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There is currently $41.7 billion  waiting to be claimed, in custody of state unclaimed property programs nationwide. 

All 50 U.S. states, District of Columbia, the U.S. Virgin Islands, Puerto Rico, Quebec, British Columbia, and Alberta in Canada all have unclaimed property programs. Amount of an average claim is $892.

Unclaimed property laws have been around since the 1930's. However, it's only been in the last 25 years in which it has become more expanded and consumer protection laws towards companies have become much more enforced. Unclaimed property is one of the original consumer protection programs.

FAQ's

1. What is unclaimed property?

Unclaimed property (sometimes referred to as lost, forgotten or abandoned) refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for 1 year or more.

2. What happens to these inactive accounts?

State unclaimed property laws were enacted to act in the best interest of the consumer. All state laws require all companies to turn forgotten money and property over to state treasury officials.  Most states will hold your money until it is claimed and identity is verified. Since it is impossible to store and maintain all of the contents that are turned over from safe deposit boxes, most states hold periodic auctions and hold the money from the sale of the items for the owner. Some states also sell stocks and bonds and will hold the proceeds for the owner until it is claimed.

 3. How do I begin my search?

Companies are required by law to send funds from abandoned accounts to the state of the owners' last known address. That means you could potentially have unclaimed money in every state that you've ever lived, worked or done business. PFRS's funds property search service directly links you to all 50 state treasurers unclaimed property search sites, and also to over 15 other various federal & independent unclaimed money sources, Only at PFRS, can you search all
unclaimed property sources from one safe & convenient location.

4. How long does it take to receive my claim refund?

Most states take anywhere from 30-180 days to confirm legitimacy of claims and issue payment of unclaimed funds.

5. Who may claim abandoned money or property?

The reported owner, estate, lawful heir, or duly authorized representative.

6. Does unclaimed property include real estate?

No. The Unclaimed and Abandoned Property Law, applies only to intangibles, to include money from forgotten bank accounts, payroll checks, refunds, unredeemed money orders, gift certificates, utility security deposits, child support, stocks, insurance payments and life insurance policies.  The law does not apply to land, buildings, or other tangible property.

7. How can I prevent my money from becoming "unclaimed"?

Cash all payroll, dividend, and insurance checks no matter how small the amount. This will qualify you as an active owner.  Making deposits into accounts annually, even as little as one dollar will keep your account active.  Alert all concerned parties of any changes in your address.  Keep accurate financial records of bank accounts, stocks, safe deposit boxes and insurance policies.

8. How long do I have to file a claim?

In most states there is no time limit for filing claims. The state's hold unclaimed money in perpetuity and in trust for the rightful owners (however, recently some state's may be attempting to change the laws on time limit).

9. What is considered proper evidence to verify a social security number?

Driver's License, social security card, tax records, pay stub containing social security number

10. What is considered proper evidence to verify a previous address?

Old utility bill, document from previous city/town hall stating old address, old deed or mortgage payment, old check with proof of former address.

 


 

The South Carolina State Treasurer's Office has more than $418 million it wants to return to taxpayers. Thursday night, ABC news 4 held a phone bank so people could call in with their questions and to find out if they were entitled to money through the state's unclaimed property program.
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SACRAMENTO (CBS13) - 16 year old Tanner Call thinks it's pretty cool a state law just passed started with him after realizing someone took money right out of his savings.
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The state is holding millions of dollars in unclaimed funds and wants to return it to you if you are on the "CT Big List."   Treasurer Denise Nappier's office released the official Connecticut "Big List" at 11 a.m. on Thursday. More than 54,000 people are on the list. 
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Someone  has some of your money and is looking to give it back.  Believe it or not, one in ten Pennsylvanians has forgotten money being held by the state. Whether from an old layaway or a savings bond that slipped your mind, these forgotten funds are deemed "unclaimed" and turned over to the state.
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You could be one of the millions of people with unclaimed money or property, let PFRS serve as your resource for identifying your assets.  Click Below!

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