I was not able to determine the exact amount being held in New Jersey, but based on the population and comparing it to other states, I would have to think that it is at least $1 billion. Really, it is probably more than that.
Unclaimed property consists of many types of intangible and tangible properties that have remained unclaimed by its rightful owner for a specific period of time. The abandonment period for each type of property is defined by New Jersey’s Unclaimed Property Statute.
Unclaimed Property statutes were established to protect property owners from businesses, banks, and other financial institutions taking ownership of stale property in the owner’s name.
It is common that in the normal course of business that individuals or businesses lose track of either checks that were issued to them or bank holdings. State Unclaimed Property laws define abandonment periods for these different types of property. Once property reaches the defined abandonment period with no activity the Holder of this property will turn the property over to the State.
After property is escheated to the State the reported property owner never relinquishes ownership. If property is not claimed it remains in the Unclaimed Property Trust Fund in perpetuity or until a valid claim is submitted and processed.
The UPA has an Outreach section whose entire purpose is reuniting abandoned property with their owners through various outreach initiatives. These initiatives include mass mailings, media campaigns, and their presence at state fairs, community centers, and other public locations throughout the year. The UPA also advertises newly abandoned property in newspapers throughout the state twice a year and subscribes a searchable web application that accepts online claim submissions,
If you would like to search for New Jersey unclaimed money you will need to go to missingmoney.com
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