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Unclaimed property boosts state coffers

ct-piggy-bank-shutterstock_182505662-488_488_436_90_sha-100HARTFORD, Conn. – The state’s General Fund got a $69 million boost recently from the collection of unclaimed property, according to State Treasurer Denise Nappier.

The amount generated from unclaimed property that was deposited into the general fund was 56 percent more than was projected, and more than triple the $22.9 million deposited during the previous fiscal year, Nappier said.

Assets deemed “unclaimed property” are things like dormant balances in savings and checking accounts, uncashed checks for insurance benefits, commission or wages, and other financial assets like securities. Once such assets have gone unclaimed for a certain period of time – generally, three years – they are turned over annually to the state treasury.

See the complete story at CT News Junkie.

 

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