For Immediate Release - February 28, 2013

Grossman Announces Spring Release of Unclaimed Property Listings for Massachusetts

Over $90 Million in Newly Identified Property is Owed to Individuals and Businesses

Treasurer Steven Grossman today announced the release of the latest tally of names that have been added over the last six months to the state’s list of unclaimed property owners.  Over 347,000 new properties in excess of $90 million combined are owed to individuals and businesses in the Commonwealth.

“The magnitude of the holdings of the Treasury’s Unclaimed Property Division is apparent when you consider that this list only represents names that have been added over the past six months,” said Grossman.  “Altogether, we are holding over $2 billion in cash and other property, and we are working aggressively every day to ensure that more of that money goes back to its rightful owners.”

Unclaimed property includes forgotten savings and checking accounts, un-cashed checks, insurance policy proceeds, stocks, dividends, and contents of unattended safe deposit boxes.  Most accounts are considered “abandoned” and turned over to the Treasury after three years with no activity.  

Unique to this year’s release is the inclusion of over $40 million owed to thousands of beneficiaries of unclaimed insurance policies that were uncovered in a Treasury-initiated audit of multiple life insurance companies.  Because of the audit, these life insurance companies have agreed to change their practices to better identify beneficiaries upon the passing of the policy holder.

The newly released list includes 83 accounts over $100,000, 99 accounts between $50,000 and $100,000, and 16,893 accounts in excess of $1,000.  The list encompasses only individuals and businesses with shares of stock or mutual funds or unclaimed property over $100 and does not include any owners identified before September 2012.  Grossman urged citizens to check the comprehensive list at www.findmassmoney.com, noting that one in ten people in Massachusetts has unclaimed property in their name.  Past individuals with claims to Massachusetts unclaimed property include Tom Brady, Steven Tyler, Chelsea Clinton, and Governor Deval Patrick.  

Since the beginning of 2011, the Treasury’s Unclaimed Property Division has dramatically increased its outreach activities, both directly to individual owners of unclaimed property and to the general public by setting up booths at fairs, sporting events, and other events.  Because of this ramped-up outreach, the Division was able to return $93 million in unclaimed property to individuals last fiscal year, a 42 percent increase from two years earlier.   

The full list of names of the new individuals and businesses added to the unclaimed property list in the last six months and owed amounts of more than $100 will be published in the Boston Globe on Sunday, March 3rd and in the Boston Herald on Sunday, March 10th.  In addition to these two newspapers, the full list of names will also be published in 14 regional papers and a partial geographically-segregated listing of names will be published in 32 local papers.  A full list of these newspapers and publication dates is attached.

The Treasury releases an updated list of unclaimed assets every six months as new accounts are turned over to the Commonwealth.  There is no time limit to claim this property and, in many cases, claimants will receive interest.  To determine if they have unclaimed property, citizens can call 888-344-MASS or visit www.findmassmoney.com.

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Inserts


Boston Globe Sunday, March 3rd
Lowell Sun Thursday, March 7th
Boston Herald Sunday, March 10th
New Bedford Standard Times Thursday, March 14th
Lawrence Eagle Tribune Friday, March 15th
Worcester Telegram and Gazette Sunday, March 17th
Metro West Daily News Wednesday, March 20th
Milford Daily News Wednesday, March 20th
Patriot Ledger Saturday, March 23rd
Springfield Republican Sunday, March 24th
Cape Cod Times Sunday, March 24th
El Pueblo Latino Sun Sunday, March 24th
Lynn Daily Item Friday, April 5th
Salem Evening News Friday, April 5th
North Shore Sunday Saturday, April 6th (gets delivered on Saturdays)
Brockton Enterprise Sunday, April 7th

Local Papers


Amesbury News Friday, March 22nd
Andover Townsman Friday, March 22nd
Arlington Advocate Thursday, March 21st
Belmont Citizen Thursday, March 21st
Berkshire Eagle Wednesday, March 20th
Brookline Tab Thursday, March 21st
Cape Ann Beacon Friday, March 22nd
Country Gazette Friday, March 22nd
Daily Hampshire Gazette Friday, March 22nd
Dover-Sherborn Press Thursday, March 21st
Fall River Herald News Friday, March 22nd
Falmouth Bulletin Thursday, March 21st
Fitchburg Leominster Sentinel Wednesday, March 20th
Georgetown Record Thursday, March 21st
Gloucester Daily Times Friday, March 22nd
Hamilton-Wenham Chronicle Thursday, March 21st
Ipswich Chronicle Thursday, March 21st
Malden Evening News, Wednesday, March 20th
Medfield Suburban Press Friday, March 22nd
Nantucket Inquirer Thursday March 21st
Natick Bulletin Friday, March 22nd
Needham Times Thursday, March 21st
Newburyport Current Friday, March 22nd
Newburyport Daily News Friday, March 22nd
North Andover Citizen Friday, March 22nd
Old Colony Memorial Wednesday, March 20th
Sun Chronicle Friday, March 22nd
Taunton Daily Gazette Wednesday, March 20th
The Register Thursday, March 21st
Vineyard Gazette Friday, March 22nd
Westwood Press Thursday, March 21st
Woburn Daily Times & Chronicle Wednesday, March 20th