State Unclaimed Property

By Author: Nicole Anderson
Total Articles: 50
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Every state in America holds billions of dollars worth of unclaimed property that belongs to people who don't even know that it exists. You may very well be among these people. It is important to track your property in the proper state of unclaimed property.

My Money?
Unclaimed property could be in the form of bank saving accounts, safety deposit vaults, deposit certificates, estates owned, money orders that were not cashed, insurance policies that are terminated or matured, term deposits, non refunded utility deposits and many more. If you have ever changed jobs, or have been laid off, or have retired, you may have dues lying in the state of unclaimed property. If you want to find your state of unclaimed property, think about states where you have lived previously, or states where your relatives were settled. Also check out states where you may have done businesses or jobs.

How Does It Land In the State Treasury?
The property is turned over to the state of unclaimed property by companies or financial institutions in case they lose contact with the owners or beneficiaries. Every year, companies or ...
... financial institutions are supposed to submit a report of unclaimed property that is to be escheated to the state of unclaimed property. Banks are supposed to maintain accounts for three years and thereafter hand over funds to the state of unclaimed property.

How can I claim it?
Each state of unclaimed property has its own reclaiming procedures. Most states have an online database which you will be given access to. There are many free sites that enable you to search state and federal databases for unclaimed property using your first and last name. Once you find your property, you can fill an online form and provide the required documentation, so that your ownership can be verified.

Once verified, the authorities of the state of unclaimed property will ask you to fill a final claim form. You will have to fill this form and attach copies of the required documents. You may be charged a nominal fee, after which your claim will be processed. You can be in possession of your property in a week's time.