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States Seize Citizens Property to Balance Their Budgets!!

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http://abcnews.go.com/GMA/story?id=4832471&page=1 ELISABETH LEAMY ABC News May 12, 2008 The 50 U.S. states are holding more than $32 billion worth of unclaimed property that they're supposed to safeguard for their citizens. But a "Good Morning America" investigation found some states aggressively seize property that isn't really unclaimed and then use the money — your money — to balance their budgets. Unclaimed property consists of things like forgotten apartment security deposits, uncashed dividend checks and safe-deposit boxes abandoned when an elderly relative dies. Banks and other businesses are required to turn that property over to the state for safekeeping. The problem is that the states return less than a quarter of unclaimed property to the rightful owners.

Category: News
Uploaded: May 12th, 2008 @ 3:42 pm
Author: TheAlexJonesChannel

Length: 04:48
Rating: Whole StarWhole StarWhole StarWhole StarHalf Star
Views: 33,598

Tags: abc america balance budgets business citizens' documentary economics good media morning property seize states their to

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