by CLINT GHARIB, AIF®, CFEd®
Months ago, I came across an article about unclaimed property. Out of curiosity, I searched Ohio, where I lived briefly after college. To my surprise, the state was holding more than $1,200 from an old insurance settlement I didn’t even know existed. The claim process took about an hour of my time, the cost of certified mail, and about two weeks later a check arrived in my mailbox.
What surprised me most wasn’t the huge amount of unclaimed money nationwide, but that, according to the National Association of Unclaimed Property Administrators (NAUPA), about 1 in 7 people has unclaimed property. That means there’s a good chance you—or someone in your family—may have money waiting for you.
So where does this money come from?
Sometimes it’s an uncashed payroll check. Other times it’s an insurance payment, utility deposit, stock dividend, bank account, escrow refund, or another financial asset that couldn’t be delivered to its rightful owner. After a period of inactivity, those assets are generally transferred to the state’s unclaimed property program, where they remain until someone claims them.
Don’t stop with your own name. Think about every state where you’ve lived, worked, attended college, or owned property. Then consider searching for your parents, grandparents, or other family members. In some cases, heirs may be entitled to claim property belonging to a deceased relative.
While every state has its own process, the basic steps are similar. Search the official state database, submit a claim if you find a match, and provide documentation verifying your identity and, when necessary, your connection to the property. Some claims are processed in a matter of weeks, while others take longer depending on the circumstances.
One important tip: never pay someone just to search for unclaimed property. Official state searches are free, and NAUPA provides links to every state’s official unclaimed property program.
Maybe you’ll find nothing.
Then again, I never expected to find more than $1,200 waiting for me.
Sometimes the best financial discovery isn’t a new investment. It’s finding money that was yours all along. For additional perspective, see: https://Oxfordra.com/blog
Where to Start
Visit www.unclaimed.org, the National Association of Unclaimed Property Administrators’ official website, for free links to every state’s unclaimed property program.
Source: National Association of Unclaimed Property Administrators (NAUPA): Approximately 1 in 7 people have unclaimed property waiting to be claimed.
Image created using AI-assisted digital artwork directed by Clint Gharib. Opinions expressed are that of the author and are not endorsed by the named broker/dealer or its affiliates. All information herein has been prepared solely for informational purposes and should not be considered legal or tax advice. It is not an offer to buy, sell, or a solicitation of an offer to buy or sell any security or instrument to participate in any particular trading strategy and is not intended to provide, & should not be relied on for, tax, legal or accounting advice. You should consult your own tax professional regarding your specific situation. Past performance does not guarantee future results. Certain statements contained within are forward-looking statements including, but not limited to, statements that are predictions of future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Oxford Retirement Advisors is an independent firm with Securities and Advisory services offered through Madison Avenue Securities, LLC (“MAS”), member FINRA/SIPC and a Registered Investment Advisor. Oxford Retirement Advisors and MAS are not affiliated entities
