Are You Missing Out on Unclaimed Property?
- Melissa Ewing
- Apr 9
- 2 min read
You, a business, or a family member may be owed money if a business, financial institution, or government agency reported money or property owed as “unclaimed property”.
· When does property become “unclaimed”?
Property becomes “unclaimed” after a dormancy period with no contact with the rightful owner. Common forms of unclaimed property include uncashed dividends or payroll checks, checking or savings accounts, stocks, refunds and overpayments, security deposits, certificates of deposit, safe deposit boxes, and insurance benefits.
· What duty does the holder of unclaimed property have?
A holder of unclaimed property has a duty to report and remit the property to the state. In Georgia, a holder reports unclaimed property to the Georgia Department of Revenue. If the value is greater than $50, the holder must make an effort to communicate with the owner prior to remitting the property to the state. The timing for unclaimed property varies depending on the type of property (and the state). In Georgia, generally wages/payroll checks become unclaimed after one year while other property becomes unclaimed after five years.
· Can you collect unclaimed property after it’s reported to the state?
Yes! The good news is each state has an unclaimed property program to assist owners in reuniting with unclaimed property. You can file a claim for unclaimed money owed to you or your business, and may also be able to file for unclaimed money owed to a deceased relative if you are the legal heir. It is a good to occasionally search your state’s unclaimed property website, particularly if you have changed addresses over the years. You should also search websites for any other state(s) where you have lived, held assets, or had business dealings. Recently I discovered I had stock reported to the state as unclaimed after I moved.
In Georgia, you can search here. Some tips when searching are to include all prior names, including variations with your first and middle name(s) and initials. There is no fee for searching or obtaining unclaimed property, so beware of any third parties that may try to charge a fee for searching and/or retrieving any unclaimed property.
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