If you’re regularly scrounging for loose change in your couch cushions, there’s a better way to get free money. One in 10 Americans has unclaimed property that they don’t even know exists. There are billions of dollars being held by state governments and treasuries across the United States — and you could be missing out on your fair share of it.
There are many different examples of unclaimed property, including uncashed checks, stocks, refunds and security deposits, among other things. After a certain period of time, this money becomes “unclaimed” due to a lack of activity, which normally entails having no contact with the owner for a year or more. By law, unclaimed money must be handed over to the state government. Over $3 billion is returned by states every year, according to the National Association of Unclaimed Property Administrators.
“While most claims are small, in the event that someone reclaims a considerable amount of money, it’s best to look at the money as an opportunity to invest or save instead of spending,” said Alex Gaines, a representative from Simple Thrifty Living.
GOBankingRates analyzed data from Simple Thrifty Living to evaluate each person’s average share of the total amount of unclaimed money in their state. More populous states have a greater amount of total unclaimed money, which comes as no surprise. However, residents in smaller states — like Delaware and Arkansas — may be delighted to find a more generous share allotted to each person.
“Other than population, some states are much more aggressive about notifying residents of unclaimed money which could be a factor in why some states have less than others,” Gaines said.
Depending on your individual situation and where you live, you could be leaving free money on the table without knowing it.
Last updated: Oct. 27, 2020
