What It Is and How to Claim It
Escheated money refers to funds that have been abandoned or unclaimed by their rightful owners. These funds could be from bank accounts, insurance policies, utility deposits, and other sources. Over time, if the owner of these funds cannot be located, the money is turned over to the state. The state acts as a custodian of these funds until the rightful owner comes forward to claim them.
There are many reasons why money may become unclaimed. For example, people may forget about an old bank account or insurance policy. People may move without updating their addresses, making it difficult for the company to contact them. Some people may pass away without leaving behind information about their assets. Whatever the reason, unclaimed money is often held by the state until the rightful owner comes forward to claim it.
Claiming escheated money is a straightforward process.
Finding unclaimed money
You can go to your state’s unclaimed property website and search by your name, If you moved to different states over your lifetime and want to find out if you have unclaimed property in different states go to missingmoney.com and search with your name, the results will show (like the below image) with the state where you might have unclaimed property, then you can go to individual state websites and follow the claim process
Gather the supporting documents like your current DL with your current address, copy of SSN, etc.. each state has its own requirements and process, but they should be fairly similar and simple
If your claim is approved, the state will release the unclaimed money to you. The process of receiving the money may take several weeks or months, so be prepared to wait.
Hope you find some extra cash this year
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