Unclaimed Property is money owed to people and companies that gets turned over to New Jersey 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 New Jersey as Unclaimed Property. New Jersey 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!
Total Unclaimed Funds
Five Billion Dollars
Average Claim Size
$2,980 to $5,960
According to this May 2021 New Jerskey 1015 News article, the State of New Jersey is holding over Five Billion Dollars in unclaimed funds.
Over Eight Million people live in New Jersey, so that means New Jersey is holding over $596 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 New Jersey's average claim between $2,980 and $5,960.
Some common examples of unclaimed propert include:.
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.
You can search for and and claim unclaimed assets on the New Jersey's official webste.
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