Ever live in New York state? If so there is a good chance the state is holding unclaimed money or unclaimed property for you. According to a report on Patch, New York state has over 37 million accounts totaling over $15 billion. Each day the empire state returns over $1 million in unclaimed money to its rightful owners, but you have to know where to look and how to search. Last year the state of New York returned over $400 million in unclaimed funds, while it took in over $800 million in new missing money accounts.
Unclaimed money is the popular term for unclaimed property. Unclaimed property is defined, as “monetary or physical assets which have become separate from their rightful owners over time.” Other terms often used include unclaimed funds, missing money, and found money. This money can be a result of a variety of different situations including: bank accounts, utility deposits, safety deposit boxes and insurance policies. Many of the unclaimed money or unclaimed property accounts can also be for deceased loved ones and can be claimed by the next of kin. Many times these items are not willed properly and therefore are turned over to the state a unclaimed property. There is also no statute of limitations on this money, meaning its there forever until its claimed. Click Here for More info on What Unclaimed Money Is.
Proper search strategies are also very important when it comes to locating these claims. One way to search for unclaimed money is to use just a last name and first initial will create more success as many of these claims are results of common misspellings in names and addresses. Searching old addresses can also lead to finding claims as this can also be a result in how money becomes unclaimed. Click Here for Search Strategies.