What does the Treasury Department do with unclaimed property?
The Treasury Department maintains custody of unclaimed property until it is claimed by the rightful owner. There is no time limit to claim your property. After you prove ownership, your property will be returned to you without charge. How can I prevent my property from becoming unclaimed? • Keep accurate records of bank accounts, stocks, safe deposit boxes, life insurance policies and other financial matters. • Correspond with all financial institutions holding savings, checking, IRA, certificate of deposit and all other accounts at least once every three years. • Cash all checks for dividends, insurance benefits and wages. If you stop receiving dividends, contact the company that issues the dividends. • Notify a family member or trusted adviser of the location of your financial records. • Prepare a checklist of all financial assets in order to notify all concerned parties if you change your address.
