Unclaimed property

NAUPA, the association of the state officials who run these programmes, defines unclaimed or abandoned property as property or accounts at financial institutions or companies with no activity, or no contact with the owner, for one year or longer. After a set dormancy period the property becomes unclaimed and, by law, must be turned over to the state. Typical examples include bank accounts, uncashed paychecks and dividends, refunds, security deposits, insurance proceeds and the contents of safe deposit boxes.

Because the money is real and held by a government, it is a convenient cover story. NAUPA says it is always free to search for and claim your missing money through official state government programmes, and that most states take part in a national database, MissingMoney.com, that lets the public search most states at once at no cost. If a message about your unclaimed property involves a fee, NAUPA says it may be from a third-party finder or locator, and it advises you to check with your state’s official unclaimed property programme.

The practical rule is to start the search yourself, from the official state site, rather than answering a letter, text or call that offers to find money for you.