Money Search - Minnesota
Minnesota Unclaimed Money
Minnesota Department of Commerce
85 7th Place East, Suite 500
St. Paul, MN 55101
General Information
651-296-4026
651-296-2860 (TTY)
651-297-1959 FAX
Money Unclaimed
About Unclaimed Money
Every day, someone loses some form of financial property because of a change of address, death, or just plain forgetfulness. What happens to these forgotten funds? The Unclaimed Property Division is responsible for holding the abandoned or unclaimed funds or property until the rightful owner or heir is found. There is a one in 20 chance that you may have $100 or more coming to you from the state's unclaimed property fund and not know it.
Unclaimed money may be in the form of abandoned savings accounts, Certificates of Deposits, safe deposit boxes, uncashed paychecks or other remittances, travelers checks, stocks and bonds, insurance, or uncashed tax refunds. The only tangible property the department receives is the contents of safe deposit boxes.
In 2004, the Department will try to locate more than 40,000 persons and businesses to claim abandoned property worth $50 million. The Department has received the contents from 559 safe deposit boxes and over 15,000 security related holdings.
What is Unclaimed Property?
Property is considered unclaimed if the owner has not provided evidence of any interest or control over the property for a number of years. Savings accounts are considered abandoned after three years of inactivity; safe deposit boxes after five years; money orders after seven years, and travelers checks after 15 years. Holders of unclaimed property - usually banks, insurance companies, corporations, etc. are required by law to attempt to contact the owner of the property when it appears that the owner has abandoned the item. If the owner fails to respond, the property is deemed abandoned and the holder must include the property in the annual unclaimed property report to the Department of Commerce.
The state acts as a custodian for the property while continuously attempting to find the owners of the unclaimed property. The monetary items are held in the state's general fund until claims are made. The tangible property from safe deposit boxes is held at the Department of Commerce. If this property is left unclaimed, the items are then made available for auction every ten years. The last auction was held in March 2003.
Facts about Unclaimed Property
In 2004, the Department will try to locate more than 40,000 persons and businesses to claim abandoned property worth $50 million. The Department has received the contents from 559 safe deposit boxes and over 15,000 security related holdings.
Nearly $142 million worth of property has been returned to Minnesota residents since the Unclaimed Property Program began in 1969. As of June 2004, $184 million worth of property still remained unclaimed.
The Department has returned 44 percent of unclaimed property reported to the state to the rightful owners through the unclaimed property program.
