What is unclaimed property?

If money is owed to you and the company is unable to locate you, your funds are turned over to the government as unclaimed property.

Currently, the government holds unclaimed property accounts valued at more than $2 billion, mostly from old, untouched accounts in financial institutions, insurance and utility companies, securities and trust holdings. In addition to money and securities, unclaimed property includes tangible property such as watches, jewelry, coins, currency, stamps, historical items and other miscellaneous articles from abandoned safe deposit boxes.

Unclaimed property assets are held by business or government entities (holders) for a set period of time, usually five years. If the holder is unable to locate, re-establish contact with the owner and return the asset, it is reported and remitted to the state's Division of Unclaimed Property.