Unclaimed property consists of money and other personal assets that are considered lost or abandoned when an owner cannot be located after a specified period of time. It includes savings accounts, checking accounts, CDs, customer deposits and overpayments, gift certificates, paid-up life insurance policies, unpaid wages, commissions, uncashed checks, death benefits, dividends, insurance payments, money orders, refunds, stocks and proceeds of safe deposit box auctions. The Unclaimed Property Act is a law designed to collect, safeguard and return lost or forgotten property to its rightful owner.
Most property is listed as unclaimed if it has been inactive for five years.
However, uncashed payroll checks and utility deposits become unclaimed after one year. The money is transferred to the General Fund as well as to various counties, helping to reduce some of the individual tax burdens. Request a claim form from the Division of Abandoned Property. Complete the claim as directed, providing proof of ownership. When a financial institution holds your money in an account, and there has been no account activity, or you have not communicated regarding the account for at least five years, the institution presumes it is abandoned.