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Sunday, May 22, 2011

Indiana's Unclaimed Asset Pool Overflows with New Deposits

Recently the state of Indiana offered an amnesty program to financial institutions to turn over assets related to inactive accounts. The Hoosier State Attorney General Greg Zoeller said that in 2010 companies could turn over cash to the state without any penalty if it was being transferred late. This resulted in almost 400,000 accounts being deposited into the treasury's coffers.

These new assets were over $55 in value, with most claims worth just under $100. The fund include bank deposits, stocks, bonds and other missing assets.

The state holds onto the money for up to 25 years---after which time the state claims the money to pay for government expenses.

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