Unclaimed Property? When was the last time you checked?

What is unclaimed property?

Any financial asset with no activity by its owner for an extended period of time is considered unclaimed property. This includes unclaimed wages or commissions; savings and checking accounts; stock dividends; insurance proceeds; underlying shares; customer deposits or overpayments; certificates of deposit; credit balances; refunds; money orders; and safe deposit box contents.

What are some examples of unclaimed property?

Unclaimed property consists of certain financial assets that have been abandoned by their owners for an extended period of time. Examples of unclaimed property include:
Dormant bank accounts
Lost or forgotten uncashed checks
Stocks or bonds, dividends and bond interest
Insurance proceeds
Utility refunds
Safe deposit box contents

What is not considered unclaimed property?

Items that are not considered unclaimed property include abandoned vehicles, real estate, furniture and stolen property. Many people are confused by unclaimed property, expecting to find listings and addresses for vacant homes. In fact, tangible items are rarely included in unclaimed property. Those that are included usually consist of small items, such as coins or jewelry that can fit inside a safe deposit box.

How do people lose track of their assets?

Individuals or businesses may lose track of assets if:
A change of residence or business relocation occurs, and an updated address is not provided, or an account or deposit is simply left behind.
A check is received and accidentally discarded, lost or forgotten.
A rightful owner dies and relatives are unaware of a bank account, safe deposit box or stock owned by the deceased.
Notification of a divorce or marriage is not provided.
A clerical error at a company alters a former employee's name or address, resulting in returned mail.

To find out if you have unclaimed property in your state of residence, visit www.missingmoney.com

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