States hold billions in unclaimed money: Could you be owed some?

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Discovering Unclaimed Property in Your State

If you're looking for a way to boost your finances, especially during the holiday season, you might be surprised to learn that your state could have money or property waiting for you. This unclaimed property often comes from inactive bank accounts, overpaid bills, uncashed checks, unpaid benefits, or abandoned safe deposit boxes. While most of this property is monetary, some can include valuable items like art and baseball cards.

It's estimated that one in ten Americans has unclaimed property. This means there could be significant funds or assets that belong to you but are currently held by the state. Understanding how this process works can help you reclaim what's rightfully yours.

How States Manage Unclaimed Property

State officials, typically from the treasury division or auditor’s office, are responsible for managing these properties. When a business owes you money or property, state laws usually require them to make every effort to return it. However, if they cannot locate you, the property may be transferred to the state.

Once in the state's possession, this property is stored in a repository where individuals can search for their name or that of a relative, spouse, or business. This process allows people to claim what they are owed.

Examples of State Efforts

In Utah, for instance, the Unclaimed Property Division reported receiving $178.3 million in unclaimed property during fiscal year 2025. During the same period, they returned a record $43.4 million to residents. These numbers highlight the potential value that can be reclaimed through proper channels.

Searching for Your Property

Searching for unclaimed property is generally straightforward. You'll need to look up your name (or that of a family member or business) and complete the necessary claim process. The steps involved can vary depending on the state and the type of property being claimed.

You can start your search using platforms like MissingMoney.com, which is a collaborative effort by state governments and Canadian provinces. This site allows you to search for property across both countries. Additionally, many states provide direct links to their specific unclaimed property portals.

Auctions and Other Opportunities

Some states hold auctions for items that remain unclaimed for extended periods. For example, the Alabama state treasurer has listed various items for auction, including jewelry, coins, and gold bars. These auctions offer an opportunity to acquire valuable items at potentially discounted prices.

The Scale of Unclaimed Funds

The amount of unclaimed funds held by states is substantial. In California, there is approximately $15 billion in unclaimed property, according to the State Controller’s Office. Texas holds more than $10.5 billion, while Ohio has around $4.8 billion waiting to be claimed. These figures illustrate the vast potential for individuals to recover significant sums.

Conclusion

Reclaiming unclaimed property can be a valuable way to increase your financial resources. By understanding the process and utilizing available tools, you can discover what might be waiting for you. Whether it's cash, property, or other assets, taking the time to search for unclaimed property could lead to unexpected financial gains.