There are over 3 million accounts.
Each year, millions of dollars in assets are turned over to the Office of the Indiana Attorney General as unclaimed property. It’s their job to help return these assets to their rightful owners.
Any financial asset with no activity by its owner for an extended period of time is considered unclaimed property.
This includes unclaimed wages or commissions; savings and checking accounts; stock dividends; insurance proceeds; underlying shares; customer deposits or overpayments; certificates of deposit; credit balances; refunds; money orders; and safe deposit box contents.
Unclaimed property consists of certain financial assets-as defined by Indiana state statute IC 32-34-that have been abandoned by their owners for an extended period of time. Examples of unclaimed property include:
- Dormant bank accounts
- Lost or forgotten uncashed checks
- Stocks or bonds, dividends and bond interest
- Insurance proceeds
- Utility refunds
- Safe deposit box contents
Individuals or businesses may lose track of assets if:
- A change of residence or business relocation occurs, and an updated address is not provided, or an account or deposit is simply left behind.
- A check is received and accidentally discarded, lost or forgotten.
- A rightful owner dies and relatives are unaware of a bank account, safe deposit box or stock owned by the deceased.
- Notification of a divorce or marriage is not provided.
- A clerical error at a company alters a former employee’s name or address, resulting in returned mail.
In accordance with Indiana law, property is considered “unclaimed” when the holder of the asset, after a legally specified period, is unable to find or contact the owner.
The law requires business entities and others to review their records each year to determine whether they are in possession of any abandoned funds, securities, or other property that is reportable, and to prepare an annual report of abandoned property.
Before it is turned over to the Office of the Indiana Attorney General, unclaimed property is in the possession of holders who are responsible for reporting on behalf of their branches, divisions, and other affiliated entities.
A holder is a bank, insurance company or other business or organization in possession of property that has remained unclaimed for a given length of time. The holder most turn over the property to the Indiana attorney general’s Unclaimed Property Division after attempts at contacting the rightful owner have been unsuccessful.
Common holders include:
- Financial institutions, including any bank, trust company, savings bank, safe-deposit company, private banker, savings and loan association, credit union and cooperative bank. Both state and federally chartered institutions are required to report holdings.
- All business associations of two or more individuals, both for-profit and not-for-profit, including corporations, joint stock companies, business trusts, partnerships, cooperatives and other associations.
- Utilities owned or operated for public use.
- Other legal entities, both for-profit and not-for-profit, including governments, political subdivisions, public authorities, public corporations, estates, trusts, or any other legal or commercial entities.
The Office of the Indiana Attorney General publishes the names of all unclaimed property owners (as reported by the holder) in newspapers across the state, broken up by county. According to state law, properties turned over in a given calendar year must appear in the newspaper by Nov. 30 of the following year.
Go to the Indiana unclaimed money website to begin your search for unclaimed property.
Did you know there is a little known business regarding unclaimed money?
Unclaimed money finders help locate individuals and businesses that have money being held for them and help return that money to them. In exchange for helping recover the money, finders get paid commission, which is a percentage of the amount that was returned.
Please click here if you would like to learn more about becoming an unclaimed money finder.