Maryland Comptroller Peter Franchot may be the newest member of the "Prize Patrol," except the checks he's distributing aren't thanks to the Publishers Clearing House. They're portions of the $778 million in unclaimed property left in the hands of state officials.
For the past month, Mr. Franchot's staff has taken a new approach to returning old stocks, bonds and savings account balances that banks turn over to state custody after three years of being left unclaimed.
For the first time, the state Comptroller's Office has mailed out 1,300 letters to state residents or their heirs who have unclaimed monies, informing them that within 15 days they will receive a check for what is rightfully theirs.
Of the first parcel of letters, 99 were addressed to Anne Arundel County residents to whom the state owes more than $34,000.
But the plan already is catching snags.
"We've decided to slow it down some," said Lisa Lester, a spokesman for the Comptroller's Office, "because what we're running into is people think the letters aren't real. So we're trying to get the word out that, yes, this is real."
Ms. Lester said for those hesitant to believe they've received a real letter, there are ways to identify its legitimacy. The letters will contain the Comptroller's Office's actual contact information, including a phone number, and will cite the name of the company from which the money comes, such as an insurance provider, an old employer or a bank.
Letter recipients can verify the authenticity by searching the comptroller's database, found at www.marylandtaxes.com.
The money also will be payable on official state checks, Ms. Lester added.
The Comptroller's Office estimates there are 775,000 people owed unclaimed property - about 14 percent of the state's population. In Anne Arundel County, the state owes 33,107 residents about $17.5 million.
Though the office is slowing its letter-sending campaign, staff hopes to deliver 1,000 letters per month to the addresses of the property holders they've been able to track down by matching their tax records.
This year, Mr. Franchot also has used the county fair circuit to reach owners of unclaimed property. At the Allegany County Fair and Agricultural Expo, which ran from July 21 through July 26, the Comptroller's Office hosted a booth that 150 fair-goers visited. Four discovered money in their names.
The booth was successful in returning nearly $3,700 to rightful owners. And one fortunate individual, who was owed $2,074.63 in unclaimed property, walked away from the fair with something better than a teddy bear.
"In these tough economic times, it is our duty and our pleasure to return unclaimed property to its rightful owners," Mr. Franchot said in a news release. "Every day we work vigorously to locate the owners of the unclaimed property and to make sure they get what they deserve."
The Comptroller's Office will continue its mission to deliver unclaimed property checks to Marylanders at the Montgomery County Agricultural Fair Aug. 8 through Aug. 16, and at the Maryland State Fair from Aug. 21 through Sept. 1.
County residents can visit a booth at the Anne Arundel County Fair, located at 1450 Generals Highway in Crownsville, Sept. 10 though Sept. 14.
Last year, the Comptroller's Office reunited property-holders with more than $52 million, but each year, the unclaimed property pot grows. Ms. Lester said the staff is working to increase its goal to keep up with the accruing money.
"We want people to cash their checks," she said.