Some Crazy Facts About Unclaimed Property

Some Crazy Facts About Unclaimed Property

There's a lot of confusion when it comes to unclaimed money from the government. Where does the money come from? Is it a scam? How can people forget about money?

Well, here's some interesting facts that we've unearthed that will put everything into perspective (and maybe convince you to start your search):

  • In 2015, $3.235 billion was returned to the rightful owners by the state government unclaimed property agencies of the $7.763 billion collected.
  • Claims can be made into perpetuity in most cases, even by heirs! So make sure to search for your parents and grandparents as well. This is often where the bigger money can be found!
  • Curtis Loftis, of South Carolina, received a phone call from his state treasurer informing him that he was entitled to more than $763,000 in unclaimed cash. He initially thought it was a scam :)
  • Approximately 1 out of every 10 Americans has unclaimed money waiting out there, somewhere, for them.
  • Currently, states, federal agencies and other organizations collectively hold more than $58 billion in unclaimed cash and benefits. That's roughly $186 for every U.S. resident!
  • Searches aren't just limited to the United States. You can also search databases in Canada as well as U.S. overseas territories such as Puerto Rico, Virgin Islands and Guam.
  • In 2012, a Connecticut resident was given $32.8 million in a refund, according to the state’s treasurer. That $32.8 million settlement was as a result of the proceeds from a stock sale.

We hope some of those fun facts will help convince you to do your own unclaimed money search. Really, what do you have to lose? So get started and happy hunting!

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