Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budgets
Resources to Search for Unclaimed Property in Your Name
By ELISABETH LEAMY
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.
State governments are seizing contents and auctioning off citizen's valuables.
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.
San Francisco resident Carla Ruff's safe-deposit box was drilled, seized, and turned over to the state of California, marked "owner unknown."
"I was appalled," Ruff said. "I felt violated."
(VIDEO AT LINK BELOW)