Unclaimed funds consists of money and other assets that are considered lost or abandoned after an owner cannot be located for a specific period of time.
Unclaimed funds include:
- bank accounts
- stocks and dividends
- safe deposit boxes
- insurance payments
- gift certificates
- credit memos
- account receivable
- credits and payables; plus many other assets.
Rhode Islands unclaimed funds law is designed to collect, safeguard and return lost or forgotten property to its rightful owners.
Called the dormancy period, most funds are turned over to the Treasury if they have been inactive for three years. However, wages and utility deposits become unclaimed after one year.
Institutions holding unclaimed funds must send a letter to the last known address of the owner within 120 days of reporting the money to the Treasurer’s Office. Each spring, the State publishes the list of unclaimed property in Rhode Island newspapers.
Only the current years information is on the list. The Treasurer’s Office also visits various Community and Senior Centers in an attempt to unite owners with their unclaimed funds.
Rhode Island uses missingmoney.com for their searches. You would have to enter your name in their search tool and then follow the instructions there.
If you have any questions, you can contact the Unclaimed Property Division of the Treasurer’s Office by e-mail at firstname.lastname@example.org or by phone at (401) 462-7676.
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.