WHAT IS UNCLAIMED FUNDS?

Funds that have been turned over to their respective states Treasury Departments’ after they have been considered abandoned by their respective owners.

A state receives unclaimed assets only after the company holding them can consider them “abandoned”. Money is usually considered abandoned three to five years after the company has lost contact with the owner, and three months after the company makes a final effort to reach the owner at their last known address. If the company does not have a last known address for the owner, then the assets go to the state in which it was incorporated.

Additionally, besides State and Federal unclaimed money, there are millions of accounts being held by thousands of counties located throughout the country. These counties either hold money themselves in perpetuity, or they turn them over to the state they reside in after a certain period of time. There are some counties that keep the money themselves if the rightful owner does not come forward after determined time limit.

Finally, there are some accounts, such as utility and telecom deposits, that are still being held by their respective utility that have not been turned over to the State yet.

Billions of dollars go unclaimed at the Federal level Including the IRS, the Pension Benefits Guaranty Corporation, and the Department of Housing and Urban Development, to name a few.

UNCLAIMED FUNDS?

WHAT IS UNCLAIMED FUNDS?

Funds that have been turned over to their respective states Treasury Departments’ after they have been considered abandoned by their respective owners.

A state receives unclaimed assets only after the company holding them can consider them “abandoned”. Money is usually considered abandoned three to five years after the company has lost contact with the owner, and three months after the company makes a final effort to reach the owner at their last known address. If the company does not have a last known address for the owner, then the assets go to the state in which it was incorporated.

Additionally, besides State and Federal unclaimed money, there are millions of accounts being held by thousands of counties located throughout the country. These counties either hold money themselves in perpetuity, or they turn them over to the state they reside in after a certain period of time. There are some counties that keep the money themselves if the rightful owner does not come forward after determined time limit.

Finally, there are some accounts, such as utility and telecom deposits, that are still being held by their respective utility that have not been turned over to the State yet.

Billions of dollars go unclaimed at the Federal level Including the IRS, the Pension Benefits Guaranty Corporation, and the Department of Housing and Urban Development, to name a few.