Unclaimed money, aka unclaimed property, refers to you and/or your families’ inactive accounts in various financial institutions or companies that have been turned over to the government for safekeeping and oversight. Inactive accounts typically means accounts with no activity for a period of one year or more.
Over the years, an estimated sum of $60 Billion sits uncollected across various government agencies and companies. This is unclaimed money that you and/or your family is legally entitled to, if you can find it.
The good news is that the money can’t escheat to the government, in most cases, depending on the unclaimed property laws of the jurisdiction. That means, even after 10 years, you are legally entitled to the unclaimed money. By law, the government cannot spend this money, it has to be properly reported and audited.
Common forms of unclaimed money include life insurance, insurance payments or refunds, annuities, savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler’s checks, trust distributions, unredeemed money orders or gift certificates (in some states), certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.