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What are unclaimed funds?

April 26, 2017funds unclaimed

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What are unclaimed funds?

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Unclaimed funds are any financial asset for which an owner has not generated activity for an extended period of time or those for which the holder of the funds can’t locate the owner. These may include: • Savings, Checking, Certificate of deposit accounts; • Safe deposit box contents; • Payroll (wages, bonuses, commissions); • Stocks, Mutual funds, Bonds & Dividends; • Insurance polices, CD’s, Trust funds; • Credit balances; • Customer deposits; • Traveler’s checks; • Utility deposits, escrow accounts; • Money orders and other intangible interests or benefits. The inactivity time frame varies depending on the property but in most cases, it is 2 to 5 years. One exception is payroll checks, which are only held for one year. The funds are then turned over to the State (Division of Unclaimed Funds), which are custodians of the funds until they are returned to the rightful owner. All states have Unclaimed Property Laws and dormancy periods vary from State to State.