What is Unclaimed Property?
Unclaimed property is any financial asset
that has been left with a “holder,” such as a bank, insurance company or other business
or organization, without activity or contact for a period of about five years.
The most common types of unclaimed
property are savings or checking accounts,
stocks, dividends, checks that have not
been cashed, certificates of deposit,
unclaimed insurance benefits, expired gift
certificates, and items abandoned in safe
deposit boxes and held in police department
stolen-property files. By law, at the
end of the five-year period, holders must transfer abandoned property to the Treasury Department.
You may have unclaimed
property if:
• You were named as a beneficiary on a life insurance policy.
• You opened a savings account and forgot
about it or your account went inactive because you did not make deposits or withdrawals for a period of time.
• You moved, forgot to change your address at the post office, and had money coming to you.
• You left your job to start a new one, and never received your final paycheck.
• You forgot to redeem a gift certificate and it expired.
What does the Treasury Department do with unclaimed property?
The Treasury Department maintains custody of unclaimed property until it is claimed by the rightful owner. There is no time limit to claim your property. After you prove ownership, your property will be returned to you without charge.
How can I prevent my property from becoming unclaimed?
• Keep accurate records of bank accounts,
stocks, safe deposit boxes, life insurance
policies and other financial matters.
• Correspond with all financial institutions
holding savings, checking, IRA, certificate of deposit and all other
accounts at least once every three years.
• Cash all checks for dividends, insurance
benefits and wages. If you stop receiving
dividends, contact the company that
issues the dividends.
• Notify a family member or trusted adviser
of the location of your financial records.
• Prepare a checklist of all financial assets
in order to notify all concerned parties if
you change your address.
To see if the Treasury Department is
holding money or property for you:
Click here to search for unclaimed property on Treasury's website or call 1-800-222-2046.
Research requests can be mailed to:
P.O. Box 1837
Harrisburg, PA 17105-1837
Searching the unclaimed
property database is easy:
• Click here for Treasury's online unclaimed property database.
• Type your last name in the “Last Name” box and press the tab key.
• Type your first name in the “First Name” box.
• Click the “Search” button.
You can also use the Unclaimed Property
database to check your claim status!
If someone offers you to help you locate unclaimed money for a fee: Call the Treasury Department at 1-800-222-2046 before you do anything! Signing an agreement to have someone assist you in recovering unclaimed money may entail the payment of fees. Before signing any agreement, check with our office first. Our staff will assist you in recovering your property free of charge. |
