Occasionally we hear from clients that they lost track of old accounts; after moving or changing jobs. This is more common than you might think. An estimated $70 billion worth of unclaimed property is currently held by state treasurers, according to the National Association of
Unclaimed Property Administrators (NAUPA). Most unclaimed money held by state governments comes from sources such as bank accounts, insurance policies, or state agencies.
How the process works
Unclaimed property is managed individually by each state. If a business, financial institution, or insurance company—also known as a “holder”—cannot reach the rightful owner, they are legally required to report and transfer the property to the state after a certain period of inactivity (known as the dormancy period). Once turned over, the state holds the funds until they are claimed, typically returning them to owners via check.
New York had upwards of $17 billion in unclaimed property, 67% more than second-place California. What makes up all this property?
- Bank accounts and safe deposit box contents
- Stocks, mutual funds, bonds, and dividends
- Uncashed cashier’s checks and money orders
- Certificates of deposit
- Matured or terminated insurance policies
- Estates
- Mineral interests and royalty payments
- Trust funds and escrow accounts
- Utility account deposits
How to find them
You can search for unclaimed money at MissingMoney.com, the official ‘unclaimed property’ website of the National Association of State Treasurers or at unclaimed.org, the NAUPA’s website. Check their unclaimed property offices, too. You may also be eligible to claim funds for a deceased relative if you are the beneficiary of the estate.
New York State has a website: https://www.ny.gov/services/find-lost-money that gives you step by step procedures to file for the money and procedures to follow up on your claim.
In addition, the Federal Government has a website to help you find where the money is and gives you databases to search:
| To find money from: | Check this database: |
| Employers |
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| Unclaimed insurance |
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| Taxes |
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| Investments | SEC enforcement funds – Search the Securities and Exchange Commission (SEC) database for money from an investment enforcement case. |
| Bank failures |
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| Savings bonds | Use TreasuryHunt.gov to find matured savings bonds that have stopped earning interest. You can also learn how to replace a lost or destroyed savings bond. |
| Bankruptcies | Use the U.S. Courts Unclaimed Funds Locator to search for money you may be owed after a person or business declared bankruptcy. |
| Individual Indian Money (IIM) accounts | The Department of the Interior’s Bureau of Trust Funds Administration (BTFA) manages Individual Indian Money (IIM) accounts for Native American and Alaska Native beneficiaries. Check the Whereabouts Unknown search tool to see if you have an unclaimed account. |
Happy hunting!
