Minnesota is holding over $700 million in unclaimed funds!

What are unclaimed funds?

Funds are considered unclaimed if the owner has not provided evidence of any interest or control over the funds for a number of years. Here’s a brief list of common types of unclaimed funds:

•Dormant bank accounts
•Un-cashed checks
•Unclaimed wages
•Safe deposit boxes
•Insurance dividends, etc.
Holders of unclaimed funds, usually banks, insurance companies, corporations, etc. are required by law to attempt to contact the owner of the funds when it appears that the owner has abandoned the item.

If the owner fails to respond, the funds are deemed abandoned and the holder must include the funds in the annual unclaimed funds report to the Department of Commerce.


The state acts as a custodian for the funds while continuously attempting to find the owners of the unclaimed funds. The monetary items are held in the state’s general fund until claims are made.

The tangible property from safe deposit boxes is held at the Minnesota Department of Commerce.

If this property is left unclaimed, the items are then made available for auction every 10 years.

The Minnesota Department of Commerce Unclaimed Property Program uses missingmoney.com to list all owners’ names in a searchable format.

Click here to search for unclaimed money in Minnesota.

To start the claims process, enter your name and location in the search bar.  If you are searching for a business, place the business name in the “Last Name” field.

When using Missing Money to claim property, one of the following options may appear to initiate the claim:

• User Print:  This option allows you to print the claim form.
• Print & Mail:  This option allows the Unclaimed Property Program to print the claim form and mail it to the address you provide.

Here is the contact information for Minnesota:

Mailing Address  

Minnesota Department Commerce
85 7th Place East, Suite 500
St. Paul, MN 55101

Phone and Fax

Phone: 651-539-1500
Fax: 651-539-1547

Email Address

General Information: general.commerce@state.mn.us

If you do not hear from them after 90 days from filing a claim, call them at 651-539-1545.

Did you know you can make money finding unclaimed money for other people?

There is a little known business that lets you do that. Unclaimed money finders locate people that don’t know they money being held for them and help them to recover it.

In return, they charge a commission after the money is recovered.

Please click here if you would like to learn more about becoming a Minnesota unclaimed money finder.

Michigan is holding millions of dollars in unclaimed money!

Under the Uniform Unclaimed Property Act, Michigan insurance companies, banks, businesses, local units of government, and other entities are required to turn over abandoned or unclaimed property to the State of Michigan each year.

The Unclaimed Property Division then works to reunite properties like uncashed checks, bank accounts, stock certificates, insurance claim payments, and other assets, with their rightful owners.

In recent years, the number of paid claims has nearly doubled, to 36,800 in Fiscal Year 2005. As a result, $35 million was returned to individuals last year alone (see table).

	FY02	FY03	FY04	FY05
Claims Paid by UPD	21,100	30,800	35,600	36,800
Amounts Paid	$27.1 mil	$30.3 mil	$34.7 mil	$34.8 mil

Below you will find all of the frequently asked questions from the Michigan unclaimed money site:

Click here to search for Michigan unclaimed money

Who administers the law?

Answer:

The Michigan State Treasurer is the administrator of the Uniform Unclaimed Property Act and acts as custodian of the unclaimed money on behalf of the owner.

Why does Michigan have an Unclaimed Property Law?

Answer:

Michigan’s Uniform Unclaimed Property Act protects unclaimed property and returns it to its rightful owners or their heirs. The State Treasurer takes custody of the property so the owner may claim it, even if the original holder (like a financial institution) is no longer in business. The law also centralizes the search for lost property. Michigan citizens trying to locate forgotten bank accounts and other property need to look in only one place: the Unclaimed Property Division of the Michigan Department of Treasury.

Does the State simply go in and take the money?

No. Michigan Unclaimed money is turned over to the State Treasurer, after the following have occurred.

1.  There has been no owner-generated activity in the account for a specific amount of time (usually five years).

2.  Attempts to contact the owner have failed.  If these attempts are unsuccessful, the money is turned over to the State Treasurer where the owner or the owner’s heirs may claim it.

Does a customer have to go to the bank or other business every year to keep the account from becoming dormant?

Answer:

No. A customer may write or telephone the holder, in most cases, every five years to keep the account from being reported to the state as a dormant account. The holder must maintain records that show how it tracks communications from the customer.

Why do companies, banks and financial institutions have to turn over unclaimed funds to the State Treasurer?

Answer:

Holders are required to report and remit accounts or other property that belong to owners who cannot be located, or for whom there is no known address.

The Michigan Uniform Unclaimed Property Act protects accounts belonging to owners whose whereabouts is unknown. Companies, banks and other financial institutions identify accounts for which there has not been any owner-generated activity during the applicable dormancy period and the owner has not responded to mail or telephone inquiries.

If the owner does not respond or contact the holder within five years, and does not respond to the due diligence notice sent by the holder, the account must be turned over to the State Treasurer. The Unclaimed Property Division publishes an advertisement twice per year in newspapers directing those who suspect they may have unclaimed property to the Treasury Web site. The account is held by the state until the owner or the owner’s heir are located and the funds are claimed.

If an owner just lets his or her account “sit” and accumulate interest or dividends, is it considered active?

Answer:

No. If interest or dividends are automatically deposited into an account, it is not considered active because there is no customer contact or customer activity. However, if an owner endorses an interest check and deposits the check, this is considered owner-generated activity. There are many ways to keep an account active including customer contact by mail or telephone (when documented by the holder). In addition, a financial institution or company may cross-reference an inactive account with an active account having the same owner.

Must a claimant pay a fee to get his or her money back?

Answer:

No. This is a public service provided by the State of Michigan.

What should a person do if his or her name appears on a list of unclaimed property?

Answer:

Call or write the Unclaimed Property Division, Michigan Department of Treasury

Can a holder reimburse a customer or reactivate a customer’s account?

Answer:

A bank or any other company may reimburse a customer or reactivate an account even though the money has already been sent to the State Treasurer. If a holder chooses to reinstate an account, the holder may file a substantiated claim with the Unclaimed Property Division and be reimbursed for the funds.

Will the State return an owner’s money after it has been remitted?

Answer:

Yes. Unclaimed property always belongs to the rightful owner. The State Treasurer acts only as a custodian of the funds. No time limit is set for claiming these funds and the State Treasurer never charges an owner or heir for returning the funds.

Are holders obligated to report and remit unclaimed property to other states?

Answer:

Yes. The Supreme Court ruling in Texas vs. New Jersey dictates that unclaimed property must be reported and remitted to the state of the owner’s last known address. If the state does not have an applicable law regarding the property, the property must be sent to the holder’s state of incorporation.

What happens to money that is never claimed by the owner?

Answer:

Owners or heirs can always claim their property. There is no time limit for making a claim to the State Treasurer. While the State Treasurer often is successful in reuniting people with their money, many owners are never located. The money that is never claimed is transferred into the general fund for the benefit of all Michigan citizens.

Should an owner hire a Michigan unclaimed money finder?

Answer:

We encourage owners to contact the Michigan Unclaimed Money Division directly to search for funds before signing a contract with a  Michigan unclaimed money finder. The Unclaimed Property Division will refund only to the owner or their heirs, not the Michigan unclaimed money finder.

Regarding Michigan unclaimed money finders, what happens if I have unclaimed money being held for me but do not know about it?

Well, you will never get your money because there are millions of people owed money and our staff is only a handful of people.  We can only contact so many people in a day and we really do not have any incentive to contact you at all.  We get paid whether you get your money or not. So, if you do not know if money if being held in your name, you better hope a Michigan unclaimed money finder contacts you to let you know.

How do I contact the Michigan Unclaimed Money Division?

Answer: Mailing Address: Unclaimed Property Division Michigan Department of Treasury PO Box 30756 Lansing, MI 48909

Telephone:  (517) 636-5320 Fax:   (517) 322-5986

Did you know you can make money finding unclaimed money for other people?

There is a little known business that lets you do that. Unclaimed money finders locate people that don’t know they money being held for them and help them to recover it.

In return, they charge a commission after the money is recovered.

Please click here if you would like to learn more about this business

Massachusetts is currently holding over $3 billion in unclaimed funds!

Unclaimed funds includes forgotten savings and checking accounts, un-cashed checks, insurance policy proceeds, stocks, dividends, and the contents of unattended safe deposit boxes.

Most accounts are considered abandoned and are turned over to the state after three years of inactivity.

The Treasury has returned over 225M in property to its rightful owners in the past two years, making the Commonwealth the state to return the most money on a per-capita basis.

The Treasury releases an updated list of unclaimed property assets every six months as the new accounts are turned over to the Commonwealth. There is no time limit for a person to claim this property and, in many cases, claimants will receive interest.  


You can search unclaimed money in Massachusetts at www.findmassmoney.com or call their live call center at 888-344-MASS (6277).

The Treasury has several ways of letting people know they have money being held including:

• Publishing the names in newspapers across the State. In the case of life insurance companies the names are published in September of the same year following the report and for all other property the names are published in March of the year after the report.
• Sending a mail notice is sent to the owners last known address.
• Starting a new an outreach program. This program allows Unclaimed Property staff to visit different events and locations i.e. fairs, nursing homes, malls, etc. in an attempt to reunite owners with their unclaimed property.

There is no time limit for filing claims. The state holds unclaimed assets in perpetuity and in trust for the rightful owners.

It takes approximately 12 weeks to process a claim.

There are three levels of approval after the Division receives a claim form:

• Level One approval is first required to determine if the claimant has supplied proper documentation. If not, a letter will be sent to the claimant explaining what documentation is missing from the claimant’s original submission.
• Level Two approvals will occur after an examination of the returned documents determines that the claimant is the correct individual and eligible to make a claim.
• Level Three approvals are given after verification of all documents provided are in good order and that Level One and Level Two approvals have been properly granted. Once it has been determined that all necessary documents have been provided, and in good order, a claim is approved for payment.

Your social security number is used to verify your identity.  The following are considered proper evidence to verify your social security number:

• Drivers License
• Social Security Card
• Tax Records
• Pay Stub containing social security number

The following is considered proper evidence to verify a previous address:

• Old Utility Bill
• Document from previous city/town hall stating old address
• Old deed or mortgage payment
• Old check with proof of former address

You can contact the unclaimed money division during their normal business hours of Monday-Friday 8:45am to 5:00pm EST at 617-367-0400 or 1-800-647-2300 (toll free Massachusetts only)

or write them at:
Department of the State Treasurer
Commonwealth of Massachusetts
Unclaimed Property Division
One Ashburton Place, 12th Floor
Boston, MA 02108-1608

Email: UCPClaims@tre.state.ma.us

 

Did you know you can make money finding unclaimed money for other people?

There is a little known business that lets you do that. Unclaimed money finders locate people that don’t know they money being held for them and help them to recover it.

In return, they charge a commission after the money is recovered.

Please click here if you would like to learn more about this business.