The Disposition of Unclaimed Property Act, adopted by Georgia’s legislature in 1973, protects the rights of owners of unclaimed accounts and relieves banks and companies of the continuing responsibility to maintain such accounts.
Under the Act, when a bank or company holds property belonging to someone else, but has lost contact with that person for a certain period of time, the bank or company must send the property to the state.
The state serves as custodian to the property and they say they make several attempts to reunite the owners with their property, but with so many people owed money, it’s difficult to contact them all. That’s why they do things like print names up in the newspaper once or twice a year or set up booths at county fairs for people to see if their names are on the list.
Anyone holding abandoned property must remit it to the State when they have held the property for longer than the holding period.
Companies must report abandoned property to the State of the last known address of the owner. When the owner address information is unknown, incomplete or foreign, the holder company reports unclaimed property to their state of incorporation.
The holding period is the time that must elapse before the property is considered
abandoned and reportable to the State. The duration depends on the type of property held:
Wages 1 year from payday Company Liquidation Proceeds 1 year from sell date Safe Deposit Boxes 2 years from drilling date Money Orders 7 years from issue date Travelers Checks 15 years from issue date All Other Property 5 years from last contact
Go to the Georgia unclaimed money website if you would like to search in Georgia.
Did you know there is a little known business opportunity where you can make money searching for unclaimed funds? Unclaimed money finders help find and return unclaimed money to people that don’t know they have it being held for them. In return they charge a fee, usually a percentage of the amount of money that they have helped return.
Please click here if you would like to learn more about becoming an unclaimed money finder.