A South Florida woman got her money back from Florida’s unclaimed property division after a company sold decades of stock and turned the proceeds over to the state, WSVN 7News reported.
Whitney Carr said her grandfather opened an account for her when she was a child and bought 100 shares of Pfizer, the same gift he gave his other grandchildren to help pay for college. Through a dividend reinvestment plan, the holding grew to nearly 4,000 shares over 34 years. Her family had saved for school, so the account was left alone.
Last year, Carr received a text asking whether she wanted to give her unclaimed property to Florida’s prison system. She initially thought it was spam, but a search of her mother’s name showed a Pfizer dividend reinvestment entry worth $91,900. The company had sold the shares and sent the money to the state, saying the account was inactive.
Carr said she had been receiving yearly statements showing new shares bought in recent years. Florida’s dormancy rule generally requires contact with the holding company, such as cashing a dividend check, voting in a shareholder meeting or logging into an account online, within five years. Carr said she never received a notice about the transfer. A bank contacted by the station said it mails shareholder notices to the address on record.
After Help Me Howard contacted the state, Carr’s claim was approved about two weeks later, and she received her check.
The case highlights a broader issue for Florida residents. Every state holds unclaimed property, including money from banks and utilities, and the state does not seek out owners. Residents must check the state’s website to see whether they have funds on file.
