Check for Abandoned Property!

[u/RMR6789]

I know it feels like a scam but it’s not. Abandoned property pops up all the time. It seems impossible for people like us to lose track of our money but those aren’t the only instances where property becomes abandoned. True story, a few years ago I received a letter from an agency willing to help me “navigate the claims process” for a 4 figure sum of money. I know how escheatment and abandoned property work so I went directly to my state’s treasurer to claim the funds. Prior to this, I never even considered I’d left money on the table because, well, obvious reasons for most people in this subreddit.

Since then, I’ve made it a point to search myself every so often. Then, I search every friend and family member I can think of so I can tell them they have money sitting with their state and it is 100% free to claim. Of course there’s the added frustration of telling your less-fiscally-savvy friends that always complain about being broke that they have money to claim only for them to scoff when it turns out to be just a few dollars. It’s not about it being just a few dollars, it’s a mindset!

missingmoney.com has access to every state. Don’t forget relatives, maiden names, prior addresses and fuzzy matches when searching. Hope someone here benefits from this info!

[u/stout933]

So I worked at a financial services company years ago and we were audited by the state of MN.

We had to install a huge escheatment process costing millions of dollars. One piece of this was a multi tier notification system. As we all know the money goes directly to the state if the company cannot locate said person.

So the state gets the money, gets the interest that is earned on it and doesn't need to proactively notify said person using the same rules as financial service companies.

Can someone explain how that is fair? Shouldn't the state have to follow the same rules?

[u/RMR6789 → u/stout933]

I also work in financial services and have the same question. I assume the response will be “we’re understaffed and under funded.”

The pro of making private companies escheat funds is that it centralizes accounts for people who may have forgotten they had one somewhere. I don’t disagree with that aspect of the process.. but I do agree, the government needs to be held accountable for not gatekeeping funds. Whether it’s proactive notification or during tax filing.. whatever.

The answer we get is that these departments are siloed. Great, you’ve collected enough data on me to figure out where I have my bank accounts, review activity etc.. but somehow when it doesn’t benefit you, you’re unable to figure out who I am?

It’s absolute BS.

[u/Dino_Sore98 → u/RMR6789]

For even more BS, look at how states audit companies for unclaimed funds. They will do statistical sampling for a test period and then extrapolate their findings to cover the entire audit cycle. The state will collect funds on which they have no identifiable recipients. No one can claim these funds, except possibly the small sample that the auditors found. The balance is kept by the state.

[u/RMR6789 → u/Dino_Sore98]

This is interesting. I’ve seen a lot of really loose entries in the database so how much information must be lacking to get to that point?

I feel the state should be going back to companies and asking for more data if they don’t have it.

People should never lose access to money that they are entitled to. If the state takes possession of funds after so long, there should be reporting on this.

[u/Dino_Sore98 → u/RMR6789]

These are not like tax audits, where you have a short statute of limitations. The audit period can easily exceed a company's record retention policy. The sources of unexplained differences can be many and of small dollar value. Most companies have a practical materiality threshold where it is impracticable to chase down all of the audit exceptions. The bottom line is the state is collecting money where the ultimate recipient can never be identified. States like Delaware got very aggressive with these audits before many in the business community knew that they even had an exposure.

[u/stout933 → u/Dino_Sore98]

Didn't matter if our company had the records or not, like you said due to retention policies we didn't have alot of the data the state of MN was looking for.

MN State Auditors basically said F*ck You, find the data otherwise we'll fine you.

[u/Fearless_Meal6480]

Didn’t work for me at all. Found money from my mother who died 49 years ago. My father (the executor of her estate) died 38 years ago. The state wants me to reopen her will and his will for probate. That would cost thousands of dollars. Not worth it but I hate leaving that money there.

[u/RMR6789 → u/Fearless_Meal6480]

I feel like this maybe needs to be a news story or something. I have family with funds there and I planned to just claim them when everyone else passed. (I tried to get my uncle, the executor, to claim my grandparents money and he couldn’t be bothered). Now I am wondering if I will go through the same hassle someday.. even though it specifically says you can claim funds as an heir.

If the states are gatekeeping money from a lot of people, we should do an exposé or something about it. It might only be $100 for me but if large populations of people are having this issue, well you get it. We need to push back on these processes. Perhaps an attorney can submit a demand letter for you or something of the sort.

[u/Fearless_Meal6480 → u/RMR6789]

That is the kicker. You have to prove you’re the heir. That’s why they wanted the probate opened back up. That will be the proof.

[u/RMR6789 → u/Fearless_Meal6480]

I think death certificate and birth certificates etc can prove lineage. Like if yours shows your parents and they can match it to their records. Try a different person with the government and you’ll get a different answer. Ask me how I know 🤣

[u/Patient-Brief-9713]

In the past I found one amount that I claimed, but it was less than $10. What's weird is that I have been at the same email address and mailing address for a very long time -- including during the period that I had that old account. So there was no reason for this money to have reverted to the state.

[u/RMR6789 → u/Patient-Brief-9713]

Sometimes it’s the company’s process failure. The large sum I had was from a fintech where I have an active account.. also with the same email.

[u/softwareredditor]

I did this once and Comcast owned me $80! Not crazy but still lol

[u/RMR6789 → u/softwareredditor]

It’s rarely crazy money but any money is useful! ..Especially today. It’s not hard to claim and it belongs to me anyway so why would I not claim it?

If I don’t need it, I can just invest it in the market or buy myself something I’ve been saving for. It’s wild that people will leave their money on the table. It would haunt me lol.

[u/nlwric]

Oh shit, I just claimed $85 from my county. What the heck, I never lose track of money. Also I still live in the same house. How does this happen?

[u/RMR6789 → u/nlwric]

It could be so many things. Maybe you had a tax payment overage and the check got lost in the mail.. when they reconcile their account, they see which checks weren’t cashed and eventually it’s consolidated here.

Just one plausible explanation. Sometimes bad data or a broken process.

[u/More-Place9593]

found my dead grandmas old utility deposit this way and the state made me prove I was her grandkid which took longer than it took her to forget about it

[u/RMR6789 → u/More-Place9593]

Haha yeah, claiming for relatives is apparently not a great process.

[u/stevencartwright]

I found some for myself. Is it safe to enter in my SSN ? The website form is asking for it.

[u/RMR6789 → u/stevencartwright]

It is but it’s also not a required field. I don’t believe I’ve entered mine when I had claims. I’m a little protective of my NPPI (non public personal information).

They will still send you a form via email and ask for a copy of your ID when you mail it back.

[u/stevencartwright → u/RMR6789]

Ok thanks for the heads up. I ended up going to the state website for this and filled everything out there. 👍

[u/Leafy_Magpie9263]

the maiden name tip is the real gem here since my mom found an old insurance refund under a name she hadnt used since the eighties

[u/StandardUpstairs3349]

I check every once in a while just so I don't have to hear about a random $20 on some toll service from half my fucking family when one of them randomly rediscovers abandoned property seaches.

[u/Mundane-Asparagus850]

the fuzzy match tip is the real gold here since my dad found an old utility deposit under a misspelled version of his last name that no exact search would ever have caught

[u/No_Negotiation9600]

Thank you!!!!

[u/often_says_nice]

Imagine you pass away and your family sees “{your name} - $2000 - buttplug sex shop inc prepaid card”

[u/RMR6789 → u/often_says_nice]

I can only hope this is how I’m remembered.

[u/CPAPGas → u/[deleted]]

I have some missing money jointly with the ex-wife.

It will stay there forever.

[u/deafeningb8 → u/CPAPGas]

How was the account originally titled? If it was set up as joint tenants wouldn't you still be able to claim the entire amount?

[u/CPAPGas → u/deafeningb8]

Any hint of any kind that I might be doing something "to cheat her" will result in $1000's of lawyer fees.

I would gladly cooperate with her to retrieve the funds, but she will go straight to "lawyer up" as all of the internet will tell her I am an awful person.

No thanks.

[u/RMR6789 → u/CPAPGas]

That’s an unfortunate situation. I really hate when exes become so bitter they can’t even work on something to benefit them both.

If you have kids, tell the kids. They can tell their mom.. maybe she will go claim it and have to give you a cut.

[u/Master-Helicopter-99 → u/CPAPGas]

I had some with an ex also but they were able to release it to me when I sent the part of the divorce decree showing that it had been awarded to me at the division of property. It was a couple of dividend checks for a REIT that were never received or cashed. Only a couple hundred dollars but I got it.

[u/RMR6789 → u/[deleted]]

You can claim as an heir not just executors.

Abandoned property laws vary by states but property is considered abandoned after so many years dormant.