What is Unclaimed Property?
Unclaimed property consists of financial assets that have been inactive or dormant for a specific period of time—typically one to five years, depending on the property type. When a business owes money to an individual but cannot locate them, the law requires the business to turn those funds over to the state for safekeeping.
The Department of Treasury acts as the custodian of these funds, holding them indefinitely until the rightful owner or their heirs can be found. The funds never become the permanent property of the state.
Examples of Unclaimed Property
- • Dormant checking & savings accounts
- • Uncashed payroll checks
- • Forgotten utility deposits
- • Life insurance proceeds
- • Uncashed dividends
- • Stock certificates
- • Safe deposit box contents
- • Customer overpayments
What is NOT Unclaimed Property
- • Real estate or land
- • Vehicles (cars, boats)
- • Tax refunds
- • Active bank accounts
How does property become "unclaimed"?
Most often, accounts become unclaimed when a person moves and forgets to provide a forwarding address, or when the post office forwarding order expires. It can also happen when an owner dies and the heirs are unaware of the assets.
Other times, people simply forget about small balances left in an old bank account, or they throw away a rebate check thinking it's junk mail.
1 in 7 people have unclaimed property.
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