How to Claim Unclaimed Property or Money

Many people are unaware that they may have unclaimed money or property waiting for them. Over time, bank accounts, tax refunds, life insurance payouts and even stock dividends can become classified as unclaimed assets if they remain untouched.

If a company, financial institution, or government agency is unable to contact the rightful owner, these funds are transferred to the state’s unclaimed property division. Individuals can fortunately reclaim these assets. However, the process requires understanding where to search and how to prove ownership.

What Counts as Unclaimed Property?

Unclaimed property refers to financial assets that have been unintentionally abandoned for a specified period—typically three to five years—without any contact from the owner. Common examples include:

• Forgotten bank accounts or safe deposit boxes
• Uncashed checks, such as payroll or insurance settlements
• Utility deposits and overpaid medical bills
• Unclaimed inheritances or trust distributions
• Tax refunds and unpaid life insurance benefits

Since many assets go unclaimed due to address changes, name changes, or lost documentation, it is crucial to regularly check for missing funds.

How to Search for Unclaimed Property

Each U.S. state maintains a database of unclaimed property where individuals can search for lost assets under their name. The National Association of Unclaimed Property Administrators (NAUPA) provides a centralized website, MissingMoney.com, where users can conduct a nationwide search. Individuals should check federal databases for certain types of funds, such as:

• gov for undelivered tax refunds
• gov for forgotten savings bonds
• The Department of Labor for unclaimed pension benefits

A thorough search should include all states where an individual has lived, worked, or held financial accounts. If a deceased family member may have left unclaimed property, heirs should also check using their relative’s name.

Steps to Claim Missing Money

Once unclaimed property is located, the next step is to file a claim with the relevant state agency. The process typically requires:

1. Submitting a claim online or by mail through the state’s unclaimed property division.
2. Providing proof of identity, such as a driver’s license or social security number.
3. Submitting supporting documents, such as old bank statements, pay stubs, or insurance policies, to establish ownership.

Processing times vary by state. However, most claims are resolved within a few weeks to a few months. If an asset belonged to a deceased relative, additional documentation, such as a death certificate or proof of estate administration, may be required.

Avoiding Unclaimed Property Scams

While many legitimate services help people recover missing money, scammers also target individuals looking for unclaimed assets. Warning signs of fraudulent schemes include:

• Companies demanding upfront fees to locate funds
• Emails or phone calls asking for personal financial information
• Claims that funds will be forfeited unless immediate action is taken

State unclaimed property offices never charge fees for claiming missing money. If assistance is needed, individuals should consult with a reputable estate planning attorney rather than relying on third-party recovery agencies.

Key Takeaways

• Unclaimed property includes lost financial assets: Dormant bank accounts, tax refunds, insurance payouts and utility deposits often become unclaimed property.
• Searching state and federal databases helps locate missing funds: Websites like MissingMoney.com and IRS.gov allow individuals to check for unclaimed assets.
• Filing a claim requires proof of identity and ownership: Providing documents such as bank statements, pay stubs, or a will helps verify entitlement to funds.
• Scammers often target individuals seeking missing property: Legitimate claims do not require upfront fees, and official state agencies do not solicit sensitive personal information over the phone.
• Regular financial check-ins prevent assets from becoming unclaimed: Keeping accounts up to date and cashing checks promptly reduces the risk of losing access to funds.

Reference: AARP (Dec. 27, 2024) “How to Find Unclaimed Assets”