(Part 1 of 2)
In 1880 Joe Juneau, a Canadian Prospector, ushered in the gold rush era when he found gold in Alaska. America's coldest state is also home to the largest oil field in North America and its primary source of revenue is the natural gas and oil industry. But there's another source of wealth that the majority of residents of America's Last Frontier have yet to discover- Alaska unclaimed money and property. Alaska has the lowest population density in the entire nation – which means that life isn't really that busy or hectic compared to more densely populated cities like New York. It's strange, then, that according to a report by Fairbanks' The News-Miner, tens of thousands of Alaskans have unclaimed money waiting for them in Juneau, the state capital.
People and businesses sometimes lose track of their properties while changing names, addresses, or closing shop and just simply forgetting. Unclaimed property comes from lost assets like long-dormant bank accounts, uncashed checks, forgotten stocks and stock dividends, insurance policies, income tax refunds, and other financial assets. The Alaska Unclaimed Property Act requires the companies holding these to hand them over to the state if their rightful owners can not be located after a certain period of inactivity. This 'dormancy period' in Alaska is one year for utilities, 5 for stock shares and checking and savings accounts, seven years for non-bank money orders and 15 years for traveler's checks. Contents of safe deposit boxes are the only tangible assets covered under the act.
There are more than 300,000 accounts of Alaskan unclaimed monies on the state list and 12 thousand more items are added to this list every year. Every Alaska resident should do a missing money search because it is very surprising who's name pops up on the list of owners of abandoned property. the Alaska USA Federal Credit Union, China Airlines, Hawaiian Airlines, the Russian Airline company Aeroflot, even KTVF-TV and KIAK radio have claimable money waiting for them in Alaska. Even government entities are owed abandoned money! School districts and local governments in Kenai, Barrow, Anchorage and Juneau are among the names listed in over a dozen unclaimed money accounts. The names of former State Governor Tony Knowles, his wife Susa, former Gov. Steve Cowper, former Gov. Bill Sheffield, former Lt. Gov. Lowell Thomas Jr., are also apparently owed money. These people are public officials, easy to locate but they have yet to discover their unclaimed money being held by the state.
(to be continued)
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