In the United States, one of every seven citizens has “unclaimed property,” which is financial accounts or items of value in which the owner has not initiated any activity for a number of years, according to Boozer.
When this happens and the company can’t locate the owner of the “property,” the money or property is turned over to the state. Common examples include unpaid life insurance benefits, payroll, forgotten bank accounts or account deposits from utility companies.
“Nothing gives us greater pleasure than reuniting people with their money! As funds are turned over to us once a year, I like to remind folks to check our website, treasury.alabama.gov, every year on their birthday. That’s an easy way to remember, and we might just be holding a present for you in the way of unclaimed property funds,” said Treasurer Boozer. “Unclaimed Property returned $50.7 million to Alabama citizens in 2023.”
According to Boozer’s office, the state of Alabama is currently holding more than $1 billion in unclaimed funds for its citizens.
You’re encouraged to visit the website of the state treasury, treasury.alabama.gov, to search your name, the name of a business you own, or family members. Searching the database is free.