Bad policy on unclaimed assets

The Connecticut Post recently ran an Associated Press article regarding the state’s unclaimed property program. The program collects lost assets such as dormant bank accounts and uncashed checks belonging to individual, businesses, and nonprofits.

The program collected $ 138.7 million during the last fiscal year. Of that, $ 63.4 million went into the General Fund to pay the state’s bills, and $ 11.6 million went toward public campaign financing.

While the article, which was based on a press release from the state treasurer, highlighted the unexpected rise in receipts, the most important fact is embarrassing. The state returned only $ 58 million ( 42%) to rightful owners.

The state treats unclaimed money like revenue and spends it, which obviously creates a disincentive for the state to return money, as it should.

The state knows many of the owners, yet it doesn’t pay or even notify them. It instead unethically places the burden on them to seek and claim their money at CTBigList. com, which reports a staggering $ 918 million belonging to 1.6 million owners.

A recent study found that the state's municipalities alone may have hundreds of thousands of dollars in lost assets.

Someone who finds lost property and knows the owner’s identity is legally and ethically obligated to return it. Not doing so is larceny.

So the state is doing what would be illegal for an individual. It's embezzling unclaimed money without making a good faith effort to return the money, while the state news media pay no attention. Ron Lizzi Bethany