Unclaimed property

The poster received a letter regarding alleged unclaimed property from The State of California, issued by Cross River Bank concerning an account with Upgrade. The letter asks recipients to fill out forms confirming their entitlement to the funds. Due to its suspicious nature and the bank's association with TurboTax, the poster is worried about it being a scam.

A Reddit user received a mail from the Pennsylvania Treasury claiming to return $584 of unclaimed property, though the sender is uncertain about its legitimacy. The user, who no longer lives in Philadelphia, expresses skepticism about the government's motives and fears potential legal complications.

Delaware officials confirmed funding for the Edgemoor container terminal project using unclaimed property to address a $189 million shortfall. The state's contribution increased to $325 million for phase one, with Enstructure providing $225 million and federal funds adding $119 million. The project, aimed at shifting shipping traffic from Philadelphia and New Jersey ports, faces challenges including invalidated permits, court challenges, and rising costs.

A KXAN analysis found over $40 million in unsearchable unclaimed properties in Texas, including financial assets like uncashed checks and abandoned stocks. These assets are held in a multi-billion-dollar fund without an owner's name, as explained by KXAN's David Barer in an investigation.

The author discovered their cousin had nearly $30,000 in unclaimed money from a forgotten tax refund, revealing a broader issue of states holding over $100 billion in unclaimed property. The article criticizes the system for making it difficult to reclaim funds, with states using the money to fill budget gaps.

Illinois State Treasurer Mike Frerichs returned $8.65 to Pope Leo XIV, a former PayPal account holder in Illinois, during a personal trip to Vatican City. The Pope, a Chicago native, received the money from Illinois' unclaimed property account, which Frerichs administers. Frerichs, who is facing Max Solomon in the general election, highlighted his office's success in returning over $2.5 billion to residents.

Federal lawmakers are taking bipartisan action to prevent states from profiting off unclaimed property, following a CBS News California investigation. The investigation highlighted how states quietly benefit from people's forgotten investments.