GERMANTOWN, Md (WDVM) — More than a billion dollars has been returned to the pockets of thousands of Maryland residents, a major milestone for a state program.
Comptroller Peter Franchot announced the record Wednesday for the Unclaimed Property Program.
The program began in 1966 and since its disbursed back money from dormant bank accounts and forgotten security deposits.
There’s still over a billion more the state is holding for rightful owners.
“Under federal law, all this money has to be turned over to the comptroller and we hold it in perpetuity and seek to reunite it the people that own it or their heirs,” Franchot said.
In the first year of the program, 12 claims were restored with a value of $711.48. That value has increased to more than $60 million disbursed annually.
More than 1.3 million accounts are listed with the program at a value more than $1.6 billion.
To see if you have unclaimed property, visit Marylandtaxes.gov
And this year, the state will have booths at several fairs and festival including the Great Frederick fair, and the Montgomery County Fair.