Steps to Claim Your Unclaimed Property

Quick answer

• Unclaimed property is money or assets held by a business or government agency that are rightfully yours but you haven’t claimed.
• Most states have a central website where you can search for unclaimed property.
• You’ll typically need to provide identification and proof of ownership to claim your property.
• The process is usually free, but be wary of services that charge a fee to find your property.
• Keep records of your search and claim, including any correspondence.
• Start your search with your current state of residence, but check other states where you’ve lived or worked.

Who this is for

• Individuals who suspect they may have forgotten or uncollected assets.
• People who have moved or changed their name and may have lost track of accounts.
• Heirs who may be entitled to unclaimed property from a deceased relative.

What to check first (before you act)

Goal and timeline

What do you hope to achieve by claiming this property? Are you looking for a specific amount, or are you just curious? Understanding your goal will help you prioritize your search. For example, if you know a specific account was lost, your timeline might be shorter than if you’re doing a general search.

Current cash flow

While claiming unclaimed property is usually free, some people might be tempted by services that promise to find and claim it for a fee. Understanding your current financial situation can help you decide if paying for such a service is necessary or if you have the time and resources to do it yourself.

Emergency fund or safety buffer

Having a solid emergency fund is crucial before embarking on any financial endeavor, including claiming unclaimed property. This ensures you have a safety net if unexpected expenses arise during the process or if you encounter any minor costs associated with claiming.

Debt and interest rates

If you have high-interest debt, consider prioritizing paying that off before spending significant time and energy on finding unclaimed property. The interest you save on debt might outweigh the amount you could potentially recover. However, if the unclaimed property is substantial, it could be used to pay down debt. Check the official source or your provider for details on your debt and interest rates.

Credit impact

Generally, claiming unclaimed property has no direct impact on your credit score. However, if you uncover a forgotten debt that you then pay off, it could positively affect your credit over time.

Step-by-step (how do I claim unclaimed property)

1. Identify potential sources of unclaimed property.

• What to do: Think about places where you might have left money or assets behind. This includes old bank accounts, uncashed checks, forgotten safe deposit box contents, insurance policies, utility deposits, or even stock dividends.
• What “good” looks like: You have a list of at least 3-5 potential places or types of accounts where you might have unclaimed property.
• Common mistake and how to avoid it: Not thinking broadly enough. Avoid this by considering every place you’ve ever had a financial relationship, including places you lived or worked many years ago.

2. Start with your current state’s unclaimed property website.

• What to do: Visit your state’s official unclaimed property website. These are usually managed by the State Treasurer or Comptroller’s office.
• What “good” looks like: You’ve successfully navigated to the official government website for your state’s unclaimed property division.
• Common mistake and how to avoid it: Using a third-party website that charges a fee. Avoid this by ensuring the website ends in “.gov” or is clearly linked from your state’s official government portal.

3. Search using various identifiers.

• What to do: Enter your name, Social Security number (or last four digits), and any previous names or addresses you’ve used.
• What “good” looks like: The search yields results or confirms no property is listed under your current search terms.
• Common mistake and how to avoid it: Only searching with your current name and address. Avoid this by using all variations of your name and addresses where you’ve lived or worked.

4. Check other states where you’ve lived or worked.

• What to do: If your initial search is unsuccessful, repeat the search process on the unclaimed property websites of other states where you have a history.
• What “good” looks like: You’ve conducted searches in all relevant past states of residence and employment.
• Common mistake and how to avoid it: Assuming all your property will be in one state. Avoid this by systematically checking all states where you had financial ties.

5. Review search results carefully.

• What to do: If a match is found, examine the details provided, such as the type of property, the amount, and the holder (the entity that is holding the property).
• What “good” looks like: You’ve identified a specific property that appears to be yours or belongs to a relative.
• Common mistake and how to avoid it: Assuming any match is definitely yours without verification. Avoid this by noting the details and preparing to provide proof.

6. Gather necessary documentation.

• What to do: Collect documents that can prove your identity and your right to the property. This may include a driver’s license, Social Security card, birth certificate, utility bills, bank statements, or any correspondence related to the original account.
• What “good” looks like: You have a folder with all required documents ready for submission.
• Common mistake and how to avoid it: Underestimating the documentation needed. Avoid this by checking the specific requirements on the unclaimed property website for the state where the property is held.

7. Initiate the claim process.

• What to do: Follow the instructions on the state’s website to file a claim. This often involves filling out a claim form and submitting your documentation.
• What “good” looks like: Your claim form is completed accurately and all supporting documents are attached.
• Common mistake and how to avoid it: Incomplete or inaccurate claim forms. Avoid this by carefully reading all instructions and double-checking your entries before submitting.

8. Submit your claim and wait for processing.

• What to do: Send your completed claim form and documentation to the designated address or submit it online, as instructed.
• What “good” looks like: You have confirmation that your claim has been received.
• Common mistake and how to avoid it: Not keeping a copy of your submission. Avoid this by making copies of everything you send for your records.

9. Follow up if necessary.

• What to do: If you don’t hear back within the expected timeframe (often several weeks or months), contact the unclaimed property office for an update.
• What “good” looks like: You have a clear understanding of the status of your claim.
• Common mistake and how to avoid it: Giving up too soon. Avoid this by being patient but persistent, and know the typical processing times.

10. Receive your property.

• What to do: Once your claim is approved, you will receive your property, usually in the form of a check or direct deposit.
• What “good” looks like: You have successfully recovered your rightful property.
• Common mistake and how to avoid it: Not depositing or cashing the check promptly. Avoid this by depositing or cashing checks within the stated validity period.

Common mistakes (and what happens if you ignore them)

| Mistake | What it causes