Unclaimed Money: How to Check If Some Is Waiting for You

Most people assume that if they were owed money, someone would have found them. Often that is true. Sometimes it isn't. Each year, bank balances, uncashed checks, refunds and other funds end up in a state program because the owner could not be reached. Checking takes little time, and it helps to know where to look and how to avoid the scams that have grown up around it.

Key takeaways

• Bank balances, paychecks, refunds, insurance proceeds and dividends can end up as unclaimed property when the owner can't be reached for a set period.
• A move, a changed name, or a simple typo in an address can be enough to send money into a state's unclaimed property program.
• Each state runs its own program, so a thorough search covers every state where a person has lived or worked, including under former names.
• Searching state programs is free and owners can file claims directly, so there is generally no need to pay a company to do it for them.
• Unexpected messages that say money is waiting and ask for a Social Security or bank account number up front are a common scam pattern.

What "unclaimed property" means

When money sits untouched and the owner cannot be reached for a set period, the company holding it, such as a bank, employer, insurer or utility, is generally required to turn it over to the state. The state keeps a record and holds the money until the owner, or an heir, claims it. The waiting period before this happens varies by state and by type of property.

The result is a large pool of money held in people's names across the country, totaling billions of dollars.

How money ends up there

Most of it gets there through ordinary events rather than anything dramatic:

• A move. A check or statement goes to an old address and never arrives.
• A name or address typo. A misspelling can make an owner impossible to match.
• A forgotten account. A small balance in a closed or dormant bank account goes unnoticed for years.
• An uncashed check. This could be a paycheck, a refund, or an insurance payment.
• Deposits and dividends. Utility deposits, old stock dividends and similar payments can go unclaimed.
• An estate. Money owed to a relative who has died may need an heir to claim it.

Where to look

Each state runs its own unclaimed property program, usually through the state treasurer, comptroller or a similar office. As USAGov notes, state governments hold most unclaimed money, and there is no single place to search for all of it. A thorough search typically covers:

1. Every state where you have lived or worked. Money is generally reported to the state of the owner's last known address.
2. Every name you have used. That includes maiden names, married names and spelling variations.
3. Relatives who have died. Many programs let heirs search for and claim funds owed to a family member.
4. Federal sources. Certain kinds of money, such as some tax refunds and some deposits from closed banks, are handled by federal agencies rather than states. The relevant agency's official website is the place to check.

Searching generally means entering a name and sometimes a city, then reviewing any listings that match.

What a claim usually involves

If a listing matches, the owner typically submits a claim with identification and proof of a connection to the property, such as a past address. The state reviews the claim before releasing the money, and the process can take a few weeks. Documentation requirements differ from state to state, and larger amounts often require more proof.

Small amounts and repeat checks

Many listings turn out to be modest: a final paycheck, a refund of a few dollars, or a deposit returned years after a move. Small amounts are still the owner's money, and they are often the easiest to claim. Because holders send new property to states throughout the year, a name that returned nothing once can show a match later. Some households make a periodic check part of their routine, particularly after a move, a name change, or the closing of an account.

Protecting yourself from scams

The popularity of unclaimed property searches has attracted scammers. A few points help:

• Searching is free, and owners can file claims directly with the state. Because of that, there is generally no need to pay a company to do it for them.
• Be skeptical of unexpected messages. A call, text or email saying money is waiting for you, followed by a request for a Social Security number or bank account number, is a common scam pattern.
• Start the search yourself. Type in the address of your state's official unclaimed property site, which usually ends in .gov, instead of clicking a link in a message.
• Share information only through official channels. Legitimate programs ask for identifying details, but only after you have started the claim on their official site.

Where found money goes

Money found this way is like any other money coming into a household. It can be spent, saved or used to repay debt, and each household decides which of those fits its own situation.

The National Institute of Financial Education also covers this topic in its free education resources, for readers who want a deeper look at how unclaimed money works.

Common questions

How does money become unclaimed property?

When a bank, employer, insurer or other holder can't reach the owner for a certain period, which varies by state and type of property, it is generally required to turn the money over to the state. The state then holds it until the owner or an heir claims it.

Do I have to pay to claim unclaimed money?

Generally no. Searching state unclaimed property programs is free, and owners can file claims directly with the state, so there is typically no need to pay a company for help. Anyone demanding an upfront fee to release your money deserves extra scrutiny.

Where is the safest place to start a search?

Start by going to your state's official unclaimed property website yourself, rather than clicking a link in an unexpected message. Official state sites usually use a .gov address and do not ask for payment to search.

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