Discovering money sitting in an old account that you forgot about will be a welcome surprise to anyone, especially if it’s thousands of dollars. That extra cash can pay bills, start a savings account or pay for an unexpected vacation.
That’s what happened to Massachusetts couple Merrill Goldsmith and Scott Pennoyer, who were alerted by the state that Pennoyer had about $11,500 sitting in an old Morgan Stanley account, according to CBS Boston (1). All they had to do was file a claim.
Sounds quick and easy, right? The couple found out.
After Goldsmith and Panweer filled out the necessary paperwork, it was learned that the government required a bank-certified account before releasing the funds.
“They basically need Morgan Stanley to fill out the rest of that farm and that’s where it just kind of falls down,” Panveer told the publication.
Instead of getting the signature they needed, what followed was months of bank dragging their feet, prompting the couple to call CBS Boston, hoping the news show would persuade Morgan Stanley to do the part. It worked—almost a year later, the couple finally got access to the long-lost cash. And they planned to enjoy it.
“We’re putting some money away, but we’re doing something crazy, and we’re going to Vegas to see the Eagles,” Goldsmith said.
Despite the couple’s long battle to get their money back, the government insists the recovery program itself is working well.
“We can always do better, but we are one of the highest returning states in the country,” Mark Bracken, director of the Massachusetts Division of Unclaimed Property, told CBS Boston. “Last year, we only paid 130,000 claims, about 80,000 of which were fast-tracked and without anyone paying online to fill out the paperwork.”
The state says it has more than $3 billion in unclaimed property, which may include forgotten bank accounts, tax returns and bad checks.
Read more: The average net worth of Americans is a staggering $620,654. But it makes almost no sense. Here’s the number that counts (and how to make it skyrocket)
About 1 in 7 Americans – 33 million people – had $70 billion worth of unclaimed property from states, CNBC reported in 2023, citing data from the National Agency for Unclaimed Property (NAUPA) (2). States have several unclaimed funds, and each has an office dedicated to unclaimed property. Programs that help recover these lost assets may vary by state.
