What is
Unclaimed Property?
The most frequently
asked question is, "What is abandoned or unclaimed property?"
While
state laws vary in periods of dormancy (inactivity), a wide range of reportable property
includes but is not limited to dormant checking and savings accounts, uncashed money
orders, cashiers checks, unclaimed insurance benefits, mineral royalty payments, safe
deposit box contents, unused gift certificates, unclaimed security deposits, cash
dividends, stock, court deposits, and utility deposits.
A second question
frequently asked is, "Where or what state should receive the property once it is
identified?"
Through
reciprocity and streamlined reporting, assets are properly reported and placed in the
custody of the state of the owner's last known address. An important U.S. Supreme Court
decision, Texas vs. New Jersey, 379 U.S. 674 (1965), provides a guideline in reporting
unclaimed property. Briefly summarizing, unclaimed property is to be returned to
the state of the property owner's last known address. If there is no owner's address
associated with the property, then it should be returned to the state in which the
business remitting the funds is incorporated.
States regularly
exchange property and related information. This is known as
"reciprocity".
This is why it is
important to check all states for unclaimed money and property which may
be owed to you regularly, not just the most recent state you may have resided in.
NOTE:
Claimants are encouraged to contact and work with state or federal agencies as claims
processing is a FREE public service to the owner. Likewise, our site is
totally FREE; providing you first with a centralized unclaimed property
search tool then the appropriate state and/or federal agency contacts for you to file your
claim.
CAUTION:
Private recovery agencies, tracers and other third party companies may offer assistance in
reuniting you with your lost or abandoned property. Do your homework, understand your
potential costs and options before you choose to use any of these companies. Look for
upfront or hidden costs such as access or search results fees which may
range from $10 to $20 per search or contingency fees from recovery agents or tracers which
may cost you 10-50% of your money.
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