Category: stats

Friday Lost + Found: Australia Amendments, NY Numbers, Escheat Events

Australia to Revise Bank Account Rules — According to an article om News.com.au, the Australian government is considering legislation to (re)revise its laws relating to unclaimed bank accounts.  Under the current rules, certain bank accounts are deemed unclaimed if there has been no activity for 3 years.  The proposed revisions would change the period of inactivity required to 7 years.

New York Holding $14B in Unclaimed Property — Every once in a while, we like to keep tabs on the current amount of money being held by the states’ as unclaimed property.  According to one recent article, the amount currently held by the New York Office of Unclaimed Funds for New Yorkers is $14 billion as of fiscal year end March 31.

Upcoming UPPO Webinar on Recovering Property — Though we spend the vast majority of time on this site writing about the process of reporting and remitting unclaimed property, it is worth remembering that most holders of unclaimed property are also owners of unclaimed property held by others.  On October 14, the Unclaimed Property Professionals’ Organizations is sponsoring a webinar on “How to Recover Property for Your Company”.  Webinar details and registration information can be found at the UPPO website.

Vermont Takes in $9 Million in Unclaimed Property

Vermont is among a handful of states that require holders to report unclaimed property in the Spring (most states’ report deadlines are October 31 or November 1).  According to a press release issued by the Vermont State Treasurer’s office, the state brought in approximately $9 million of unclaimed property so far this fiscal year, raising the total amount held by Vermont to more than $52 million, with an average dollar amount of about $190.

For the same period, Vermont has paid out about nearly 10,000 claims, with a total dollar value of $3.5 million.  Vermonters can check if they have money held by the state Unclaimed Property Division by visiting the Treasury website.