Do You Have Unclaimed Savings? Here's How to Get Your Money Back

It can be easy to lose track of bank accounts over time. Maybe you had an account in high school or college that you didn’t keep track of. Perhaps you relocated, set up new accounts and overlooked a transfer when you were busy with the move. It could be that someone set up an account for you, and you forgot about it. 

Here’s what to know about how to find unclaimed money and how to get it returned to you.

When you’re reviewing your finances, be sure to take a look at your insurance coverage. Having the right protection for your home, auto, life and more is an important part of your overall financial health. Talk to Farm Bureau for advice.

How Accounts Become “Unclaimed”

Accounts become unclaimed when you don’t use them. If you don’t have any activity on an account for a period of time, the account first becomes dormant. That timeframe could be three to five years, depending on your state laws and the bank’s policies.

Your bank has to try to contact you to let you know your account is dormant. But you might not get their letters or emails, especially if you’ve moved or they get filtered to your spam folder.

Eventually, your money is considered unclaimed, and it gets transferred to your state. But the state doesn’t take it. They hold it for you.

There’s a Lot of Unclaimed Money Out There

About one out of every seven Americans have unclaimed savings accounts or other property. Unclaimed property can be worth anything from less than $10 to more than $1 million, and the median claim is worth about $100.

In 2023, states returned over $5 billion in unclaimed funds. And billions more still haven’t been claimed.

How to Find Unclaimed Money

You can see if there’s unclaimed money in your name at unclaimed.org, a site managed by the National Association of Unclaimed Property Administrators. Scroll down to find a map, where you can select your state or certain Canadian provinces. It’s free to find and claim your money.

How to Claim Your Money

If you find a match during your search, you can start the process of getting your money back. What you need to do can vary depending on your state, but it typically follows these steps:

1. Start the claim: You can usually do this online, when you find the unclaimed money.
2. Prove that you’re the owner: You’ll need to provide requested identification, like a passport or driver’s license, and documentation, like your Social Security number, if it’s linked to the account.
3. Wait for verification: Your state will check that you’re the owner and process your claim. The timeframe varies by state. 
4. Get your money: Your state will send you a check for the money that belongs to you.

Talk to a Financial Advisor

Unclaimed money is just a small part of your financial picture. Reach out to Farm Bureau for advice and guidance on managing your investments and making sure you have the insurance protection you need. Find a financial advisor and schedule a consultation today.