Peabody Residents Collect $28K In Unclaimed Property From MA

PEABODY, MA — Peabody residents were able to claim more than $28,000 in money within the state's Unclaimed Property Division database with the help of state legislators and State Treasurer Deb Goldberg on Wednesday night.

Goldberg joined State Rep. Thomas Walsh (D-Peabody), State Rep. Sally Kerans (D-Danvers), State Sen. Joan Lovely (D-Salem) and other officials in presenting checks to those who were able to find the lost money.

"I am thrilled to have joined Treasurer Goldberg and her Unclaimed Property Division to reunite people with their lost property," Walsh said. "Treasurer Goldberg brought her Division to Peabody and allowed dozens of residents to work with staff in a personal, friendly manner and at a convenient location.

"I am also grateful for the efforts of Carolyn Wynn and the Torigian Center staff for their hard work in making this night possible."

Unclaimed property consists of unclaimed financial assets such as checking and savings accounts, unpaid wages, securities, uncashed dividends, life insurance policies, uncashed checks, safe deposit boxes, etc. that are without activity for a certain period of time.

Unclaimed property does not include real estate or vehicles. The Division reports that, typically, assets become unclaimed when the owner cannot be contacted for a three-year period by the holder of the asset, or for fifteen years in the case of traveler's checks.

The Division states that unclaimed property laws began in the United States as a consumer protection program and they have evolved to protect not only the owners but their heirs and estates as well. Once the property is in the custody of the Commonwealth and its unclaimed property program, an aggressive outreach effort begins through mailings, social media, advertisements, and local media coverage.

The Commonwealth will maintain custody of the property in perpetuity until the rightful owner or heirs come forward to claim.

Residents can find out if the Division holds money for them here or by calling 617-367-0400.

(Scott Souza is a Patch field editor covering Beverly, Danvers, Marblehead, Peabody, Salem and Swampscott. He can be reached at Scott.Souza@Patch.com. X/Twitter: @Scott_Souza.)