Are you owed money you don’t even know about? You might be, if your name is in an unclaimed property database. Each year, billions of dollars from forgotten security deposits, refunds, uncashed paychecks and even old bank accounts are reported to state agencies. And each year, according to the National Association of Unclaimed Property Administrators, an organization affiliated with state treasury departments, states return more than $5 billion to their rightful owners.
If you are wondering if you have unclaimed property, here’s how to find out.
Search online at state agencies
The National Association of Unclaimed Property Administrators’ website, Unclaimed.org, links to agencies in all 50 states, the District of Columbia and other territories. With these sites, you can search unclaimed property databases for free. The organization also manages MissingMoney.com, which lets users search multiple states at once.
To pull up the property database, you will likely be asked to enter a last name. You could also enter a first name, city or ZIP code to help narrow the search. From there, you may find entries detailing the owner’s last known address, property amount and the company that initially held the funds. Depending on the database, the state may provide the exact amount of the property, or give a range, such as “under $50” or “$50 or more.”
Finding even a small amount can give you breathing room in your monthly budget or help pad your emergency fund. (Read more about emergency funds and why they're important.)
» Found lost money? Consider a high-yield savings account to maximize growth
Unclaimed funds: How to prove you are the rightful owner
Filing a claim may involve scanning and uploading identification, such as your driver’s license, and other documentation proving you live (or lived) at the address on file. For example, you might be asked to provide a recent utility bill. You may also be able to mail your documentation.
Heirs can follow a similar process for claiming property or unclaimed life insurance if the owner is deceased. You may be asked to provide additional paperwork, such as a death certificate, to claim the property.
It is OK to be nosy
Data within unclaimed property databases is publicly available, so you can search on behalf of others. You can then alert them if they have lost funds, but it’s their responsibility to claim the funds and prove ownership.
Pro tip: Make the most of your money
If you do find and receive funds, you can make this “found” money work for you by putting it in an account with a high interest rate. These accounts may earn 10 times more than the national average, so you can take the unexpected funds and grow them even more.
The smaller amounts may not make you rich, but they can still be worth searching for. It is better for you to have your money in your pocket than let it go unclaimed.
