The insert just has 40,000 names, but the online database has more than 4 million accounts listed. So, go and click, and search for your name, and maybe even the names of your loved ones. It’s not often that the state offers you money or property, even if is rightfully yours in the first place.
In the mean time, I was thinking about the apparent policies of the treasury regarding abandoned property. According to the title page of the Globe insert,
most financial assets that have been inactive for three years are declared abandoned and turned over to the State Treasury.
There are currently over $1 billion in assets.
In any case, is this appropriate? Is a web page and an occasional Globe insert sufficient diligence on the state’s part? Could or should the state be working harder to notify the suspected owners of these assets? I imagine that in some cases the state has old, outdated, incomplete, or incorrect information, making it difficult to track down the rightful owner. However, I’d bet that in some cases they have a social security number and name, which means they should be able to track down names every April 15th or so. The RMV might also be helpful in connecting databases to help give people their money.
I did notice that on the FAQ,
While abandoned assets are deposited in the Massachusetts General Fund on an annual basis, owners can always claim their financial assets at any time. All funds earn interest until claimed.
So, that’s good on two fronts: (1), even if after three years you discover an asset, the state will give it back, and (2) they’ll even give you interest.
Mostly, I wanted to let people know to look for funds, and was curious to learn more. Unfortunately, I can’t think of a sufficiently interesting or controversial question or poll to finish this posting, so I’ll just ask that if you find money, consider posting a reply to let us know that bmg.com is reuniting people and their hard earned cash.
goldsteingonewild says
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Q: Do any of the BMG founders have unclaimed funds?
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A: Yes!
stomv says
I searched “GoldsteinGoneWild” but without a city or town, there were just too many entries. Go figure. đŸ˜‰
goldsteingonewild says
Technically, the State doesn’t owe me $. Unfortunately, I owe Tim Cahill.
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Years ago, we bet a case of Pabst that Cahill couldn’t spend millions promoting himself at taxpayer himself lavishly under the cover of “Unclaimed funds.” I predicted voters and media types would object to the ginormous, never-ending, self-promotional ad buy.
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The GGW prediction track record takes another hit!
stomv says
I like open government, and I like knowing that there’s a name and a face behind (in charge of, even) a bureaucratic office.
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At the same time, it gets old quick — especially Tim Cahill and Bill Galvin. I mean really — do we really need the head shots? It seems a bit much.