Lost Utility Deposits
Have you ever thought where a lost utility deposit goes? It is a common practice under which the suppliers of utility services such as gas, electric and water suppliers charge a deposit from the user while requesting the start of the service. This initial deposit is essential to ensure the service. It also works as a security for these providers in case the user defaults in paying up or damages the equipment.
We all have to pay owed deposits since, without this the service cannot start. As we need the services to facilitate our day to day tasks, we do not delay or forget the pay the utility deposits. These deposits raise a huge cache with the providers. Utility deposits, in most cases, are refundable in full or part at the time of shutting the service or opting for a different provider.
However, it is a surprising fact that many Americans do not collect their utility deposit back. While moving out of town, citizens are supposed to inform the utility providers about the termination of the service and claim the deposit back. Even if the user informs the provider and applies for the termination, the utility provider company is supposed to return the deposit within 30 days.
How the Utility Deposit Becomes Lost
It is observed that Americans have the habit of not informing the service providers that they do not need the service anymore for various reasons. Either they forget it in a hurry to move, or just neglect the process altogether. Many think the refund amount is not worth the trouble.
Many times even after doing the process and claiming the missing deposit back, the check does not arrive in time before leaving the town. The notices sent by the providers are returned for unavailability of the receiver. Such deposits and the checks go unclaimed. Presently millions of dollars of unclaimed utility deposits are laying with the treasurers of the states.
How to Find and Claim Your Deposit
If you have moved places and not sure whether you own any electric or other deposit, do not lose hope. The government is trying its best to return the unclaimed money to its rightful owners. The announcements are done through all types of media for people to come forward and claim their unclaimed utility deposits. State governments are publishing the lists in local newspapers to reach the most amount of people possible.
Many Americans are clueless about how to claim unclaimed cash in their name. Chances are that you have missed this information amidst your busy schedule. Not to lose hope, you can still stake your rightful claim to this money. It doesn’t take more than a few minutes if you are interesting in finding out if you have left utility deposit or any other money unclaimed.
