Unclaimed Property — Could Some of It Be Yours?
Billions of dollars in forgotten accounts, checks and refunds are currently being held by state programs, awaiting return to their rightful owners. Could you be one of them? The process to check is easier than you might think.
How Unclaimed Property Works
Each year, banks, financial institutions, insurance companies, utility providers, employers and other businesses lose contact with owners of accounts or property. When an account becomes inactive for a specified period of time, commonly referred to as a dormancy period, state law generally requires the holder to attempt to locate the owner. If those efforts are unsuccessful, the property must be remitted to the owner's state of last-known address, where the state serves as custodian of the property until the rightful owner or heir comes forward to claim it.
Types of Unclaimed Property
According to the National Association of Unclaimed Property Administrators (NAUPA), state unclaimed property programs returned approximately $4.49 billion to rightful owners during fiscal year 2024. These funds stem from a variety of overlooked or inactive financial assets, such as:
- Dormant checking and savings accounts
- Uncashed payroll, dividend or refund checks
- Utility deposits
- Stocks, bonds and mutual fund accounts
- Insurance proceeds
- Trust distributions
- Customer credits
- Overpayments
- Safe deposit box contents
How to Check for Unclaimed Property
With billions of dollars currently being held by state unclaimed property programs nationwide, it may be worth taking a few minutes to see if some of it belongs to you. Searching for unclaimed property is free and generally takes only a few minutes. Even if you’ve checked in the past, new property is reported every year, making it worthwhile to search periodically for yourself, family members and even deceased relatives whose estates may have unclaimed assets.
For a nationwide search, visit MissingMoney.com, the official unclaimed property search tool sponsored by the NAUPA and participating states.
| State/Resource | Website | Contact |
|---|---|---|
| Nationwide/MissingMoney | www.missingmoney.com | Official nationwide search tool for participating states. For questions about a specific claim, contact the state office holding the property. |
| Alabama | www.unclaimed.alabama.gov | 888-844-8400 or 334-242-9614; unclaimed@treasury.alabama.gov |
| Kentucky | www.treasury.ky.gov/unclaimedproperty | 800-465-4722 |
| Michigan | www.unclaimedproperty.michigan.gov | 517-636-5320; TreasUPD@michigan.gov |
| Texas | www.claimittexas.gov | 800-321-2274; unclaimed.property@cpa.texas.gov |
| Florida | www.fltreasurehunt.gov | 888-258-2253 or 850-413-5555 |
| North Carolina | www.nccash.gov | 866-622-2741; unclaimed.property@nctreasurer.gov |
| New York | www.osc.ny.gov/unclaimed-funds | 800-221-9311 or 518-270-2200 |
Here to Help
Doeren Mayhew encourages you to rightfully claim what’s yours. Should you have any questions about this process, contact our tax pros for help.
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Mike brings nearly 40 years of public accounting and leadership experience, with deep expertise in tax planning and financial statement preparation. Previously serving as managing partner for a regional Alabama CPA firm, he leverages experience leading teams, building client relationships and guiding businesses through periods of growth and transition.
