Find Money You Didn’t Know You Lost: Search State Unclaimed Property Sites
On a recent Sunday, in less than five minutes of searching, I found $1,682 in unclaimed property. That total included $122 owed to my daughter and me, $495 owed to my mother’s estate, $102 owed to my father, and $963 owed to my wife’s parents.
I periodically run the search and make claims to recover my immediate family’s unclaimed property, but the amounts for my parents and my wife’s parents were a surprise. My in-laws had never claimed their property, and their search results were typical. Many individuals have a few hundred dollars to $1,000 or more held for them by state agencies.
You, too, may find money you didn’t realize you lost by searching state unclaimed property websites for the states where you’ve lived.
How to Find Your Money
Searching is straightforward. MissingMoney.com is a free, official website endorsed by the National Association of Unclaimed Property Administrators (NAUPA). It allows you to search for unclaimed property across multiple states at once. You can also search individual state unclaimed property websites directly. Using the map, select a state where you’ve lived to access that state’s unclaimed property site. Enter your name or business name to begin your search. The site will return details about any property the state is holding for you, including the amount and the reporting entity.
Repeat this process for every state where you’ve lived. You can also search for family members, such as elderly parents or grandparents. If you serve as a trustee or executor, you can even search on behalf of a relative who has passed away. The results may be surprising.
According to the NAUPA, common types of unclaimed property include checking or savings accounts, certificates of deposit, brokerage accounts, stocks, mutual funds, uncashed dividend or payroll checks, insurance payments or refunds, life insurance policies or annuities, customer overpayments, utility security deposits, trust distributions, and contents of safe deposit boxes. Unclaimed property doesn’t include real estate.
More About Unclaimed Property
Unclaimed property results when a financial institution or business loses contact with you, or there has been no activity in your account for a period of time, typically one to five years, depending on the state.
Each state has unclaimed property laws that require financial institutions and businesses to report unclaimed or “abandoned” property to the state government, usually through the state treasurer’s office, which then takes custody of the property. Depending on the type of asset, the state may liquidate it and hold the proceeds as cash.
The state holds the property or cash until it is claimed by its owner or the owner’s heirs. Unclaimed property laws are intended to protect consumers by ensuring that money owed to them is returned and not kept by financial institutions, businesses, governments, and other organizations. States collectively hold tens of billions of dollars in unclaimed property. California and New York alone hold billions.
Claiming Your Property
Searching for your unclaimed property is easy, but claiming it is a little harder. The state will require you to submit a claim form either online or by mail. The state will also require you to submit information that verifies you are the owner of the property. The process typically takes several weeks. Both searching and claiming are free, aside from the time involved.
You may receive solicitations from commercial businesses offering to locate and claim property for a fee. These firms file claims using the same process available through state websites, and you still must provide proof of ownership. Given the added cost, paying a fee often provides little benefit. Some firms also advertise proprietary databases that may not be complete or accurate, and reports of scams exist in this area.
Your best option is to file directly through a state’s unclaimed property website. You may find enough to fund a weekend trip or add a little extra to your investment portfolio.
Savant Wealth Management provides holistic wealth management services including financial planning, equity compensation planning, investment management, tax planning, and others, on a fee-only basis and as a fiduciary, acting in clients’ best interests. If you’d like to explore how we can help you build and protect your wealth, schedule a complimentary consultation.
This is intended for informational purposes only. You should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Savant. Please consult your investment professional regarding your unique situation.
Bruce R. Barton
Managing Partner / Financial Advisor
CFP®, CFA®, MBA