Minnesota Unclaimed Property and Funds

What Is Unclaimed Property in Minnesota?

Unclaimed Property is money owed to people and companies that gets turned over to Minnesota when companies can't find people to pay it back. For example, if you move and you don't tell your utility company your new address, they don't know where to send your refund check. In this case they would turn the money over to Minnesota as Unclaimed Property. Minnesota would then hold it until you come and claim it. Some states take the money after a certain number of years, while some hold unclaimed funds indefinitely.

Here's the important thing - you could have free money waiting for you!

How Much Unclaimed Property Is Minnesota Holding?

Total Unclaimed Funds

Six Hundred Million Dollars

Patch, June 2021

State Population

5,639,632

according to the 2020 census

Average Claim Size

$530 to $1,060

per claim, if 1 in 5 to 1 in 10 residents have unclaimed assets

According to this June 2021 Patch article, the State of Minnesota is holding over Six Hundred Million Dollars in unclaimed funds.

Over Five Million people live in Minnesota, so that means Minnesota is holding over $106 per resident! Not every resident has unclaimed funds, so that means the average claim is much higher. Usually 1 in 5 to 1 in 10 people have unclaimed assets waiting for them, which would make Minnesota's average claim between $530 and $1,060.

What Are Some Common Examples of Unclaimed Property?

Some common examples of unclaimed propert include:.

  • Checking or savings accounts
  • Stocks
  • Uncashed dividends or payroll checks
  • Refunds
  • Utility security deposits
  • Contents of safe deposit boxes
  • Customer overpayments

Many times people forget they have accounts open with companies, or move companies that owe them money can't find their new address. For exampe, electric companies, natural gas companies, phone companies, and others often owe people money when they move, but can't find the person's new address to send them a check. After a certain time period the company must turn that money over the the state, and the state holds it until the owner comes to claim it. Approximately 1 out of every 10 people in the US have unclaimed money waiting for them, they just have to claim it.

How Do I Claim Minnesota Unclaimed Property?

You can search for and and claim unclaimed assets on the Minnesota's official webste.

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