Unclaimed Property Claims...Does the State Owe You Money?

There may be money out there waiting for you to claim!

While you are mindlessly scrolling the internet (hey, I am not judging, I was doing it myself), why not see if you have some hard, cold cash owed to you.

I know what you are saying, “Yeah, right. Let me Google to see if anyone owes me money. If it were only that simple.” Truth is…it is not much harder than doing a Google Search.

What we are talking about is an Unclaimed Property Claim.

So, what is an Unclaimed Property Claim? 

Property held by others that belong to individuals and companies, is required to be turned over to the state if not claimed by the rightful owner within a certain period. This period may vary state-by-state, but the mechanics are basically the same. Holder of the property submits the property to the state, the state protects the property until the owner makes a claim to retrieve the property.

The state maintains a database of all unclaimed property that individuals and companies can search to identify and claim the property.

What kind of property are we talking about?

Typically, the unclaimed property includes uncashed checks, unreturned security deposits, overpayments on accounts, and the like. Oftentimes, these consist of employee paychecks and customer refunds. But they can also result from bank accounts without activity for an extended period of time, insurance payments, shares of stock and related dividends, escrow funds, contents from a safe deposit box, and customer refunds.

This list isn’t meant to be all-inclusive, but merely to tickle your brain.

Did you put an item on Christmas layaway and forget to pick it up? Did you cancel lawn service mid-year on a contract you paid in advance? Did you open a savings account years ago and then later moved away without closing or providing a forwarding address?

There is likely money out there with your name on it!

Where can you search the Unclaimed Property Database?

Each state maintains a database of the unclaimed property they hold. It really is as easy as Googling “Unclaimed Property Florida.” Or fill in the blank of whatever state you have lived in, or your business has conducted business in.

Here in Georgia, the link is https://dor.georgia.gov/unclaimed-property-program/how-do-i-search-unclaimed-property. From there it is simple. Click on the “Begin your search” button and on the page click on “Search for Unclaimed Property”. If you find property in your name, follow the instructions to submit a claim. The state will review your claim and if approved, a paper check will be mailed. Super easy!

Most, if not all, states use a service to manage their Unclaimed Funds Database. This service can be found at https://missingmoney.com/. The process is simple, enter your name (individual or business) and either filter on the state or search all states.

The search is free, but the claim processing in some states may require a very small fee.

Is it really worth looking?

Speaking from personal experience, I found just under $75 in unclaimed property from a deposit on my utilities from over ten years ago. Long forgotten for sure. Within 15 minutes the claim was submitted, approved four days later, and the check arrived within three weeks.

Testing https://missingmoney.com/ I searched Ohio for my family members and found three claims for my brother, two claims for my ex-sister-in-law, and one for my father.

So, yes, it is worth looking.

Make good use of your time scrolling the internet!

Take a break from Tik Tok videos and shopping on Amazon! Spend a few minutes and do a search for Unclaimed Property! Have fun with it…who knows what you might find!