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The US recovers $4 billion in unclaimed property annually, with an average claim topping $2,000.
Unclaimed Property Day is Feb. 1 (Photo: Google)
Unclaimed Property in the United States
One in seven Americans owns these hidden riches, including bank accounts, uncashed checks, paychecks, investments, insurance policies, etc. Unclaimed Property Day on February 1 reminds us to check whether states are holding onto things that belong to people or their families.
California has $13 billion in unclaimed property, while New York has over $19 billion in “lost money.” These funds are assets that companies submit to state-run unclaimed property authorities after one to three years of inactivity when the owner cannot be found. The property might be anything from bank account funds to safety deposit box contents, making the findings varied and lucrative.
A simple property search tool from the National Association of Unclaimed Property Administrators lets you check whether your state has unclaimed property. Their website connects to every state’s unclaimed property website, allowing a thorough search for assets. MissingMoney.com and FindMyMoney also include state searches, making finding them easier.
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Navigating the Claim Process
To search for unclaimed property, people must supply their last name, and sometimes their first name or locality might assist in limiting the results. New properties are reported to the state yearly, so refresh the search. MissingMoney.com and FindMyMoney scan various states, making hidden assets more straightforward to find.
The method for claiming unclaimed property differs by state. Most states use an online shopping service model where you add the property to your claim, submit identification verification information, and wait for official contact. Complex claims take 180 days to get to your property, while smaller ones take 30 to 60 days.
In conclusion, unclaimed property is a valuable cash resource for those who hunt for it. Recovering a forgotten bank account or uncashed cheque is possible nationwide. Technology makes these searches easier, so Unclaimed Property Day is an excellent opportunity to see whether you’re one of one in seven people with unclaimed property.
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