $30 Million in Unclaimed Property
"Particularly in a hard-hit area like this, we want to extend as much assistance as we can," said Grossman. "Having personally toured this region just days after the tornados hit, I have a firsthand appreciation of the devastation and disruption these storms caused. This is just one more way we can extend a helping hand to impacted communities."
Unclaimed property is typically turned over to the state Treasury after the third-party holder of the asset has been unable to contact the owner for a period of three years. These assets include savings and checking accounts, unpaid wages, stocks, un-cashed dividends, certificates of deposit, and contents of safe deposit boxes. The Treasury holds unclaimed assets or the equivalent of their value in perpetuity, and an owner or an owner's heir may file a claim for the property at any time.
There is over $30 million worth of unclaimed property in the 19 Massachusetts communities directly impacted by the tornados. Staff from the Unclaimed Property Division will host 12 separate forums in five cities and towns at strategic public locations in the region in order to reach as many interested parties as possible. A list of these community forums is attached.
Under Grossman's leadership, the Treasury has ramped up outreach to individuals and communities in an effort to connect more people with their unclaimed property. In addition to this enhanced activity, the Treasury publishes the names of unclaimed property owners twice a year in newspapers across the state and has a search tool on its website ( www.findmassmoney.com) to help people determine if they have unclaimed property.
The Treasurer's office currently oversees over $2 billion in unclaimed property, and it is estimated that one in ten individuals in the Commonwealth has a rightful claim to it. Last year, the Treasury was able to reunite more than 32,000 people with over $62 million in such property, a statistic that Grossman said will substantially increase this year.
"It's not the state's money - it belongs to the citizens of the Commonwealth. We want to take every step possible to get unclaimed property back into the hands of its rightful owners," said Grossman.
Public Forums/Unclaimed Property Division
Tuesday Sept 6th- 9:00 am - 12:00 pm, Monson Town Hall, 29 Thompson St., Monson
Tuesday Sept 6th- 12:30 pm - 3:00 pm, Monson Senior Center, 106 Main Street, Monson
Tuesday Sept 6th- 4:00 pm - 8:00 pm, Monson Library, 2 High Street, Monson
Wednesday Sept 7th- 9:00 am - 1:00 pm, Springfield City Hall, 36 Court Street, Springfield
Wednesday Sept 7th- 3:00 pm -8:00 pm, Stop and Shop, 1600 Boston Rd, Springfield
Thursday Sept 8th- 9:00 am - 1:00 pm, Longmeadow Community House, 735 Longmeadow Street, Springfield
Thursday Sept 8th- 3:00 pm- 8:00 pm, Stop and Shop, 935 Riverdale Street, West Springfield
Friday Sept 9th- 10:00 am - 2:00 pm, Eastfield Mall, 1655 Boston Rd, Springfield
Friday Sept 9th- 3:00 pm -7:00 pm, Rave Movie Theater, 864 Riverdale Rd, West Springfield
Saturday Sept 10th- 9:00 am -11:00 am, Geissler Super Market, 830 Suffield Street, Agawam
Saturday Sept 10th - 12:00 pm - 6:00 pm, Walmart, 1105 Boston Rd, Springfield
Sunday Sept 11th- 11:00 am -6:00 pm, Holyoke Mall, 50 Holyoke Street, Holyoke