Maryland has been criticized for only returning 22% of the $242 million in unclaimed funds it collected from July to November last year, having more than 1.5 million people with unclaimed money on the Unclaimed Property website. The state’s Comptroller acknowledged the issue but couldn’t provide an exact amount due to system limitations.
Despite claiming success in 2023 by collecting $315 million and returning $81 million, a national watchdog called it a failure, with only 26% being returned and cumbersome processes hindering owners from claiming their funds easily. State Comptroller Brooke Lierman recognized the need for improvement and is pushing for new legislation to allow automatic money returns for claims under $5,000.
Maryland currently uses unclaimed money as a revenue stream, putting $100 million into its general fund annually. Critics like Ron Lizzi argue that states like Illinois and Wisconsin automatically return funds, with Illinois returning $100 million to 400,000 people and Wisconsin having a 47% return rate, highlighting Maryland’s lag in this area.
Lierman defended Maryland’s efforts in sending money back to rightful owners, mentioning enhanced outreach and website upgrades. However, challenges like name search issues, incomplete information display, and overlooking claims under $100 persist. Despite the shortcomings, Maryland aims to prioritize returning unclaimed funds to their owners, emphasizing it as their duty.
The state is partnering with Kelmar to revamp its website, aiming for automated money returns. While this advancement won’t be ready until next year, the push for legislative change is underway to streamline the process and ensure unclaimed funds reach their rightful recipients.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
