Frequently Asked Questions

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Unclaimed money refers to financial assets such as bank accounts, insurance policies, wages, tax refunds, and other types of funds that have been left inactive or unclaimed by their rightful owners for a specific period, often years. These funds are considered "unclaimed" after the holder (a financial institution, employer, or business) loses contact with the owner. 

• You forget or lose track of an old bank account.
• A business or employer loses contact with you.
• You fail to cash a check or claim a refund.
• Inheritances go unclaimed or property goes unnoticed.

These funds are eventually handed over to the state's unclaimed property office after a period of dormancy, usually 1-5 years, depending on the state and type of asset. 

The state takes custody of unclaimed money to safeguard it for the rightful owner and ensure it does not become abandoned. The money remains in a state-run system where it can be returned to the rightful claimant upon request. States have unclaimed property laws to protect individuals and businesses and to hold funds until they are claimed. 

The length of time it takes to retrieve unclaimed money can vary. It may take a few weeks to several months, depending on the complexity of the claim, the state’s processing time, and whether additional documentation is needed. Happy Found Money makes this process as quick and as smooth as possible because we experts in our field!

Each state has millions of dollars in unclaimed property. The total amount varies by state, but collectively, states across the U.S. hold billions of dollars in unclaimed funds. Some states also report annual increases as people continue to forget about assets or lose contact with financial institutions. 

 If you do not claim your unclaimed property, it remains with the state until it is claimed or, in some cases, is transferred to the state’s general fund after a set number of years. 

The taxability of unclaimed money varies depending on the nature of the property. For example, unclaimed wages or bonuses may be taxable as income, while unclaimed life insurance proceeds might not be taxable. It’s recommended to consult a tax professional if you're unsure about the tax implications of your claim.