Alabama Unclaimed Funds

There is currently over $1.3 billion being held in Alabama unclaimed funds!        

There are over 4 million records waiting to be claimed!

Every year, unclaimed or abandoned funds are turned over to the Alabama Unclaimed Property Divison. The Alabama Treasury serves as custodian of these assets and makes every effort to return them to the rightful owner or their heirs.

Unclaimed funds consist of items such as

• bank accounts
• uncashed checks
• utility deposits
• stocks and bonds
• certificates of deposits
• workers compensation benefits

and many other items  that have been turned over to the states unclaimed property division.

Funds can go unclaimed for a variety of reasons including

• never claiming a final paycheck
• moving before getting your utility deposit back
• not having an over payment on an item returned
• or not knowing about an insurance payment.

The list of reasons is almost limitless.

Financial institutions and businesses are required by law to report funds to the state after a period of inactivity and loss of contact with the funds owner.

The organization holding the potential unclaimed funds make every effort to contact the owner and conform activity through an online login, written correspondence, a withdrawal or deposit, or an update to personal information. If these attempts do not produce activity, the asset is reported to the state of the owner’s last known address.

Unclaimed funds law began in the United States as a consumer protection program and they have evolved to protect not only the owners, but their heirs and estates as well. Once assets are in the custody of the state and its unclaimed property program, an aggressive outreach effort begins through mailings, social media, advertisements, and local media coverage. The state will maintain custody of the property in perpetuity until the rightful owner or heirs come forward to claim.

The State of Alabama has operated an unclaimed money program since 1971. However, it only been a part of the Treasurer’s Office since 1996. The unclaimed money department’s role is to:

(1) act as a consumer protection agency for individuals and businesses with unclaimed money

(2) indemnify businesses and allow them the opportunity to avoid the liability and expense of maintaining this money on their books

(3) promote awareness of the unclaimed money program and

(4) receive, evaluate & pay unclaimed money claims accurately and efficiently.

Since taking over the unclaimed money program in 1996, the Alabama Treasury’s office has returned over one million claims.

Over $201 million has been returned by the State of Alabama to its rightful owners or their heirs in the past five years. The average claim amount was $1,465.33.

The easiest way is to search for money is to use the online database at The State of Alabama . It will provide you with the most up-to-date properties available for claim as soon as reports are received and reconciled.

A social security number is the standard means of identifying the correct owner of the unclaimed funds.  The unclaimed property staff is very aware of concerns about the safeguarding of personal information. However, in order for them to make sure that the payment is made only to rightful owners, they must have this documentation to verify identity. Please know that all information received in their office is treated as highly confidential.

If you do find money owed to you, you can print a claim form and send it to:
Office of State Treasurer, Unclaimed Property Division, P.O. Box 302520, Montgomery, AL 36130-2520

You can also bring your claim information to the unclaimed funds office in person.  The business hours are Monday to Friday 7:30 a.m. to 5:00 p.m. The office is located in Suite 636 of the RSA Union building located at 100 North Union Street in Montgomery, AL 36104.

The unclaimed funds division makes every effort to process each claim received as quickly as possible. On average, the process usually takes 6 to 8 weeks.

If you have been named by a probate court as the executor or administrator over that person’s estate, you are authorized to file a claim on behalf of the estate. If the deceased owner had no will or estate, the surviving spouse or children of the owner may be able to file a claim. You can contact the office at 888-844-8400 for additional information.

The Alabama Unclaimed Funds division sends out post cards making you aware that you have unclaimed funds being held for you.

They look like this:

 

The “Quick Claim” card would have been mailed to you from the Alabama Unclaimed Property division of the Office of State Treasurer because they have received lost funds that may be owed to you. They are required by law to notify possible claimants of funds being held that have been turned over to this office.

If you are the owner listed on the front of the card:

If you are the owner listed on the front of the card, sign the card on the “Signature of Claimant” line, print your name and provide a daytime phone number. Return the signed card along with the following information to the address indicated on the card:

• A copy of your government-issued photo identification (driver’s license, military ID or passport)
• A copy of something that proves your Social Security number (social security card, tax return, paystub, etc)

If you are NOT the owner listed on the front of the card:

If you are NOT the owner listed on the front of the card, but you are the executor, personal representative, legal heir or power of attorney for the owner listed, you CAN NOT use this mail card as your claim form. You will need to file a claim using an official claim form.

If the owner listed on the front of the card is a business and you are the owner of the business:

If the owner listed on the front of the card is a business and you are the owner of the business, sign the card on the “Signature of Claimant” line, print your name, and provide a daytime phone number. Return the signed card along with the following information to the address indicated on the card:

• A copy of your government-issued photo identification (driver’s license, military ID, passport)
• A copy of a tax form or other document proving the company’s Federal Employer Identification Number (Tax ID number)
• A copy of a corporate document (letters of incorporation, LLC papers, business license, etc.) indicating that you are authorized to sign on behalf of the company

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.