State government of Rhode Island has list of 60,000 owners for unclaimed property. Abandon account’s proceeds are passed on by the holding institutions to the state. Each institution has to notify the owners on their last known address at least 120 days in advance of reporting it to state government. The unclaimed property act was enacted in the state of Rhode Island in 1940. It aims to protect the abandoned money of the owners. At times owners simply forget about their investments or move out of the state without updating the holding institution about their new address and abandon their accounts permanently. It may so happen that the die and their legal representatives are unaware of the accounts held.
The good part is that owners can find their unclaimed property online for free. Or state backed heir locators might find whereabouts of the owner and correspondingly notify them. A detailed mail would be sent from the state which will explain a step by step procedure on how to claim the funds and the documents required to support your identity. Generally a social security copy or old passbook or utility bills are required to establish your identity as the rightful owner of the claim.
Private agencies might also contact you to inform about unclaimed property. However, in best interest of the residents, state suggests them to directly get in touch with the treasury office. This would help you avoid any service fees that private agency might seek. Claiming for your property is absolutely free of cost in Rhode Island. It is a public community service.
Businesses are required to file a report to the treasury’s unclaimed property division once in a year. The report generally includes any unclaimed salary or wages report, unclaimed checks or bonuses. This way the state is able to maintain and update the most recent information on their website.