Every year, millions of dollars in bank accounts, stock certificates, checks, insurance checks, bonds dividends, and security deposits are turned over to state governments because the owners cannot be located. Some of this money could belong to you!
Companies are required by law to send funds from lost accounts to the state of the owner’s last known address. That means you could potentially have unclaimed property in every state that you have resided.
Not worth checking? Think again. Many states can claim your money if you have no “owner-initiated activity” in a savings account in 3 years. In other words, if you have money in a savings account that is earning interest, it could be confiscated by the state if you don’t have an “owner-initiated activity” such as a deposit or withdrawal during a 3-year period. If you have investments in a brokerage account, but sure it won’t be confiscated if you don’t make a trade during a 3-year period.
In these days of austerity, states are looking for any way to increase revenue and are stepping up the confiscation of property.
Beware of scams and sites that charge you to search to see if you have unclaimed money. We recommend the site unclaimed.org (not unclaimed.com) for a free, reputable search. You can also find such information on your state treasurer’s website. We hope you find something!
