Is Someone Holding Money That Belongs to You?
About one in ten people has unclaimed property waiting in a state database. Searching is free and takes a few minutes.
States hold billions of dollars in forgotten accounts, uncashed checks, old utility deposits, and insurance proceeds. It sits there until someone claims it. There is no deadline in most states, and searching costs nothing.
How money ends up unclaimed
A business loses touch with you. A final paycheck goes to an old address. A utility deposit is never refunded. A bank account is forgotten after a move. After a set period with no contact, the holder is required to turn the property over to the state, which holds it for the rightful owner.
It happens most often after a move, a divorce, a name change, or a death in the family.
Where to search, and the order to do it
- Start with the national search, which covers most states at once.
- Search your own state directly, plus every state you have lived in.
- Check the federal sources separately. They are not included in the state databases.
- If a relative has died, run the life insurance policy search as well.
Never pay to search
Searching and claiming are free through the official state programs. Companies that offer to find your money for a percentage are using the same public databases you can search yourself in about ten minutes.
Some of those firms operate legally, and a few are worth using in complicated cases. Many states require them to register and hold a license. If someone contacts you offering to recover money for a fee, check that registration with your state before signing anything.
The one most people miss
Life insurance. When someone dies, the policy pays only if a beneficiary files a claim, and families frequently do not know a policy existed. The NAIC locator above searches participating insurers on behalf of a deceased person's family. It is free and it is run by state insurance regulators.
This is also the argument for the list we keep recommending: write down what you own and where it is held, and tell someone where the list lives. Most unclaimed property exists because nobody knew to look.
What to have ready
- Every name you have used, including maiden and previous married names
- Every address going back as far as you can remember
- Proof of identity, usually a driver's license or Social Security number
- Something connecting you to the address on file, such as an old utility bill
Claims are commonly filed online through the state's own site. Processing runs from a few weeks to several months depending on the state and the amount.
Worth doing once a year
New property is reported to the states constantly, so a search that came up empty two years ago may not today. It takes ten minutes. Search for your parents and your adult children while you are in there.
This article is general education and is not tax, legal, or accounting advice. It is not an offer or a solicitation to buy any product. Unclaimed property rules and claim procedures vary by state and change over time. Legacy Builders Financial Solutions is not affiliated with any state unclaimed property program, the National Association of Unclaimed Property Administrators, or the National Association of Insurance Commissioners. Links to third party websites are provided for convenience only.
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