Unclaimed Property Blog

Unclaimed assets in America, including unclaimed money assets, are all classified as unclaimed property. The law on what constitutes unclaimed money assets varies from state to state, but when there has been no transaction in regard to the money for an extended period of time (usually 3 years) and efforts to locate the owner of the money have failed, the funds become unclaimed money assets and are handed over to the state under the provision of the United States Unclaimed Property Law. This money is kept in the owners name and remains with the state until the owner, or his heirs, are located. There is normally no time limit for making a claim for unclaimed money assets.

About $ 50 billion in unclaimed property is lying with the federal and state governments and the amount is increasing year by year. The governments makes their best efforts to locate the owners of this money but because of people moving, changing names, marriages and divorces and death, the owners of the property are often not found. This is where experts like Unclaimed Money.com enter the picture.

Unclaimed money can take many forms – forgotten bank accounts, uncashed checks, unclaimed insurance amounts, refunds, veteran’s benefits, pension dues, inheritances, unused gift certificates, forgotten shares, unclaimed safe deposit boxes, and so on. Over 60% of Americans have owed money in some form or another that they do not know about. Using Unclaimed Money.com makes searching for assets that belong to you easy.

There are several companies in the United States, working as agents, or service providers, who are especially in the business of locating unclaimed funds or properties for making profit. Under the provisions of the Freedom of Information Act, these companies go about procuring information regarding check issuance data from all the related government agencies. The information of unclaimed funds are gathered from the specific check symbols, numbers, and dollar amounts, which remain identified as “check cancelled” on Treasury check cancellation listings.