What Are Unclaimed Assets?

Billions of dollars go unclaimed at the Federal level, including the IRS, Pension Benefits Guaranty Corporation, and Department of Housing and Urban Development, just to name a few. 

State unclaimed funds include money that has been turned over to their Treasury Departments after they have been considered "abandoned" by their respective owners. States receive these unclaimed assets only after the organization holding them can consider them abandoned. Money is usually considered abandoned three to five years after the company has lost contact with the asset wner, and three months after the company makes a final effort to reach the owner at their last known address. 

In addition to State and Federal unclaimed money, there are millions of accounts being held by thousands of counties throughout the country. These counties either hold money themselves in perpetuity, or turn them over to the State, after a certain period of time.  

Some examples of funds that become unclaimed are:

• Savings account
• Checking accounts
• Uncashed checks
• Telephone/utility deposits
• Rental security deposits
• Wages
• Insurance benefits/policies
• Safe deposit box contents
• Mortgage insurance refunds
• Stocks and Dividends
• Mutual Funds
• Certificates of Deposit
• Trust Funds
• Estate Proceeds

Accounts can become unclaimed for many reasons, including:

• Leaving a job and never claiming a final paycheck
• Failing to notify a company that owes you money that you have moved
• Opening a savings account for a child and forgetting about it
• Moving without getting your utility deposit back
• Forgetting to cash a health insurance check
• Neglecting to cash interest or dividend checks on a security