FAQ

Q: What is unclaimed property?
A: Unclaimed property consists of various types of intangible personal property. Savings and checking accounts, uncashed checks, securities, dividends, insurance refunds or claims, oil royalties, wages, utility refunds/ deposits, bail bonds, and child support payments are examples of unclaimed property.

Q: What is a "holder"?
A: Holders include, but are not limited to financial institutions, insurance companies, oil and gas companies, hospitals, clinics, business corporations, state and local governmental entities, and retailers. Holders are required to send the property to the state of the owner's last know address.

Q: How long are unclaimed funds held?
A: Once the funds are remitted, in nearly every situation, they are held in a perpetual trust fund (forever) until the owner can be found. In addition to protecting the owners' property, there are provisions in the law that also protect the holder from potential liability.

Q: How do holders know when to report unclaimed property?
A: The obligation to report and remit these funds is triggered when there has been no owner- generated activity for a specified period of time. This period of inactivity is referred to as a "dormancy period".

Q: Why does state get involved?
A: Each state is involved in unclaimed property as a service to the citizens of its state. There is one place to look for forgotten funds. The state also makes an effort to locate owners and/or heirs. The state guarantees that this money will be held forever until claimed by the rightful owner. All citizens of the state benefit from property that remains unclaimed since the interest earned on this fund is used help public programs.