Many people aren’t aware that by state law, companies must turn over to the State any funds that have not been claimed by the rightful owners within a certain time frame, usually three years or more. The funds include bank accounts, uncashed payroll checks, traveler’s checks, utility deposits, insurance policy proceeds and other types of funds that are deemed unclaimed. In some states, the unclaimed property totals millions of dollars every year. In fact, over 1 billion dollars in unclaimed funds have been turned over to the State of Washington since 1955. If you believe that you may have unclaimed property, there is an easy way to find out.
The majority of states have searchable websites in order to match the rightful owners with their unclaimed funds. Generally, there is no time limit for claiming the funds. In Washington State, you may claim funds going back to 1955.
An easy way to locate a link for your specific state is through Free Public Records Directory – Unclaimed Property . By clicking on your specific state, you will find information about claiming unclaimed property including, in most cases, an online search. Check out Washington State’s easy to use “Unclaimed Property” website. The State of California’s “Unclaimed Property” website offers a search of funds already on deposit and a search of funds that are about to be sent to the State. The State of Florida has unclaimed funds totaling over 1 billion dollars, which the owners can claim at no cost. You can search for funds and also the status of your claim on Florida’s “Unclaimed Property” website. Another example is the State of North Carolina’s “Unclaimed Property” website which provides the option of searching for unclaimed funds by County.
Lastly, each State also receives the unclaimed contents of safe deposit boxes. These items are also subject to retrieval.
Take a few minutes to search your name or other family members’ names, you never know if a portion of the unclaimed property may belong to you or a family member.