There Is $6B In Unclaimed Property In MN. Here’s How To See If Some Is Yours

MINNESOTA — Thursday is Unclaimed Property Day, where Minnesota residents are encouraged to see if they are among millions of Americans who have billions of dollars in unclaimed property waiting to be collected.

One in seven people has some form of unclaimed property — such as inactive checking accounts, missed paychecks, and utility refunds — according to the National Association of State Treasurers. That property is held by the state, but owners have the right to reclaim their money, the organization said.

There was about $3 billion in unclaimed property claims made in the last year alone, with an average value of about $2,080.

“With billions of dollars in unclaimed property accumulating each year, it’s worth taking a few minutes to search for any money or other valuables that you have forgotten about or may not have even been aware of,” the association said on its website.

In Minnesota, recovering unclaimed property starts here. The state of Minnesota says it has returned over $729 million that was previously unclaimed.

You can also use MissingMoney.com, a free website endorsed by states and provinces to help people recover their property. Just enter your first and last name or business, then city and state, and hit search.

People can search for unclaimed property, file a claim using the site’s instructions, and after the claim is verified, receive their unclaimed property.

Types of Unclaimed Property

While many people know they might have an old checking or savings account, there are several other types of unclaimed property out there that might be less well-known.

This includes stocks, bonds, and brokerage accounts, life insurance proceeds, dividends and interest payments, uncashed checks, refunds, safe deposit boxes, annuity accounts, escrow distributions and even gift certificates.

This can happen when a company closes, merges or consolidates.

“As a result, accounts and other assets may get lost in the mix,” the association of treasurers said. “No matter the reason, property owners still have a right to the assets that belong to them.”

How Property Becomes Unpaid

When an asset sees no activity, the state determines how much time must pass before it transitions into unclaimed property status, a process that’s completed by the company or financial institution holding the property.

It starts with the property entering into a dormancy period, which for most states is 3-5 years. Once that period is reached, businesses will try to reconnect with the owners a final time. If unsuccessful, the property is turned over to the state, and the individual must enter the process of reclaiming the property with the state.

How To Prevent Your Property From Becoming “Unclaimed”

The treasurers association offered up several tips to ensure your assets don’t get turned over to the state as unclaimed property.

They include:

• Keep accounts active - maintain activity on all financial accounts, including checking, savings, and certificates of deposit.
• Update contact information - keep your contact information current with financial institutions, past employers, etc.
• Keep records - this includes any transactions dealing with money, checks and other assets. Keep electronic copies of financial transactions, such as tax filings, bank statements and investment account transactions.
• Share with someone you trust - keep a trusted contact informed of your account locations and types. This is especially important when the original owner dies.