How to Find Unclaimed Money: A State-by-State Guide
Believe it or not, a windfall could be just a few keyboard strokes away. States have laws requiring financial institutions, businesses, and other entities to turn over abandoned assets — aka “unclaimed property” — to a government office tasked with finding the rightful owner. As part of the process, these offices set up websites where residents can search for missing funds. You just have to know where to look.
What is Unclaimed Property?
Unclaimed property is money or another asset that’s gone dormant and ultimately deemed abandoned by its owner. For instance, a relative may die without having told you about a life insurance policy that lists you as the beneficiary. If the payout of that policy goes unclaimed for long enough, the insurer will turn that money over to the state where the insured resided.
Common types of unclaimed property include:
- Checking accounts
- Savings accounts
- Individual retirement accounts
- Tax refunds
- Stocks or dividends
- Uncashed paychecks
- Unredeemed money orders
- Utility company deposits
- Traveler’s checks
- Trust distributions
- Safety deposit box contents
- Life insurance policies
How to Find Unclaimed Money
Most states have a designated website, usually run by their treasurer, comptroller, or revenue department, where you can search for missing property. A few of them direct people to hunt down lost funds on MissingMoney.com, an online database endorsed by the National Association of Unclaimed Property Administrators.
How to File a Claim for Missing Property
If you find missing money in your name on one of these websites, you’ll need to initiate a formal claim. Some states let you do this electronically, but most still require you to mail a completed claim form along with required documentation to their unclaimed money division.
The required documentation varies by the type of property you’re reclaiming. In most instances, you’ll need to provide a copy of photo identification like a driver’s license and a copy of your Social Security number. You may need to provide proof of address or proof of ownership. For instance, let’s say the missing money is a utility company security deposit. You might have to produce an old bill.
It’s important to go through the proper channels when tracking down and reclaiming lost funds. Scammers have been known to pose as government agencies in order to pilfer personal information or charge fees for finding unclaimed property. Scroll down to learn how to find unclaimed money in your state.
Some States Guide
Alabama
- Website: Alabama.findyourunclaimedproperty.com
- Claim method: You can initiate a claim online but need to mail the requested documentation to the Office of the State Treasurer Unclaimed Property Division, P.O. Box 302520, Montgomery, AL 36130-2520. You can also deliver your claim in-person.
- Claim documentation: A signed claim form, a copy of photo identification, and a Social Security number at a minimum. You’ll receive an email after filing your claim online that details what information Alabama will need to release the property.
- Processing time: 6 to 8 weeks on average.
Alaska
- Website: Alaska Department of Revenue Treasury Division
- Claim method: The state encourages residents to search for and initiate claims through MissingMoney.com. You will receive an email afterward that outlines the next steps you have to take to reclaim your property.
- Claim documentation: Varies by claim
- Processing time: Several months, with stock claims potentially taking longer
Arizona
- Website: www.azunclaimed.gov
- Claim method: You must print out and mail your claim form and required documentation to the Arizona Department of Revenue Unclaimed Property Unit, P.O. Box 29026, Phoenix, AZ 85038-9026.
- Claim documentation: A completed claim form, a copy of photo identification, proof of your Social Security number, proof of address which can include auto registration, a college transcript, old driver’s license, state income tax return, or divorce decree.
- Processing time: 90 days; if you’re reclaiming stocks or mutual fund shares it could take 120 days.
Description: A person searching for unclaimed money online using a laptop.
Conclusion
Finding unclaimed money can be a straightforward process if you know where to look and what steps to follow. By using the resources provided by state governments and following the necessary procedures, you can reclaim lost assets that rightfully belong to you.
