Did you know there’s a chance the state could owe you money right now? It’s true — and millions of people never claim it.
According to the National Association of Unclaimed Property Administrators (NAUPA), states currently hold over $80 billion in unclaimed funds — from forgotten paychecks and insurance refunds to old savings accounts and uncashed checks. The average claim is nearly $900, and yet less than one-third of that money ever gets back to its rightful owners.
With inflation still eating away at household budgets and state governments tightening up their own finances, it’s more important than ever to make sure your money isn’t sitting in someone else’s hands.
Let’s talk about how to find unclaimed money — and how to make sure it doesn’t happen again.
💰 What Is Unclaimed Property (and How Does the State Get It)?
When a business, bank, or government agency owes you money — and can’t reach you — that money eventually becomes “unclaimed property.”
It could be:
- A paycheck you never cashed
- A refund check that got lost in the mail
- Money left in a closed bank account
- Forgotten utility deposits or escrow balances
- Stocks, dividends, or insurance proceeds
Each state has its own abandoned property laws, which allow them to take over those funds after a set period of inactivity (called “escheatment”). The dormancy period is typically three to five years, depending on the state.
The good news? You can claim that money anytime and it’s yours, tax-free.
🔍 How to Find Out If You’re Owed Money
Here are five simple steps to check if you have unclaimed property in your name — and how to prevent losing more money in the future.
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Search Official State Databases
Start by visiting your state treasury’s website and look for the “Unclaimed Property” section.
If you’ve lived in multiple states, check each one.
The easiest way to search all at once is through MissingMoney.com — the only free, government-approved site that aggregates most U.S. states and Canadian provinces. -
Keep Your Records Organized
Always deposit checks promptly and keep digital copies of receipts or payments. If you own stocks or bonds, make sure you’re aware of any mergers or name changes. Lost or untransferred shares are one of the most common causes of unclaimed funds. -
Check on Elderly Relatives or Parents
Many seniors lose track of small accounts or refunds due to moves or memory lapses. Helping them check their names could uncover thousands of dollars they didn’t know existed. -
Don’t Forget the IRS
If you didn’t file taxes in recent years but had income withheld, you may still be owed a federal refund. You can check the status of prior-year refunds for free at IRS.gov/refunds. -
Update Your Address and Stay Active
Always file a change of address when you move, and log in to all financial accounts at least once per year. Even a simple balance check can reset the dormancy clock and keep your funds safe.
⚠️ Watch Out for Scams
Unfortunately, the internet has made unclaimed money scams more common. Some companies or individuals send official-looking letters or emails claiming to help you recover funds — for a fee.
Legitimate “finders” do exist, but you never have to pay anyone upfront to reclaim money that’s rightfully yours. Stick to official sources like your state treasury or MissingMoney.com.
If you receive a suspicious letter or email asking for personal details or payment, don’t respond. Report it to your state’s consumer protection office.
🧾 My Personal Experience
When I searched for my own name recently, I found out the state owed me money from an uncashed tax refund check. The funny thing? They had my correct address the entire time — I just never got the notice.
That’s why I now make it a point to check every year. It only takes a few minutes, and you never know what you’ll find.
💡 Final Tip: Make the Most of Found Money
If you do find unclaimed funds, resist the urge to splurge. Instead, use it to build momentum toward debt repayment or savings goals.
You can put that found cash to work by checking out Lifestyle Changes to Pay Down Debt Faster — simple steps that help you make real progress toward financial freedom.
