This article explains finding unclaimed money, lost funds, and missing property. Learn how to use simple online lookup tools to see if you have unclaimed money.
What is Unclaimed Property?
In a legal sense, lost and abandoned property is a category of the common law of property that deals with personal property that has left the possession of its rightful owner without having directly entered the possession of another person. In simpler terms, it is money or property that people forget about. Unclaimed property can take many forms, such as:
- Unclaimed paychecks from a former employer
- Unclaimed insurance policies payouts from deceased relatives
- Security deposits from renters from houses or apartments
- Inheritance money or property that was never claimed
- Tax refund checks that were never cashed
- Contents of safety deposit boxes that were never picked up from the bank
- Money in dormant savings, checking, or money market accounts
- Brokerage accounts with stocks and bonds that were never closed after the individual passed away
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Government Unclaimed Property Research Programs
Every U.S. state, District of Columbia, Puerto Rico, the U.S. Virgin Islands – and Quebec, British Columbia, and Alberta in Canada have programs that actively attempt to find owners of lost and forgotten assets. These are great resources to help you find unclaimed money.
Unclaimed property laws have existed since the 1940s but have become much broader and more enforced in the last 20 years. It is one of the original consumer protection programs.
Private Investigators Should Know How to Find Unclaimed Money and Property
Private detectives are often retained to research financial matters and track down money that may belong to individuals. Private eyes should be familiar with the services provided by state organizations such as the Department of Revenue, State Treasury, State Controller, Comptroller, and other financial administrators. Sometimes, the programs are administered by the Attorney General’s office or the State Tax Commission.
If you receive a phone call or letter from a firm that says they found money for you, taking precautions to protect yourself is essential. If the state holds something of value in your name, and you are the rightful owner, you don’t have to hire anyone or pay a cent to get it back.
All you need to do is fill out the proper forms and follow procedures described by the state agency or department in charge of the process. Once you submit the required forms and the appropriate proof, it takes a few weeks of waiting.
However, some legitimate firms provide services to retrieve everything for you. They are usually familiar with the required process and know-how to complete the necessary paperwork and where to submit it. These firms usually charge a “finder’s fee” as a flat fee or commission. Sometimes, the commission is a percentage of the funds retrieved.
Beware of Scams
Beware of companies that charge a high percentage. Since you are the one who owns the money or property, it shouldn’t cost you an arm and a leg to get it back. It is up to you to decide whether or not it is worthwhile to have someone take care of everything on your behalf. Just be informed that it is not a complicated process to do it yourself.
For more information on how to find unclaimed money and to search specific states for property, visit the following websites:
- National Association of Unclaimed Property Administrators (NAUPA) – This site is affiliated with the National Association of State Treasurers and Missing Money, the NAUPA-sponsored search engine. All states belong to the association, so the site also provides links to state registries, helping to streamline your search efforts. Individuals should search in every state they have lived in.
- Learn how to check to see if the property has been reported as stolen to the FBI database.