That number may well soar, as states are making it painless for companies harboring such funds to turn them over, as required by law. Also, the Internet is making it easier for the states to make owners of unclaimed property aware of its existence. Many have online search tools for individuals seeking unclaimed assets, which helps people avoid con artists who purport to have the inside track on money going unclaimed. The inventory of abandoned assets includes dormant bank accounts, uncashed paychecks, unredeemed stocks and mutual funds, insurance proceeds, and unreturned utility deposits. Property is unclaimed when the holder of the asset cannot locate the owner within a certain period of time.
People die, people forget about accounts, and people neglect to give a forwarding address.
Once property is forsaken, companies must hand it over to the states. Those that don't can be assessed penalties. The laws in all the states apply to all types of businesses. Desperately seeking owners. Many states agreed to waive penalties for companies who come forward voluntarily.