How to Reclaim Your Unclaimed Assets and Avoid Penalties

Millions of Americans have unclaimed property, from forgotten bank accounts to uncashed checks.

This can happen when people change addresses, forget about deposits, or switch financial institutions.

As a result, these assets go unclaimed, ending up with state governments, who act as custodians until the rightful owners come forward.

Read: The State By State Guide to Unclaimed Assets
 

Why It Matters

When property goes unclaimed, it doesn’t just sit idle. States can levy penalties on companies for not reporting unclaimed property correctly, with fines reaching thousands of dollars.

For individuals, unclaimed assets remain inaccessible unless they take action.

The Supreme Court has ruled that unclaimed assets should be held by states, not private companies, meaning if you don't claim your property, it’s held by the government.

How to Find and Reclaim Unclaimed Property

If you think you have unclaimed property, here’s how to track it down:

1. Search State Databases: Most states have unclaimed property databases. You can start with the National Association of Unclaimed Property Administrators (NAUPA) site, which links to state resources.
2. Use a National Search Tool: Websites like MissingMoney.com aggregate data from many states, making it easy to check for unclaimed property across the U.S.
3. File a Claim: Once located, follow the state’s instructions to prove ownership and reclaim your assets.

Take Action Today

Unclaimed property laws and reporting deadlines vary widely, creating potential pitfalls for businesses and individuals.

To avoid lost assets and penalties, take a few minutes to search for unclaimed property that may belong to you.

By acting now, you can secure your assets and ensure they end up where they belong—back in your possession.

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