Unclaimed Money Fallen Flags

This forum is for discussion of "Fallen Flag" roads not otherwise provided with a specific forum. Fallen Flags are roads that no longer operate, went bankrupt, or were acquired or merged out of existence.

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Unclaimed Money Fallen Flags

Postby edbear » Sun Apr 26, 2015 9:30 pm

Most states require unclaimed money to be turned over to their Unclaimed Property Division (usually the Treasurer) after a few years. It is almost always corporations that issue refunds or payments that get returned as undeliverable and after a few tries they cease to pursue the recipient. On the appointed date, the corporation turns the money over to the State Treasurer. Periodically the Treasurers in some state publish a list of unclaimed money. In Massachusetts, the list only has the money put on the list since the last time the list was published. There are lots of Fallen Flag unclaimed monies and those of you who work in railroad finance departments, or who have friends who do, can earn points by hunting down the money and getting it back into your treasury. Now, some of the names are old, but lots of these are accounts were probably started under the old name and stayed that way through a merger or two and then were lost track of. Money sent to last address undeliverable. If you were working for a road like the Chicago Great Western and were out of a job in two weeks after the CNW takeover, I bet record preservation or retention wasn't your main priority. Many of these were probably electric or rent deposits or duplicate payments. How's this. One item except as noted. Ohio, Erie-Lackawanna 5 items, Erie RR, New York Central, NY Chicago & St. Louis, Penn Central (5), Conrail, Baltimore & Ohio, Norfolk Southern (2), Norfolk & Southern (2), AC & Y, Minnesota: Chicago Great Western, Soo Line (2), Burlington Northern (4), Texas: Mopac (5), MKT, Southern Pacific (4), Mopac Credit Union (2). In Massachusetts, working in Boston, about a mile from the Treasurers' office, I walked over with a W-9 (the company's version of a Social Security#) with a written explanation and got our money in about 6 wks. Phone calls are useless right after list is printed because lines are busy. Wait a few weeks. The folks in the Massachusetts Treasurer's office even told me location and what the unclaimed money represented, if the vendor specified. If you have any kind of understanding CFO, Asst. CFO, or General Manager, you can earn big points by going after some of this money. You can do a lot of research from home, but don't take any company records with you. Do the finished product at work, get the money, show the boss...and show that the predecessors in your job or department went right by this money for years. Also don't waste too much time on very small amounts. I got recognition by the Amtrak GM in Boston for the money I claimed.
edbear
 
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