What types of funds are commonly unclaimed?

Unclaimed funds come from many sources that touch our everyday financial lives. Here are some of the most common types (we’ll explore these in more detail in the “What are the different types of unclaimed funds I should search for?” section below):

• Bank accounts and CDs: Forgotten checking, savings, or certificate of deposit accounts

• Uncashed checks: Paychecks, refunds, dividends, or vendor payments never deposited

• Insurance proceeds: Policy benefits, premium refunds, or settlements

• Utility deposits: Security deposits from electric, gas, water, or telephone companies

• Tax refunds: Undelivered or uncashed tax refund checks

• Investment assets: Stocks, bonds, mutual funds, and dividends

• Retirement accounts: 401(k)s, pensions, or IRAs from previous employers

These funds don’t just disappear—they’re carefully documented and held in state treasuries indefinitely in most states. That means even if you discover unclaimed money from decades ago, you can still claim it. Some states like California and Florida have been holding unclaimed funds dating back to the 1960s and 1970s.

But how do these funds become “unclaimed” in the first place?

Life changes are usually the culprit. People move and forget to update their address, companies lose contact with customers, or someone passes away without their heirs knowing about all their assets. Whatever the reason, the result is the same—money sits in limbo waiting for its rightful owner.

Now that you understand what unclaimed funds are, let’s look at where and how you can search for money that might be yours.

Where and how can I search for unclaimed money?

Searching for unclaimed money requires checking multiple sources, as there’s no single database that covers everything. The good news is that most searches are free and can be done online in just a few minutes. Here’s a comprehensive guide to finding your lost funds:

State Unclaimed Property Offices

Your first and most important stop should be your state’s unclaimed property database. Each state maintains its own program, typically run through the state treasurer’s office. According to the National Association of Unclaimed Property Administrators (NAUPA), state treasuries currently hold nearly $50 billion in unclaimed property.

• Search your current state: Start with where you live now

• Search previous states: Check any state where you’ve previously lived or worked

• Search for businesses: If you own or owned a business, search under business names too

To search your state’s database, use our state selector tool at the end of this article, or visit Unclaimed.org, the official website of NAUPA, which provides links to each state’s program.

Federal Government Sources

Beyond state programs, several federal agencies maintain unclaimed money programs. These include:

• IRS tax refunds: Check for undelivered tax refunds at IRS.gov/refunds

• HUD refunds: Search for FHA mortgage insurance refunds at HUD’s refund portal

• Treasury Direct: Look for savings bonds that have matured but weren’t redeemed at TreasuryDirect.gov

• FDIC: Find unclaimed funds from failed banks at FDIC’s unclaimed funds search

• PBGC: Search for unclaimed pension benefits from companies that terminated their plans at PBGC.gov

• VA benefits: Check for unclaimed life insurance benefits for veterans at VA.gov

• USA.gov Unclaimed Money: Central resource for unclaimed money from the federal government

Other Important Sources

Don’t overlook non-government sources. Several other organizations hold significant unclaimed funds:

• Missing Money: MissingMoney.com is a NAUPA-approved site that lets you search multiple states at once

• National Credit Union Administration: Check for funds from liquidated credit unions at NCUA.gov

• Life insurance policies: Use the NAIC Policy Locator to search for lost policies

• 401(k) plans: Find old retirement plans at UnclaimedRetirementBenefits.com

• SEC: Check for funds from SEC enforcement actions at SEC.gov

Finding your name in one of these databases is just the first step. Next, you’ll need to verify if the funds are actually yours, which isn’t always straightforward. Let’s look at how to confirm a match and understand what you’ve found.

How do I verify if unclaimed funds belong to me?

Finding your name in an unclaimed property database is exciting, but before you start planning how to spend your newfound money, you need to verify that the funds truly belong to you. With millions of Americans sharing the same or similar names, it’s important to confirm the listing matches your specific details.

What Details To Look For

When you find a potential match, most databases will show limited information to help you verify the listing. Check these details carefully:

• Name variations: Look for matches under your current name, maiden name, or misspellings

• Address: Many listings include a partial address (like a zip code or city) to help confirm identity

• Holder information: The company or organization that reported the funds

• Property type: What kind of asset it is (bank account, insurance policy, etc.)

• Date reported: When the funds were turned over to the state

Most state databases won’t show the exact amount of money available until you file a claim. Instead, they typically indicate a range (such as “under $100” or “over $100”). This is done both for security reasons and because some types of assets (like stocks) may fluctuate in value.

Search Strategies That Work

To maximize your chances of finding all your unclaimed money, use these proven search strategies:

• Search all name variations: Try maiden names, married names, middle names, and initials

• Use wildcards: Many databases allow asterisks (*) to substitute for unknown characters

• Search businesses: If you owned a business, search under the business name

• Try common misspellings: Transposed letters or alternate spellings may have been recorded

• Check for deceased relatives: As an heir, you may be entitled to claim their property

Don’t be discouraged if your first search comes up empty. Unclaimed money can be reported under variations of your name that you might not think to check. For example, if your name is “Robert Johnson,” also search for “Rob Johnson,” “Bob Johnson,” “R. Johnson,” and even “Johnson Robert.”

Setting Realistic Expectations

While everyone hopes to discover a forgotten fortune, it’s important to set realistic expectations about what you might find. According to NAUPA:

• Average claim amount: About $700 nationwide

• Most common claim types: Dormant bank accounts, uncashed paychecks, and utility deposits

• Smaller claims: Many unclaimed property listings are for less than $100

• Larger claims: While less common, significant claims of thousands or even tens of thousands of dollars do occur

Once you’ve verified that unclaimed funds likely belong to you, the next step is filing a claim to recover your money. This process varies by state and by the type of property involved. Let’s explore how to successfully navigate the claims process.

What’s the process for claiming my unclaimed money?

After identifying funds that belong to you, you’ll need to file a claim with the agency holding your money. While the exact process varies by state, most follow a similar pattern. Here’s what to expect from start to finish:

Step-By-Step Claim Process

The claiming process typically follows these key steps:

1. Initiate your claim: Submit a claim form through the state’s unclaimed property website or by mail

2. Provide identification: Submit documents proving your identity

3. Establish ownership: Provide evidence connecting you to the unclaimed property

4. Verification period: Wait while the state reviews your claim (typically 30-90 days)

5. Receive payment: If approved, receive a check or direct deposit

Most states now offer online claim systems that make the process faster and easier than in the past. Using these systems, you can often upload required documents directly rather than mailing physical copies.

Documentation You’ll Need

Be prepared to provide several types of documentation to verify your identity and claim. While requirements vary, these are commonly requested:

• Government-issued ID: A valid driver’s license, passport, or state ID

• Proof of Social Security Number: Social Security card or official document showing your SSN

• Proof of address: Utility bill, tax document, or other official mail showing your current address

• Connection evidence: Documents linking you to the reported address or property (old bills, statements, etc.)

• Legal documentation: If claiming on behalf of an estate or business, you’ll need additional legal papers

For small claims (typically under $100), some states have simplified processes requiring less documentation. For larger amounts, expect more stringent verification requirements.

Common Reasons Claims Get Denied

Claims may be rejected for various reasons. Understanding these common pitfalls can help you avoid them:

• Insufficient identification: Not providing adequate proof of identity

• Address mismatch: Current address doesn’t match the one on the unclaimed property record

• Incomplete forms: Missing information or signatures on claim forms

• Name variations: Significant differences between your legal name and the name on the record

• Missing documentation: Failing to provide all required supporting documents

If your claim is denied, don’t give up! Most states allow you to appeal the decision or resubmit with additional documentation. Contact the unclaimed property office directly for guidance on how to proceed.

Timeframes and Expectations

Patience is key when claiming unclaimed funds. Here’s what to expect:

• Processing time: Most states take 30-90 days to process claims

• Complex claims: Cases involving estates, businesses, or large sums may take 6+ months

• Securities: If your unclaimed property includes stocks or bonds, additional time may be needed for liquidation

• State backlogs: Processing times can increase during busy periods

While waiting for your claim to process, watch for communications from the unclaimed property office. They may request additional information, which could delay your claim if not promptly provided.

The process for claiming your money is generally straightforward, but be aware that scammers often try to exploit people searching for unclaimed funds. Next, we’ll look at how to protect yourself from these scams.

How can I avoid unclaimed money scams?

Wherever legitimate money exists, scammers will follow. Unfortunately, the unclaimed property world attracts plenty of fraudsters trying to separate you from your money. The good news is that spotting these scams is relatively easy once you know what to look for.

Red Flags That Signal A Scam

Watch out for these warning signs that indicate you’re dealing with a scammer rather than a legitimate unclaimed property source:

• Upfront fees: Legitimate unclaimed property offices never charge upfront fees to search for or claim your money. If someone asks for payment before you can access “your” funds, it’s a scam.

• Unsolicited contacts: Be suspicious of emails, calls, or letters claiming you have unclaimed money if you didn’t initiate a search.

• Pressure tactics: Scammers often create false urgency, claiming you’ll lose your funds if you don’t act immediately.

• Requests for sensitive information: Be wary of requests for your Social Security number, bank account details, or credit card information through unsecure channels.

• Official-looking but fake websites: Scammers create convincing copycat websites of state treasuries. Always check the URL (legitimate state sites typically end in .gov).

Legitimate Finder Services vs. Scams

Some legitimate businesses called “heir finders” or “asset locators” do exist. These companies search for rightful owners of unclaimed property and offer to help recover the funds for a percentage. Here’s how to tell the difference between legitimate services and scams:

• Legitimate services: Will provide specific information about the unclaimed property, are often licensed and bonded, charge fees only after successful recovery (typically 10-30%), and don’t pressure you to decide quickly

• Scam operations: Provide vague details about the property, demand upfront payments, charge excessive fees (sometimes 50% or more), and create artificial urgency to push quick decisions

Remember that even with legitimate finder services, you can always choose to claim the money yourself for free through the appropriate government agency.

How Official Agencies Really Communicate

Understanding how legitimate unclaimed property offices communicate can help you spot imposters:

• Proactive outreach: Some states do send letters for larger amounts, but these will direct you to their official website (ending in .gov) and never ask for payment

• Clear identification: Official communications clearly identify the government agency and provide verifiable contact information

• No sensitive information requests: Legitimate notices won’t ask for full Social Security numbers, bank accounts, or other sensitive details in initial communications

• No promises of large sums: Official notices typically don’t specify exact amounts in initial contact

If you’re ever unsure about a communication regarding unclaimed property, contact your state treasury or unclaimed property office directly using contact information from their official website.

What To Do If You’ve Been Scammed

If you believe you’ve fallen victim to an unclaimed money scam:

1. Report the scam to your local police department

2. File a complaint with the FBI’s Internet Crime Complaint Center at IC3.gov

3. Report it to the Federal Trade Commission at ReportFraud.ftc.gov

4. Contact your state’s consumer protection office

5. If you shared financial information, contact your bank or credit card company immediately

Now that you know how to protect yourself from scams, let’s explore the different types of unclaimed funds in more detail and how to find each specific type.

What are the different types of unclaimed funds I should search for?

Different types of unclaimed funds can be found through various specialized sources. Understanding these categories will help you conduct a more thorough search. Here are the major types of unclaimed money and where you might find them:

Financial Accounts

Dormant financial accounts make up a large portion of unclaimed property. These include:

• Bank accounts: Checking, savings, and CDs that have been inactive for 3-5 years

• Credit union shares: Forgotten accounts at credit unions

• Brokerage accounts: Investment accounts with no activity

Bank accounts typically become “dormant” after 12 months of inactivity. After another 2-5 years (depending on state law), they’re classified as “abandoned” and transferred to the state. Even closed accounts may have residual funds that were never returned to you.

Insurance-Related Funds

Insurance policies often result in unclaimed funds through various scenarios:

• Life insurance benefits: Policies where beneficiaries were never notified or couldn’t be located

• Premium refunds: Overpayments or refunds from canceled policies

• Annuity payments: Unclaimed payments from annuity contracts

Life insurance proceeds are particularly common sources of unclaimed funds. Many people don’t know they’re named as beneficiaries on policies purchased by parents, grandparents, or other relatives.

Retirement and Investment Accounts

These accounts can be substantial and are worth searching for:

• 401(k) and pension plans: Accounts from former employers that were never rolled over or claimed

• IRAs: Individual retirement accounts that became inactive

• Stock and bond holdings: Shares, dividends, and interest payments

Many workers change jobs frequently and sometimes forget about smaller 401(k) accounts or pensions. These accounts can grow significantly over time, making them particularly valuable to recover.

Tax-Related Unclaimed Funds

The IRS and state tax agencies hold billions in unclaimed tax refunds:

• Undelivered refund checks: Tax refunds that couldn’t be delivered, often due to address changes

• Unfiled returns: Refunds waiting for those who didn’t file returns in previous years

The IRS estimates that millions of Americans have unclaimed tax refunds. There’s a three-year window to claim these refunds, after which the money becomes the property of the U.S. Treasury.

Government Payments and Benefits

Various government agencies hold unclaimed funds:

• Social Security benefits: Uncashed benefit checks

• Veterans benefits: Unclaimed VA life insurance policies or benefit payments

• HUD refunds: FHA mortgage insurance refunds

Government benefits often go unclaimed when recipients move or pass away, and family members don’t know about the benefits.

Miscellaneous Sources

Don’t overlook these additional sources of unclaimed funds:

• Utility deposits: Security deposits from electric, gas, water, or telephone services

• Uncashed paychecks: Final paychecks from former employers

• Class action settlements: Settlement funds from lawsuits you may have been eligible for

• Mortgage escrow funds: Overpayments or remaining escrow balances

Now that you’re familiar with the various types of unclaimed funds, let’s look at how to handle special situations that might apply to your search.

What other tools and resources can help with my unclaimed money search?

To make your unclaimed money search more effective, there are several tools and resources available to help you find, track, and claim your funds. Here’s how to make the most of them:

Search Organization and Assistance

Keeping track of your searches and claims can become complicated. These helpful resources can streamline the process:

• Tracking tools: Use spreadsheets from Google Sheets or Microsoft Excel to document your searches, claims, and follow-ups

• Calendar reminders: Set annual reminders to check for new unclaimed funds

• Document storage: Use secure cloud storage like Google Drive to keep copies of claim forms and supporting documentation

• Account aggregators: Services like Mint help you keep track of all your active financial accounts in one place

Help With Complex Claims

If you encounter challenges with your claim, especially for complicated situations like estates or international funds, these resources can help:

• State unclaimed property offices: Most have dedicated staff to assist with complex claims – contact them directly using information from the official state website

• Legal aid societies: Many offer free help with unclaimed property claims for low-income individuals

• Senior centers: Often provide assistance to older adults with unclaimed property searches and claims

• Consumer protection agencies: Your state’s agency can help if you encounter problems with the claims process

Don’t hesitate to seek help with difficult claims. Professional assistance can often speed up the process and increase your chances of success, especially for larger amounts or more complex situations.

Make It A Family Project

Consider turning your unclaimed property search into a family activity. Help your parents, siblings, children, and extended family members check for their own unclaimed funds. Many people find it easier to search for others than themselves, and the process can sometimes reveal interesting family history.

When helping others search, remember to:

• Search under all name variations, including maiden names and nicknames

• Check for deceased relatives whose assets might be claimable by heirs

• Look in states where family members previously lived or worked

• Search for family businesses, even those that no longer exist

Now that you know how to find and claim your unclaimed money, let’s look at how to prevent your assets from becoming lost in the first place.

How can I prevent my money from becoming unclaimed in the future?

While finding unclaimed money is exciting, it’s even better to prevent your assets from becoming lost in the first place. With a few simple organizational strategies, you can ensure your money stays where you can access it and your heirs know about all your assets.

Keep Your Contact Information Current

The single most common reason funds become unclaimed is outdated contact information. Make it a habit to:

• Update your address: Notify all financial institutions, insurance companies, and investment firms when you move

• Maintain a current email: Use a permanent email address for financial accounts, not one tied to your employer or internet provider

• Update your phone number: Ensure your current mobile number is on file with all financial institutions

• Check in regularly: Log into all accounts at least once a year, even if just to verify your information

Consider setting up a dedicated email address just for financial accounts. This creates a centralized location for important notices and reduces the chance of missing communications.

Create A Complete Financial Inventory

Maintaining a comprehensive list of all your accounts and assets serves two purposes: it helps you stay organized and ensures your family knows what you have if something happens to you.

• List all accounts: Include banks, credit unions, investment accounts, retirement plans, insurance policies, and digital assets

• Record account numbers: Include partial account numbers (for security) and customer service contact information

• Note beneficiaries: Keep track of who is designated as beneficiary on each account

• Store securely: Keep this information in a secure location and tell trusted family members how to access it

Update this inventory annually, removing closed accounts and adding new ones. Many people do this as part of their tax preparation process to ensure it stays current.

Simplify Your Financial Life

The more accounts you have, the higher the likelihood that some will be forgotten. Consider streamlining:

• Consolidate accounts: Combine multiple savings or checking accounts at the same institution

• Roll over old 401(k)s: Transfer retirement accounts from former employers into an IRA or your current employer’s plan

• Close unused accounts: Shut down accounts you no longer use and transfer the balances

• Automate activity: Set up small automatic deposits or withdrawals to keep accounts active

Having fewer accounts makes them easier to manage and reduces the chances of forgetting about one. It also simplifies matters for your heirs.

Set Up Direct Deposit and Electronic Statements

Physical checks and paper statements can easily be misplaced, especially during moves:

• Use direct deposit: Have paychecks, tax refunds, and other payments deposited directly into your account

• Opt for e-statements: Electronic statements don’t get lost in the mail and can be accessed anytime

• Enable account alerts: Set up notifications for deposits, withdrawals, and low balances

• Download statements: Save electronic copies of important documents on your computer

These digital approaches ensure your money goes directly into your accounts and that you have permanent records of your transactions that won’t get lost during moves.

Make Your Wishes Known

One of the most effective ways to prevent unclaimed assets after your death is to clearly communicate with your family:

• Discuss your finances: Have open conversations about what accounts and policies you have

• Update beneficiaries: Review and update beneficiary designations regularly, especially after major life events

• Create or update your will: Ensure all assets are accounted for in your estate planning documents

• Name a financial power of attorney: Designate someone to manage your finances if you become incapacitated

These conversations, while sometimes difficult, can prevent significant assets from becoming unclaimed after you’re gone. Now let’s wrap up with some final thoughts about unclaimed money.

How much money are states returning each year?

Here are just a few recent press releases that demonstrate the potential of unclaimed property searches:

• “The Illinois State Treasurer’s Office returned nearly $299 million in missing money during 2024” [source]

• “In Fiscal Year 2024, we returned $82 million to Connecticut residents, and we want to return even more this year” [source]

• “The Texas Comptroller’s office approved and paid out a record $422.4 million in unclaimed property during the past fiscal year [2024], Comptroller Glenn Hegar announced today” [source]

• “Oregon State Treasurer Elizabeth Steiner announced today Treasury will be proactively returning approximately $11 million in unclaimed property this month to individuals as part of the agency’s 2025 ‘Checks Without Claims’ initiative” [source]

While these larger numbers make for great press releases, remember the average claim for an individual is $700, and often it’s a fair bit less.

Closing Thoughts: Your Unclaimed Money Journey

Searching for unclaimed money isn’t just about scoring a surprise payday—it’s about reconnecting with money that’s already yours. Whether it’s $25 or $2,500, people across the country are finding funds they forgot about or never knew they had.

Think of it as a free checkup on your financial past. You could uncover a lost paycheck, a deposit from an old apartment, or even benefits from a forgotten retirement account. And once you know how the system works, you can help friends and family search too.

Quick Takeaways

• It’s free to search and claim: You don’t need to pay anyone to find your money.

• Check every state you’ve lived in: Money might be waiting in more than one place.

• Search for loved ones too: Elderly relatives and deceased family members are often overlooked.

• Be patient: The claim process can take a few weeks—or a few months.

• Keep checking: New money is added to state databases all the time.

Bottom line: unclaimed money is real, and claiming it is often easier than people think. You’ve got nothing to lose—and maybe hundreds of dollars to gain. Take five minutes and give it a try.