Unclaimed property is a term that encompasses money or assets owed to you by a business, financial institution, or government agency that you have not collected.
It’s more common than you might think, with billions of dollars in unclaimed property sitting with state and federal governments. This article will guide you on how to find out if you have unclaimed property and the steps to claim it.
What is Unclaimed Property?
Unclaimed property, also known as unclaimed money, refers to any financial asset that has remained untouched or unclaimed by its rightful owner for a certain period. This period, known as the dormancy period, varies by state and type of asset but typically ranges from one to five years. Common types of unclaimed property include:
- Bank accounts
- Uncashed checks (paychecks, dividends)
- Utility deposits
- Insurance benefits
- Tax refunds
- Stocks and bonds
- Contents of safe deposit boxes
You may also be able to file a claim for unclaimed property owed to a deceased relative if you are their legal heir.
How to Find Unclaimed Property
There is no single national database where you can search for all types of unclaimed property. Instead, you will need to check various state and federal databases. Here are the main steps and resources to help you locate unclaimed property:
Search by State
Most unclaimed property is held by state governments. Each state has its own unclaimed property office or website where you can search for assets. If you have lived or worked in multiple states, it’s crucial to check the unclaimed property offices of all those states.
- Visit the National Association of Unclaimed Property Administrators (NAUPA) website, which provides links to each state’s unclaimed property database.
- Use your state’s official unclaimed property website to conduct a search. For example, if you are looking for unclaimed property in California, visit the California State Controller’s Office website.
Search Other Databases
In addition to state databases, you should also search specific federal databases based on the type of unclaimed property. Here are some key resources:
Employers
- Unpaid wages: The Department of Labor’s database can help you find back pay owed by an employer.
- Pensions: Use the Pension Benefit Guaranty Corporation (PBGC) search tool to locate unclaimed pensions from former employers.
Unclaimed Insurance
- VA life insurance funds: The U.S. Department of Veterans Affairs (VA) database lists unclaimed insurance funds for veterans.
- FHA insurance refunds: If you had a mortgage insured by the Federal Housing Administration (FHA), check the HUD database to see if you are eligible for a refund.
Taxes
- Tax refunds: Use the IRS’s “Where’s My Refund?” tool to locate your tax refund.
- Stimulus checks: If you missed an Economic Impact Payment, check the IRS guidelines for claiming a recovery rebate credit.
Investments
- SEC enforcement funds: The Securities and Exchange Commission (SEC) database lists money from investment enforcement cases.
Bank Failures
- Bank failures: The FDIC database can help you find unclaimed funds from closed financial institutions.
- Credit union failures: Search for unclaimed deposits from closed credit unions.
Savings Bonds
- Use TreasuryHunt.gov to find matured savings bonds that have stopped earning interest. You can also learn how to replace lost or destroyed savings bonds.
Bankruptcies
- Use the U.S. Courts Unclaimed Funds Locator to search for money owed to you after a person or business declared bankruptcy.
Individual Indian Money (IIM) Accounts
- The Department of the Interior’s Bureau of Trust Funds Administration (BTFA) manages IIM accounts for Native American and Alaska Native beneficiaries. Check the Whereabouts Unknown search tool to see if you have an unclaimed account.
Is It Worth Searching for Unclaimed Property?
It can be highly beneficial to search for unclaimed property, especially if you suspect you might be owed a significant amount. Even small amounts can add up, and claiming what is rightfully yours is always beneficial. Remember, the process is legal and your right if you are the rightful owner or heir.
Steps to Claim Unclaimed Property
Once you have identified unclaimed property, follow these steps to claim it:
- Verify Your Identity: Gather documents that prove your identity and your right to the property. This may include government-issued IDs, proof of address, and documents linking you to the property (e.g., old bank statements, death certificates, or wills).
- Submit a Claim: File a claim with the appropriate state or federal agency. Most agencies allow you to do this online through their official websites.
- Provide Documentation: Submit the necessary documents to support your claim. This may include forms of identification, proof of ownership, and any other relevant documentation.
- Wait for Processing: Claims can take several weeks or months to process, depending on the complexity of the claim and the agency’s workload. Be patient and check the status of your claim periodically.
- Receive Your Property: If your claim is approved, you will receive the unclaimed property, typically via check or direct deposit.
Common Sources of Unclaimed Property
Unclaimed property can originate from various sources, including:
- Bank accounts and financial institutions
- Insurance policies
- Utility deposits
- Employer back pay
- Tax refunds
- Investment accounts
- Bank failures and credit union closures
- Savings bonds
- Bankruptcies
- Individual Indian Money accounts
For more detailed information on unclaimed property, check out these helpful articles:
- Is Unclaimed Property a Trap?
- Is Unclaimed Property Legit?
- How to Claim Unclaimed Property
- Who Can Claim Unclaimed Money from Deceased Relatives?
Searching for and claiming unclaimed property can be a worthwhile endeavor. By following the steps outlined in this article and utilizing the appropriate databases, you can discover if you have unclaimed property and take the necessary steps to claim it. Always remember to check state and federal resources regularly, as new unclaimed property is added continuously.