Is The State Holding Your Unclaimed Property?
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At any given time, the State of Minnesota is holding millions of dollars in “unclaimed property” that has been abandoned or not claimed by citizens. Examples of unclaimed property are dormant bank accounts, unclaimed wages, safe deposit boxes, unclaimed utility security deposits, unclaimed insurance payments, and the like. Most unclaimed property results from a change in address, a death, or just plain forgetfulness. State officials estimate that there is a 1 in 20 chance that the State is holding unclaimed property for you. Here is how you can check to see if there is unclaimed property in your name.
How to Find Unclaimed Property in Minnesota
Under State law, the Minnesota Department of Commerce is responsible for gathering and distributing unclaimed property to its rightful owners. The law requires that banks, insurance companies, and others forward unclaimed property to the Department of Commerce’s unclaimed property fund if there has been no activity or if it remains unclaimed for a period of time. For example, if a deposit held by a utility has not been claimed by the owner for one year after services have ended, the utility is required to send the deposit to the State. Banks and other financial organizations are also required to send money in accounts that have been inactive for three years to the State.
You can find out if you are the owner or the heir to unclaimed property held by the State by contacting the Department of Commerce as follows:
Minnesota Department of Commerce
Unclaimed Property Division
85 7th Place East, Suite 280
St. Paul, MN 55101
(651) 539-1545 or (800) 925-5668
www.mn.gov/commerce
You may obtain information on how to file a claim, download a claim form, or search the Department’s unclaimed property database online at www.mn.gov/commerce
or www.missingmoney.com.
How to Find Unclaimed Property in Other States
The National Association of Unclaimed Property Administrators (NAUPA) maintains a database of each of the 50 states’ unclaimed property websites. The NAUPA site may be found at www.unclaimed.org. Click on “Select a State,” choose any state in which you have lived or may have owned property, and search your name to find if you have unclaimed property in that state. The NAUPA website also has links to news about, and other sources for finding, unclaimed property.
Hiring “Finders” to Find Your Unclaimed Property is not Necessary
There is no charge or cost to find out if a state is holding property that belongs to you. This is something you can do by yourself for free just by contacting the appropriate government agencies. Yet, private companies, known as “finders” or “locators” sometimes contact citizens offering to search for any unclaimed property in their name for a fee, typically a percentage of the value of the property. There is no need to hire a finder to find out if there is unclaimed property in your name.
Unclaimed Property Held by the Federal Government
Links for sources of unclaimed property held by the federal government include:
The Internal Revenue Service
(tax refunds)
(800) 829-1040
www.irs.gov/refunds
United States Department of the Treasury
(savings bonds and other Treasury securities)
(844) 284-2676
www.treasurydirect.gov/indiv/tools/tools.htm
Federal Deposit Insurance Corporation
(unclaimed insured deposits and dividends)
(877) 275-3342
https://closedbanks.fdic.gov/funds/
Department of Housing and Urban Development
(FHA-insured mortgage refunds)
(800) 697-6967
www.hud.gov/program_offices/housing/comp/refunds/fhafact
Pension Benefit Guaranty Corporation
(800) 400-7242
TTY: (800) 877-8339
www.pbgc.gov
National Credit Union Administration
(512) 231-7900
amacmail@ncua.gov
www.ncua.gov/services/Pages/asset-management/unclaimed-deposits.aspx
Veterans Administration Benefits
(life insurance)
(800) 669-8477
www.insurance.va.gov/liability/ufsearch.htm
Other Sources of Information on Unclaimed Property
National Association of Unclaimed Property Administrators
www.unclaimed.org
Missingmoney.com
www.missingmoney.com
USA.gov
(844) 872-4681
www.usa.gov/unclaimed-money
For more information, contact the Minnesota Department of Commerce or Minnesota Attorney General’s Office as follows:
Minnesota Department of Commerce
Unclaimed Property Division
85 7th Place East, Suite 280
St. Paul, MN 55101
(651) 539-1545 or (800) 925-5668
www.mn.gov/commerce
Office of Minnesota Attorney General Keith Ellison
445 Minnesota Street, Suite 600
St. Paul, MN 55101
(651) 296-3353 (Twin Cities Calling Area)
(800) 657-3787 (Outside the Twin Cities)
(800) 627-3529 (Minnesota Relay)
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