- Over 470 People Reunited with $350 Thousand Dollars -
Annapolis, Md. (September 8, 2011) – While it may be not be as exhilarating as the fabulous rides, as thrilling as the racing pigs or as cute as the newborn chicks, Comptroller Peter Franchot’s Unclaimed Property booth was certainly the most profitable for attendees at this year’s Maryland State Fair. Emphasizing his delight in helping Marylanders find their unclaimed property, Comptroller Franchot proudly announced today that nearly five-hundred people found more than $350,000 in unclaimed funds during the 11-day fair.
“Ensuring Marylanders get the unclaimed funds they are owed is one of my favorite duties as Comptroller,” said Comptroller Franchot. “Financially, it’s still a difficult and uncertain time for many families, so it gives my staff and me joy to tell an individual or family that they have unclaimed funds that they knew nothing about. Everyday, we work vigorously to locate the owners of the unclaimed property and to make sure they get what they are owed. Having an opportunity to connect with people at the Maryland State Fair is just one of our methods of outreach, but one of our favorites.”
This year, a total of 2,617 people attending the State Fair stopped by the Comptroller’s booth and searched for unclaimed property, with 478 discovering they had money in their name. The largest claim was discovered the first day of the fair by an individual with an account worth $71,516. In total, event attendees were reunited with $352,057 in unclaimed funds.
Financial institutions, utilities, insurance companies and other corporations are required to report to the Comptroller any bank accounts, security deposits, wages, insurance benefits and contents of safe deposit boxes that have been unclaimed after three years.
In addition to his booth at fairs and festivals, the Comptroller searches for owners of unclaimed funds by advertising in local newspapers and matching files with state income tax information, the Internal Revenue Service (IRS) and Maryland Department of Motor Vehicles.
The Comptroller encourages everyone to log onto his Website, www.marylandtaxes.com, to search the agency’s records of unclaimed funds. Additionally, people can call the office at 410-767-1700 in Central Maryland or toll-free at 1-800-782-7383 from elsewhere.