Are Overseas Military Members Being Cheated by US Unclaimed Property Departments?

Military

The AssetMine team has reviewed and analyzed 148 million unclaimed financial asset records valued at over $55 Billion and noted an unexpectedly large prevalence of unclaimed properties addressed to Overseas Military Mail Addresses.

AssetMine’s analysis identified approximately 75,000 lost and escheated assets addressed to US Overseas Military Personnel. The overwhelming majority of these assets are being held in New York, Virginia, California and Delaware.  Since many states refuse to publish the values of the escheated assets that they hold belonging to all owners it is difficult to value the exact amount of funds owed to military personnel but industry experts estimate it could be as high as $50 million.

The disturbing irony here is that US state governments are taking in money that belongs to military personnel who are often selflessly serving and defending their country overseas, and then making it difficult for them to locate and recover their assets. Unclaimed property holders and state governments should be honoring these patriotic men and women by making every effort to unite them (or their families) with these hard-earned funds instead of using the assets to fund government budget deficits.

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