Your Money Tips eBook - The Money Finders Guide - What is unclaimed money?..

Every year billions of dollars in unclaimed money and property is turned over to the State by companies who cannot locate the owners. Unclaimed money and property in the form of bank saving accounts, safety deposit vaults, deposit certificates, estates owned, money orders that were not cashed, insurance policies that are terminated or matured, term deposits, non refunded utility deposits and many other sources.

Companies cannot hold on to money owed to another indefinitely.

When the company cannot find the property owner, the money must be handed over to the State. State laws require the remittance of unclaimed money, from:

banking and financial organizations
insurance companies
utilities companies
loan companies
safety deposit box contents
public and private pension proceeds
landlords, retailers, and other companies and institutions that collect money in trust.


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What is unclaimed money? Unclaimed Money is tangible or intangible property that is unclaimed by its rightful owner after a significant period of time. Various states and government agencies have programs to return these funds to the rightful owners.

Many States Unclaimed Property Divisions are understaffed and cannot update regularly. A few governmental agencies acting as custodians for individuals and businesses unclaimed money have no incentive, in general, to make it easy for the billions of dollars to be found and thus claimed. It has come to our attention that the authorities of a few states do very little to contact the rightful owners of unclaimed money.

Moreover, other states have enacted legislation that enables the state to compensate budgetary deficits by using some of these funds. These problem was compounded by loopholes in state laws and red-tapism. In other words, little is being done to notify the rightful owners that they are entitled to unclaimed money.