Does Your State Owe You Money?

Believe it or not, your state may have money just waiting for you to claim it! Through a process called "escheatment," state treasurers take possession of abandoned bank accounts, uncashed paychecks, stock certificates and other assets, and hold them, waiting for the rightful owner to step forward. Often, property becomes abandoned when the owner moves and forgets to update his address. 

Each state now has a searchable online database where you can look to see if you have unclaimed property. See the National Association of Unclaimed Property Administrators website to view a complete listing of all state websites. Be sure to check each state where you have lived, including states where you attended school or were otherwise a temporary resident. You may also wish to check for relatives’ names, especially those who have passed away. To claim your property, you can simply follow the instructions on the state website where you found the property listed. 

If you have a substantial amount of unclaimed property, you may receive a letter from a company informing you of the unclaimed property and offering to reclaim that property for a fee. There is no need to hire a company to find your lost property – you can search the online databases yourself and achieve the same results (without the fees!). 

Was this article useful to you? Did you find property that belonged to you or a relative? If so, we’d love to hear about it – please let us know.

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