Money Search

Who can claim it?

• The original owner.
• Heirs of original owner.
• A personal representative if the Estate is open.
• A beneficiary or co-owner listed on account.

What is Unclaimed Money:

Unclaimed money is any intangible asset that is held, issued or owing in the ordinary course of a holder's business that has remained unclaimed by the owner for a statutory period of time after it became payable or distributable. Some examples of unclaimed assets are:

• Outstanding payroll and vendor checks.
• Matured certificates of deposit.
• Savings and checking accounts.
• Uncashed dividends.
• Unclaimed securities.
• Principal on debt.
• Uncashed money orders, cashiers checks, travelers checks, and other official checks.
• Unreturned and unused security deposits.
• Accounts receivable credit balances and discounts due.
• Escrow balances.
• Property held by courts and other governmental entities.
• Amounts due under terms of insurance policies
• And other.

How does money become unclaimed

These assets become unclaimed property for a variety of reasons:

• Businesses lose track of owners due to a change of address.
• Owner may have forgotten about the asset and failed to notify the business of his new address. 
• Property becomes abandoned due to the death of the owner. 
  • The decedent's family is often times not aware of these assets.
• Other assets become unclaimed property because of a custodial relationship experienced as a minor child. Parents establish accounts in the name(s) of minor children, then forget about the accounts. The children are usually unaware of them until:
  • Accounts are advertised in the newspaper.
  • claim form is received.
• Stock splits and other securities transactions account for a large portion of unclaimed property.
• Property is lost due to business dissolution or merger.
• Customers will overpay on their accounts, or send remittances with no indication as to which account to apply the payment towards.
  • These credit balances are often times just left on the books of companies.
• Checks have been lost in the mail or put in a drawer and forgotten.

When does money become "Abandoned" or "Unclaimed"?

If property is unclaimed and the holder cannot contact the apparent owner, property is considered abandoned, as follows, from the date of the transaction:
(This example is from Arizona. Years and Items may very and/or change state to state)

• Payroll - 1 year
• A/P checks - 5 years
• Individual Retirement Accounts - 3 years
• Demand, savings or time deposits - 5 years
• Retail business credit - 5 years
• Matured Or Terminated life or endowment Insurance Policy - 2 years
• Not Matured Life Or Endowment Insurance 5 years
• Limiting Age Insurance Policy - 2 years
• Property held by courts - 3 year
• Other governmental entities - 3 year
• Business dissolution property - 1 year
• Safe Deposit Boxes (rent unpaid) - 1 year
• Utility Deposits - 2 years
• Stock or other equity interest - 3 years
• Principal on debt - 5 years
• Money Orders - 7 years
• Traveler's Checks - 15 years
• Official Bank Checks - 5 years
• Most other funds - 5 years

Do I have to pay a finder's fee?

• The Department of Revenue would never charge anyone to claim what is rightfully theirs.
• Only if you enter into a written agreement with a locator and the agreement meets the requirements of A.R.S. § 44-327.
  

What ultimately happens to abandoned property?

Abandoned property is kept forever in the State's Unclaimed Property Fund for claim by the rightful owner or their heirs.