Understand State Laws and Find Your Missing Funds
Every U.S. state has its own unclaimed property laws and databases. Understanding these differences is essential if you’ve lived or worked in multiple states. This article will show you how to navigate state-specific rules and find what may be owed to you.
Why States Hold Unclaimed Property
State governments are legally required to take custody of dormant assets after a set dormancy period. Most states hold the money until claimed.
Unclaimed Money State Highlights
The California State Controller’s Office holds unclaimed property with a dormancy period of 3 years. This includes bank accounts, uncashed checks, wages, insurance benefits, and more.
Texas provides a centralized search portal through the Comptroller’s Office. Property is considered unclaimed if there has been no activity for a period of 1 to 5 years depending on the type.
Managed by the Office of the State Comptroller, New York allows public searches through its online portal. Most property is turned over after 3 years of inactivity.
The Department of Financial Services handles unclaimed property. Florida is notable for having no statute of limitations, meaning property can be claimed at any time.
The Illinois Treasurer’s Office returns unclaimed property even decades later if valid proof of ownership is provided. They run frequent outreach campaigns to reconnect residents with their funds.
What Types of Property Can Be Claimed by State?
Most state unclaimed property programs include:
- Uncashed payroll checks
- Insurance payouts
- Utility or rental deposits
- Dormant savings or checking accounts
- Stock dividends and bonds
- Court deposits and refunds
- Contents of abandoned safe deposit boxes