Is your state government holding money for you?

  • Published
  • By Staff Sgt. Jake Richmond
  • 355th Fighter Wing Public Affairs
DAVIS-MONTHAN AIR FORCE BASE, Ariz. --  How many jobs have you had in your life? How many bank accounts have you opened? How many bills have you paid? Do you have stocks? Bonds? Insurance?

Among all the financial transactions, you're absolutely positive you've never just lost track of several hundred dollars...right?

In a country where, every year, 30 percent of the population changes their residence, lots of money - billions, in fact - just gets lost in the shuffle.

The causes for such a pile-up of unclaimed funds are numerous: insurance premium overpayments, employment underpayments, uncashed checks, utility deposits, dormant bank accounts, or assets left by deceased relatives.

In addition to frequent or recent movers, people who have changed their names - yes, even women who married and took their husband's last name - are even more likely to have unclaimed money sitting in the state coffers.

Basically, when an institution tries to pay someone money, sometimes they just can't find the intended recipient. By law, those institutions are required to send the money to the individual's state government. The money is then held, usually by the state treasurer, until the individual comes calling.

The National Association of Unclaimed Property Administrators, a nonprofit organization affiliated with the National Association of State Treasurers, is the primary interface between hopeful unclaimed property owners and their state treasuries. It also tracks U.S.-wide claims and returned funds.

No, the state governments don't have the resources to cross-reference all of their databases, find every individual who's owed at least a penny, and then present the check at the doorstep.

Some states set up displays at public events and work with other public officials in an effort to inform their residents on how to find their unclaimed property. Others issue press releases or actually publish a complete list of names of intended recipients in the local newspapers.

For the most part, though, the searching part is up to you. Fortunately, you've got help.

Through NAUPA's Web site (www.unclaimed.org), users can find a free online search engine for almost every state government's unclaimed property division. Simply click on "Find Property," then click on any state you've ever lived, and a link to that state's official unclaimed property Web site will appear.

Most states also participate in www.MissingMoney.org, another organization dedicated to helping people find their unclaimed property. Their search engine is also free of charge.

If you can't find an online search engine for your state, you should call your state treasury department directly.

Some private business firms, often called "finders" or "locators," advertise directly to people on the states' list of unclaimed property owners and promise to find money for their customers - for a fee. Most are legitimate; some are scams. In either case, don't bother with them. As NAUPA advises, all the information you need is available through the above Web sites or by calling your state's unclaimed property office.

Those who find their name on a state's list of unclaimed property will be asked to submit paperwork plenty of personal information, often their social security numbers, in order to verify their identities. Once the paperwork is processed, the state sends a check to the rightful owner, usually within a couple of months.

In 2006 alone, state governments processed more than 1.9 million claims successfully, totaling more than $1.7 billion - an average of nearly $900 each.