Keep These Unclaimed Money Facts and Myths in Mind

Did you know that there is about $49 billion in unclaimed money that is just waiting to be claimed? At least, that’s what SmartAsset figured out. Additionally, there is more than $3 billion in unclaimed funds that owners receive from states every year, according to the National Association of Unclaimed Property Administrators.

Many states struggled during the pandemic, which is why they are doing their best to distribute unclaimed money. Apparently, there is approximately 1 in 7 people who have unclaimed money currently. You might be one of them! If you never thought to check on whether you have unclaimed money or not, then now would be the best time to do that. This article will tell you everything there is to know about unclaimed money. If you want to know how to find it and unveil unclaimed money myths, then you are in the right place!

What Is Unclaimed Money?

Before you do anything, you should probably know what unclaimed money is. Unclaimed money is funds that are owed to you, but the payer could not reach you so they sent it to your State’s Treasury Department. There is a wide range of sources of unclaimed money. These include forgotten checking and saving accounts, customer overpayments, investment accounts, utility security deposits, life insurance payments, and more! Additionally, unclaimed money can include physical items that you forgot about in safe deposit boxes, such as gold. If the payer could not reach you to give you the money, then the money enters a period of dormancy. Once the dormancy period ends, then the money returns to the State Treasury Department.

You should know that each state has different dormancy periods, depending on the type of unclaimed money. As an example, California has a one-year dormancy period on wages, but it has a 15-year dormancy period on travelers checks. However, once the dormancy period is over, then you will find that the money will remain with the state until you claim them.

How Can You Find Unclaimed Money?

If you want to find unclaimed money, then there are many ways to do it. You do not have to run around and call every governmental agency you can think of. Thankfully, there are easier ways to find out whether you have unclaimed money or not. You can check out the states that you used to live in for any unclaimed money that you did not receive. If you are a small business owner (past or present), then you can look for unclaimed money from your company. There are a lot of states that provide unclaimed money websites that you can look for as an individual or as a company.

If you decide to change your name, then you can look through records under your previous names for unclaimed money. In the case that you are an heir, you should look to find out if the deceased person has unclaimed money waiting for you. Additionally, you can check out financial service tools such as MissingMoney to find out whether you have unclaimed money in your name or not.

What Happens After You Find Unclaimed Money?

It might sound a little overwhelming to locate and receive unclaimed money. But, we can assure you that the steps to claim any unclaimed money are easy. It is really simple and you do not need to worry about it for a second longer. All you need to do is to go through your state’s unclaimed money website and find your unclaimed money. You will need to confirm your identity through your name and address. The next step would be to determine whether you are claiming this money for someone else or for yourself. After that, you need to provide your contact information and the state will determine whether you qualify to receive it or not. Once the state approves of your information, they will mail you the payment for your unclaimed money.

You need to remember that each state has its own schedule for processing your personal information and distributing payments. But, the process mainly takes several weeks to get it done.

Everything You Need To Know About Unclaimed Money Scams

You do not need to make any payments, in order to find unclaimed money. There might be third-party services that are eager to search for the unclaimed money on your behalf. But, that is not necessary. You will find that these services are known as locators or finders. Also, you need to be cautious of letters, text messages, or emails that inform you about any form of unclaimed money. You need to make sure to confirm that these modes of communication are from the State Treasury Department, as several states reported unclaimed money scams.

Uncovering Myths About Unclaimed Money and The Truth Behind Them

You might be a little surprised about the rumors that fly about unclaimed money. There are many false misconceptions that take place around unclaimed money. We are here to clarify them for you and tell you the truth about unclaimed money. You need to remain diligent, since these myths could keep you from receiving money that belongs to you! There are five most popular unclaimed money myths and we are here to uncover them for you!

Myth #1: You will never have any unclaimed money.

As mentioned above, there is about 1 out of every 10 Americans that have unclaimed money. This unclaimed money could be waiting for you somewhere, stored until you claim it. If you do not have any unclaimed money now, then there is a big probability that you could lose track of some money later on in life. Make sure that you use the aforementioned steps to figure out whether you have unclaimed money or not. You would be surprised by how many people forget about savings accounts or utility bill security deposits.

Myth #2: You need to be rich in order to get or receive unclaimed money from the State Treasury Department.

This is a common misconception about unclaimed money, but it is completely wrong. It is quite literally the opposite. Many rich people have professional accountants and lawyers who are responsible for monitoring their money. On the other hand, those who are not-so-rich are responsible for their own finances. If you ever banked anywhere, purchased something, or rented a property, then you could get some unclaimed money out of it. Additionally, if you received a gift card, then there might be more unclaimed money for you there!

Myth #3: You will need to have your Social Security numbers and bank account numbers to search for unclaimed money.

No, you do not need your Social Security number or your bank account number. It is much easier than that. You will find that the main free websites that you start you search for will ask you for your name. Additionally, the website will ask for you to confirm your current address or past address. You can even look for unclaimed money that belongs to your relatives or friends too! One of the best free websites to look for unclaimed money is

Myth #4: You will need to offer a percentage or portion of your unclaimed money to whoever helped you find it.

As mentioned above, there are many third-party services that offer to search for unclaimed money on your behalf. With these “finders” or “locators”, they most probably would find the money for you. But, they would not offer the information until you agree to give them a percentage of the unclaimed money. Occasionally, you will find locators as helpful tools in truly hard situations. But, you should not pay for information that you can find out for free in 10 minutes.

Myth #5: Claiming your money can be quite challenging for you.

If you figure out that you have unclaimed money, then you should know that it is super easy to claim. You will find that most states allow you to click on a link and claim the money right there. After that, you will get a check within a couple of weeks. If the state makes you work for it, then you should consider yourself a lucky duck. Working for it means that the state owes you a lot of unclaimed money and does their best to confirm that it actually belongs to you. You will find that even unclaimed savings bonds are simple to receive.


In conclusion, there are many things that could cause you to be down in life. But, unclaimed money is not one of them. There are approximately 1 in 10 people that have unclaimed money stored away in the State’s Treasury Department. You could be one of the lucky winners. Unclaimed money is when you forget about money and the payer cannot contact you, so it goes to the State Treasury Department. Do not worry; they will not keep it for themselves. States store these unclaimed money until the owner claims them.