Michigan is holding millions of dollars in unclaimed money!
Under the Uniform Unclaimed Property Act, Michigan insurance companies, banks, businesses, local units of government, and other entities are required to turn over abandoned or unclaimed property to the State of Michigan each year.
The Unclaimed Property Division then works to reunite properties like uncashed checks, bank accounts, stock certificates, insurance claim payments, and other assets, with their rightful owners.
In recent years, the number of paid claims has nearly doubled, to 36,800 in Fiscal Year 2005. As a result, $35 million was returned to individuals last year alone (see table).
| FY02 | FY03 | FY04 | FY05 | |
| Claims Paid by UPD | 21,100 | 30,800 | 35,600 | 36,800 |
| Amounts Paid | $27.1 mil | $30.3 mil | $34.7 mil | $34.8 mil |
Below you will find all of the frequently asked questions from the Michigan unclaimed money site:
Click here to search for Michigan unclaimed money
Who administers the law?
Answer:
The Michigan State Treasurer is the administrator of the Uniform Unclaimed Property Act and acts as custodian of the unclaimed money on behalf of the owner.
Why does Michigan have an Unclaimed Property Law?
Answer:
Michigan’s Uniform Unclaimed Property Act protects unclaimed property and returns it to its rightful owners or their heirs. The State Treasurer takes custody of the property so the owner may claim it, even if the original holder (like a financial institution) is no longer in business. The law also centralizes the search for lost property. Michigan citizens trying to locate forgotten bank accounts and other property need to look in only one place: the Unclaimed Property Division of the Michigan Department of Treasury.
Does the State simply go in and take the money?
No. Michigan Unclaimed money is turned over to the State Treasurer, after the following have occurred.
1. There has been no owner-generated activity in the account for a specific amount of time (usually five years).
2. Attempts to contact the owner have failed. If these attempts are unsuccessful, the money is turned over to the State Treasurer where the owner or the owner’s heirs may claim it.
Does a customer have to go to the bank or other business every year to keep the account from becoming dormant?
Answer:
No. A customer may write or telephone the holder, in most cases, every five years to keep the account from being reported to the state as a dormant account. The holder must maintain records that show how it tracks communications from the customer.
Why do companies, banks and financial institutions have to turn over unclaimed funds to the State Treasurer?
Answer:
Holders are required to report and remit accounts or other property that belong to owners who cannot be located, or for whom there is no known address.
The Michigan Uniform Unclaimed Property Act protects accounts belonging to owners whose whereabouts is unknown. Companies, banks and other financial institutions identify accounts for which there has not been any owner-generated activity during the applicable dormancy period and the owner has not responded to mail or telephone inquiries.
If the owner does not respond or contact the holder within five years, and does not respond to the due diligence notice sent by the holder, the account must be turned over to the State Treasurer. The Unclaimed Property Division publishes an advertisement twice per year in newspapers directing those who suspect they may have unclaimed property to the Treasury Web site. The account is held by the state until the owner or the owner’s heir are located and the funds are claimed.
If an owner just lets his or her account “sit” and accumulate interest or dividends, is it considered active?
Answer:
No. If interest or dividends are automatically deposited into an account, it is not considered active because there is no customer contact or customer activity. However, if an owner endorses an interest check and deposits the check, this is considered owner-generated activity. There are many ways to keep an account active including customer contact by mail or telephone (when documented by the holder). In addition, a financial institution or company may cross-reference an inactive account with an active account having the same owner.
Must a claimant pay a fee to get his or her money back?
Answer:
No. This is a public service provided by the State of Michigan.
What should a person do if his or her name appears on a list of unclaimed property?
Answer:
Call or write the Unclaimed Property Division, Michigan Department of Treasury
Can a holder reimburse a customer or reactivate a customer’s account?
Answer:
A bank or any other company may reimburse a customer or reactivate an account even though the money has already been sent to the State Treasurer. If a holder chooses to reinstate an account, the holder may file a substantiated claim with the Unclaimed Property Division and be reimbursed for the funds.
Will the State return an owner’s money after it has been remitted?
Answer:
Yes. Unclaimed property always belongs to the rightful owner. The State Treasurer acts only as a custodian of the funds. No time limit is set for claiming these funds and the State Treasurer never charges an owner or heir for returning the funds.
Are holders obligated to report and remit unclaimed property to other states?
Answer:
Yes. The Supreme Court ruling in Texas vs. New Jersey dictates that unclaimed property must be reported and remitted to the state of the owner’s last known address. If the state does not have an applicable law regarding the property, the property must be sent to the holder’s state of incorporation.
What happens to money that is never claimed by the owner?
Answer:
Owners or heirs can always claim their property. There is no time limit for making a claim to the State Treasurer. While the State Treasurer often is successful in reuniting people with their money, many owners are never located. The money that is never claimed is transferred into the general fund for the benefit of all Michigan citizens.
Should an owner hire a Michigan unclaimed money finder?
Answer:
We encourage owners to contact the Michigan Unclaimed Money Division directly to search for funds before signing a contract with a Michigan unclaimed money finder. The Unclaimed Property Division will refund only to the owner or their heirs, not the Michigan unclaimed money finder.
Regarding Michigan unclaimed money finders, what happens if I have unclaimed money being held for me but do not know about it?
Well, you will never get your money because there are millions of people owed money and our staff is only a handful of people. We can only contact so many people in a day and we really do not have any incentive to contact you at all. We get paid whether you get your money or not. So, if you do not know if money if being held in your name, you better hope a Michigan unclaimed money finder contacts you to let you know.
How do I contact the Michigan Unclaimed Money Division?
Answer: Mailing Address: Unclaimed Property Division Michigan Department of Treasury PO Box 30756 Lansing, MI 48909
Telephone: (517) 636-5320 Fax: (517) 322-5986
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
I have unclaimed money but there is also a business on there not is no longer around anymore
Can I still get the money
200 shares of AT&T given to all those who surrendered to Bell Telephone’s break up. These shares were issued to an individual at the time of breakup. They are lost, but I have all the names… A generous percentage will be paid to the archive searchers who can confirm the existence and the value of these shares. reply normolson@gmail.com
My mom (Carol Ann Bouquenoy) passed away in November of 2020. We were going throw her papers and we found a receipt
from First of America Bank for an account that she started in September of 1995. She left me as the Beneficiary ,just looking to find out what happened to the account.
It was bought to my attention that I have some unclaimed funds and wanna know how I go about getting them
My niece father just recently died he left her as benificary and her mom as well she passed as well.How do my niece go about getting her mothers half even though she is deceased.
My sister was executor of my fathers will. I located missing money back in 2006. I contacted my sister and she filed a claim. According to her, she submitted the information several times and then said she gave up. I just remembered it and did a search. I cannot locate any information. I have the name of the investment company and would like to know if she received the unclaimed funds without informing me. Is that possible? Obviously this would then be a legal issue but I don’t see hiring an attorney to check the status of the claim. Thank you!
I don’t know if you are still trying to figure this out but if you are, I can tell you that once my claim was approved I tried to search for it and nothing came up. It was a similar situation, I was the executor or heir. It sounds like your father’s unclaimed funds were paid out if they are no longer searchable. Sorry for your loss.
find my unclaimed money
I need to find my exact old address from 30 years ago to claim funds. How can I find that?
Damn you can’t remember where you use to live
Try pulling up your credit report, or paying a nominal fee to run a background check (for yourself or anyone else). These will typically have all prior addresses on them, especially background reports and especially those that are a bit more expensive and therefore more extensive. The background report worked for me! Best of luck!
I submitted a claim, and now I am looking to see if it was processed and I cant pull anything up anything in the search field. Does it mean it has been processed?
Edward,
I would say it’s been processed or is in the process (of being processed). If you really want to know for sure you should give the department a call.
What if my daughters father owed child support and has recently passed away and has unclaimed money or property but he also has 7 other children.
Tammy,
I think you should call the state directly. They may put you in touch with a probate court. They would want to see who are the beneficiaries, who is the executor, etc..
I submitted 2 forms to the Michigan Treasury Unclaimed Property requested from me. This time they request the last activity date of the bank a Lassalle Bank account ie; Unclaimed Property that’s hard on a account from 2014, but this bank listed on the claim i.d. is defunct. I went to bank that acquired Lassalle Bank and was told their records do not go that far back. Sounds confusing because it is.
I contacted a UP lawyer and he wants a $2,000 retainer may take more may be less.
The thing that gets me is the U.Property Treasury “wants to get this money into the right hands” they know I am the rightful owner, why the impossible to answer question? I have submitted 2 death certificates SS # Drivers License Birth dates old address’ you name it. It’s not right.
Can a “rightful heir” [as described above] be a legal relative in the cases where money has went unclaimed for years? Specifically, Michigan is holding money for my Aunt who passed. Her spouse has passed and children informed (on numerous occasions). Years later, living niece want to make a claim to ensure it does not get incorporated into the state general fund. Suggestions?
Looking for money from a long deceased uncle
Cliffton Barnes
I completed a form with the required information in July to have my money returned to me. My sister and I were originally beneficiaries to our late mother’s account. My sister received her half but I didn’t. The form said it could take up to 3 months. I have heard nothing from them. I did send an email to which they replied that they don’t discuss details and to wait the 3 months. I think the state is dragging their feet. What can I do about this? Now 3 months and a half.
Dear sir/madam.
My relative who lived and died in Detroit (Hamtramck) in 1971
had an account in Chase Manhattan Bank, and according his words, he had big amount of money and he also had a bonds of sugar factory.
If you interested in this case please contact me by email.
Best regards,
Denis.
I found money under my name. However, the only way they’ll release it to me, is to remember a p.o.box that I once had. I cannot remember that number. The post office doesn’t either. Is their another way to prove who I am other than this?
Also, the money is labeled “non secutities”, what does that mean?
Tammy,
Non securities means it is tangible cash and not something like stocks or bonds. I would contact the state directly and let them know your situation with the proof of address and see if they can suggest something else that they could use as proof.
I’m a novice people searcher. Try dong a “people search” on yourself. On many of the sites, addresses are part of the free search. That might help you find the P.O. number you need.
Google people search and you’ll be able to choose from many. Also check several sights. Some give more free info than others. If you should order a report, be careful that you’re not being automatically added as a subscription. If you do be sure to cancel the subscription the next day. Good luck.
I was given a refund in 2015 for my escheated stocks by MI in 2012. I wonder if I owe any taxes on that? The remittance aid Tax Code Q2.
can a grandchild collect unclaimed money?
Good question!
Yes, as long as you can prove that you are a rightful heir.
Can the state intercept your unclaimed property money, if you owe the state?
I don’t really know, I’ve never been asked that. Usually one part of the government has no idea what another part is doing so I think if you have money being held and you owe the state money, your money would be safe. Just don’t quote me on that!
How can I find out if I have money left to me could you help me please I had a stroke and I could really use money to help me through my life maybe I have some inheritance That Somebody Loved Me
Oh you want me to buy something for you to help me I have no money so why can’t you help me out
I just stumbled upon this site and I am sorry to see that no one responded. It may be very time consuming and painful in some instances to complete searches online however most states have an unclaimed money link on their treasury page. For starters, you should be able to copy and paste the following link to complete a search under your name and find if Michigan is holding any money for you. Even try a few common misspellings just to make sure. Some companies are “not so good” at records management 🙂 There are other resources online however just like with everything else, you should always use caution i.e. check BBB ratings and search for consumer complaints. Hope this helps. If you need more assistance, I’d be happy to lend a hand.
http://www.michigan.gov/treasury/0,4679,7-121-44435—,00.html
Can you collect money in person from the treasury on the same day?
i dont beleive so, you have to get the paper form and fill it out and sign it in front of a notary and then mail it in with all of your proofs.