Let's look at a couple of places where we have these so-called abandoned funds:
Insurance companies: Unclaimed death benefits, supposedly being unable to find an annuity recipient, premium refunds, etc. The insurance companies were paid to provide a service or benefit. Letting them keep supposedly unclaimed money creates a conflict of interest. Let them benefit, and they would most certainly be benefiting from NOT finding the person.
Private enterprise: stock dividends, stock splits, brokerage funds, stock holdings, etc. Again, letting them keep supposedly unclaimed money creates a conflict of interest. Let them benefit, and they would most certainly be benefiting from NOT finding the person.
Banks and other financial institutions: bank accounts and safe deposit boxes. Same reasoning.
By requiring entities to turn over unclaimed funds to "us," it assures that "we" can access government data bases to find these people: the Social Security Administration, the Medicaid data base, state unemployment records, the U.S. postal service, etc., etc. It allows the state (us) to create one database for all of these unclaimed funds which can then be searched by individuals -- for their OWN unclaimed assets and assets left unclaimed by a dead relative.
Illinois has an easily searchable database: https://icash.illinois.gov/
I search it every year. It's fairly well publicized. Tom has gotten back over $600 from the State of Illinois on two or three separate claims. His family has been able to claim assets they were unaware of that their mother had before she died. I search for myself and just about everyone I know once a year. When I was a Realtor, I helped people claim, probably, close to $5,000 from the state, informed my clients of the database existence, had my dinner bought by grateful clients, etc. (Great PR.)
IMO, after five years in the state's control, that money should revert to the state's general fund. To "us."
Here's what you get when you search:
Property# Name Co Owner Address City State Zip Amount 99915066580 SMITH GEORGE JOHN WROBLEWSKI NEOMI 10300 TRIPP OAK LAWN IL 60453-4852 Unknown Description: SC12 - Underlying Shares Reported By: TERADATA CORPORATION
Just for disclaimer purposes, this is not me; and it is public record.