Each year, Michigan residents lose out on money that is legally theirs: unclaimed property, the state of Michigan calls it.
But there is a way you can track down that money, which sometimes totals thousands of dollars or more, through the state’s unclaimed property website.
“The Michigan Department of Treasury has millions of dollars worth of lost or forgotten assets from dormant bank accounts, uncashed checks, valuables left in safe deposit boxes, and stock certificates,” the Department of Treasury said on its website.
“Because these properties were considered abandoned and unclaimed by the bank or company entrusted with them, they are turned over to the state, as required by law. Treasury is the custodian of these assets and returns them to their owners (or the owners’ heirs) when they are rightfully claimed,” the Treasury says.
Officials say they have returned more than $675 million in property over the past five years.
Here’s what to know about claiming your forgotten funds.
What does the state consider unclaimed property?
Unclaimed property consists of abandoned financial assets, such as checking and savings accounts, unpaid wages, securities, life insurance payouts, uncashed checks, and the contents and/or proceeds of safe deposit boxes that are without activity for a certain period of time. It does not include real estate, the Treasury said.
When do banks, businesses send money to the state?
Uncashed payroll checks must be turned over to the state after one year; most other property types, such as vendor checks and accounts receivable credit balances, must be turned over after three years. Government entities must turn over all unclaimed property, regardless of property type, after one year.
The organization holding the potential unclaimed property must make every effort to contact the owner and establish activity through an online login, written correspondence, a withdrawal or deposit, or an update to personal information, the Treasury said.
If attempts don’t produce activity, the asset is reported to the state of the owner’s last known address. The state will maintain custody of the property in perpetuity until the rightful owner or heirs come forward to claim.
How can I find out if I have unclaimed property?
The Treasury maintains a searchable database of unclaimed property.
All you need to begin a search is a last name. You can add a location, such as a city or ZIP code, to narrow the search, as well as a first name.
How do I get my property?
Once you find property you think may belong to you, you must file a claim.
You will need to provide additional documents once the claim is submitted.
Who can claim funds?
The original owner(s) as reported to the Department of Treasury by the company holding the funds. If the owner is deceased:
How do I contact Michigan Unclaimed Property?
If contacting the Treasury by mail:
If shipping via courier, use the following:
By Phone:
How will I know the claim has been processed?
Once you have submitted a claim, you can check the status online.
This article originally appeared on Lansing State Journal: The state may have your money. How to get unclaimed property in Michigan
Reporting by Dan Basso, Lansing State Journal / Lansing State Journal
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