Are You One of the Millions of Americans with Unclaimed Property?

Did you know that 1 in 7 Americans has money and financial assets waiting around to be claimed? 

This major issue plaguing our country is called “unclaimed property” or “abandoned property.” 

This property could be in the form of uncashed checks, mutual funds, 401(k)s, or other financial accounts. Whether through a major life event like a move, divorce, or illness—or simply forgetting to update their contact information on a financial account—a growing number of Americans are at risk of having their financial assets considered “lost” and their hard-earned money seized by the state.  

The biggest problem? Many Americans don’t know what unclaimed property is or whether they even have it.

February 1 is National Unclaimed Property Day, which is dedicated to raising awareness of unclaimed property. It's the perfect time to find out if you have unclaimed money or forgotten financial accounts waiting to be retrieved.

Here's how:

• Every state has a free, searchable database where residents can find and claim assets that belong to them. You can find your state’s database on the National Association of State Treasurers’ website.
• The URL for each state’s official unclaimed property website always ends in .gov.
• You may even have an unclaimed retirement plan from a previous employer. To search to see if you have an unclaimed retirement account, go to the National Registry of Unclaimed Retirement Benefits (NRURB) website. This weekly-updated, privately maintained registry contains information about assets left behind in many different types of former employer retirement accounts, not just 401(k)s. You need to enter your Social Security Number to search.

How Does Property Become Abandoned or Unclaimed?

Most personal property is determined to be abandoned if no activity has occurred for a number of years or if there has been no contact with the owner. The property is then sent to the state, which holds the property until its rightful owner is able to track it down.

The inactivity period—the length of time before unclaimed property is turned over to the state—varies depending upon the state. For example, in California, it’s five years of no activity before your property can be claimed by the state. But in other states, like Arizona, it’s one to three years depending on the type of property.

In every state, though, you must proactively search for your unclaimed property. The state won’t reach out to notify you if you have unclaimed property.

The US has billions of dollars in unclaimed property. You could have money waiting for you to be claimed.

Learn more and search to see if you have unclaimed property.