It sounds like the plot for a TV movie: A normal, ordinary person comes home and checks the mail after a normal, ordinary day. And there it is, a notice for unclaimed property. A relative passed away and named them beneficiary on a life insurance policy that they never knew about. They forgot about a bank account opened years ago. Or maybe they overpaid a utility or medical bill.
Sound too good to be true? Unclaimed property isn’t an urban legend or an internet scam. About 33 million people in the United States – including one in every 10 Massachusetts residents – has unclaimed property out there. In 2023 alone, the Massachusetts State Treasurer’s Unclaimed Property Division returned over $185 million in cash and securities on 148,365 claims.
Unclaimed property is so common that back 2021 the National Association of Unclaimed Property Administrators declared National Unclaimed Property Day on February 1. In honor of this day, which aims to reunite missing money and securities with the rightful owners, here’s a rundown of what Massachusetts residents need to know about unclaimed property. Read on for answers to the most commonly asked questions.
What types of property goes unclaimed?
Most accounts are turned over to the state after three years of inactivity, when they are considered to be “abandoned.” The types of property includes:
- stocks
- life insurance proceeds
- refund from a utility bill
- uncashed paychecks
- refund from a medical bill
- forgotten savings and checking accounts
- dividends
- contents of unattended safe deposit boxes
How does a person check for unclaimed property?
Each state has its own department to handle unclaimed property. In Massachusetts, visit findmassmoney.gov. To check nationwide, visit missingmoney.com. Those who have checked in the past and turned up nothing should check again – and remind family members to do the same. Property is always being added to the website.
Is there a time limit or a cost?
No to both! There is no time limit for a person to claim their property. There are no fees assessed when claiming the property. Some claimants will even receive interest. Searching for property on the state website is free and never charges a fee. If a website charges a fee, it is not the official website for unclaimed property in Massachusetts.
Is it a hassle to claim property?
The process is simple and easy. It takes less than 30 seconds to search and about two minutes to initiate a claim on the website. A claim form will be emailed to the claimant. Residents can also call 888-344-MASS (6277) to check their name and have a claim form mailed.
Is it worth it to check? Is it going to tell me I’m owed 75 cents?
The property will not be listed unless it is $1 or more. But consider that last year, the 148,365 claims paid out in Massachusetts averaged a little more than $1,250 each.
National Unclaimed Property Day is February 1, but residents can check findmassmoney.gov anytime. Don’t miss out on claiming money that’s rightfully yours.
