Unclaimed Property consists of cash and other personal assets that are considered lost or abandoned after an owner cannot be located within a specified period of time.

Unclaimed property includes cash in checking and savings accounts, certificates of deposit, gift certificates, paid-up life insurance policies, unpaid wages, commissions, uncashed checks, death benefits, dividends, insurance payments, money orders, refunds, and also stocks and the contents of safe deposit boxes.

A typical example of an unclaimed property asset might be a savings account at a bank that had no withdrawal or deposit activity. If the banks unsuccessfully attempts to contact the account holder of record, after five years the bank must submit the balance of the account, along with the account holder’s personal information, to the Unclaimed Property Division.

Unclaimed Property assets are held for the owner until a verifiable claim is filed with the Division. Upon proper verification, the asset would be remitted to the rightful owner. If the rightful owner or his/her heir(s) is never located, the value of unclaimed properties may be held in perpetuity, with the interest benefiting the permanent school fund.