What is unclaimed property?
Unclaimed property is money or assets owed to you that a business, bank or government body couldn't deliver — usually because it lost track of your address. After a waiting period, the law requires it to send that property to the state.
Why the state holds it
Every state, plus DC and Puerto Rico, has an unclaimed property law. These laws are custodial: the state acts as a caretaker for the owner rather than becoming the owner. Businesses report and hand over the property, and the state publishes the owner's name so they can find and claim it. In most states there is no deadline to claim.
How property becomes "unclaimed"
- An account or payment goes untouched — no owner-initiated activity or contact — for the state's dormancy period.
- The business tries to reach the owner, usually by mail to the last known address.
- If that fails, the business reports and sends it to the state tied to the owner's last known address.
Dormancy periods vary by state and by type of property. Many financial accounts are reported after about three years; wages are often reported faster. That's why a recent move can be enough.
What it usually is
Mostly ordinary amounts: old bank balances, final paychecks, utility deposits, refunds, insurance proceeds, dividends, and safe deposit box contents. See the common types.
Who should search
- Anyone who has moved, changed names or changed jobs.
- Families handling the affairs of someone who died — see heirs and estates.
- Businesses, churches, clubs and nonprofits — see business property.