What Is Unclaimed Property?

Unclaimed Money Is Money You Forgot About

Accordig to the National Association of Unclaimed Property Administrators,

Unclaimed or “abandoned” property refers to property or accounts within financial institutions or companies, in which there has been no activity generated (or contact with the owner) regarding the property for one year or a longer period. After a designated period of time (called the dormancy period) with no activity or contact, the property becomes “unclaimed” and—by law—must be turned over to the state.

Banks turn over abandonded safe deposit boxes to the state as unclaimed property

What Does That Mean In English?

It means that sometimes people forget they have accounts open with companies, or move and utility, phone, and other companies owe them refunds but can't find the person. 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. California alone is holding $10.2 billion dollars of unclaimed property!

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

Does Unclaimed Property Ever Expire?

No, states keep the property until the rightful owner claims it. This means that you may have unclaimed property from yeras, or even decades ago. It also means a deceased relative may have unclaimed property that you may be entitled to.

How Can I Find Unclaimed Property Owed To Me?

For California property we recommend using our service, we offer the fastest way to get paid and the easiest process to go through (we take a very small cut of the payment for our service). For other states, you can either just search the state name and "unclaimed property" and go to the state website to search, or email us if you would like our help. Be sure to search all of the states that you lived in!

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