What is unclaimed money?

Unclaimed money — also called unclaimed property or unclaimed funds — is financial property that has been turned over to a state government because the original owner could not be located or has not interacted with the account for a period defined by state law. It sits in state custody until the owner or their heirs claim it.

Where it comes from

Unclaimed money comes from ordinary institutions you interact with every day:

• Banks (dormant checking and savings accounts)
• Employers (unclaimed final paychecks)
• Insurance companies (uncollected life insurance benefits)
• Utility companies (security deposits that were never refunded)
• Stockbrokers and transfer agents (forgotten stock certificates and dividends)
• Courts (settlement payments, bail refunds, restitution)
• Safe deposit boxes (abandoned contents)
• Credit unions, landlords, mutual funds, healthcare providers, and more

How it becomes "unclaimed"

Each state has its own dormancy period — the length of time an account must remain inactive before it's legally considered abandoned. For most asset types, this ranges from one to five years. Once the dormancy period passes, the institution holding the money is legally required to report it to the state and remit the funds.

How much is out there

As of the most recent NAUPA reports, U.S. states collectively hold more than $70 billion in unclaimed property. California alone holds nearly $12 billion. New York holds over $18 billion. The average claim paid back to an owner is roughly $2,080, but individual claims have ranged from a few dollars to over $6 million in a single case.

Who has unclaimed money?

According to NAUPA, approximately one in seven Americans has some form of unclaimed property waiting for them. You're statistically more likely to have unclaimed money if you've:

• Moved across state lines
• Changed your name (marriage, divorce)
• Had a family member pass away, especially without a formal estate
• Switched employers frequently
• Owned stocks that predate electronic brokerages
• Held insurance policies that lapsed