Arizona just returned a whopping $88M to Americans who forgot they had money — here’s how to claim the missing funds your state owes you

What is unclaimed property?

Unclaimed property as defined by state treasuries includes old bank accounts, uncashed paychecks, tax refunds, credit balances, rebates, returned deposits and dormant safe deposit boxes. Even refunded security deposits and unused gift certificates qualify.

If it sounds odd that anyone would leave such assets behind, think of all the life events that can get in the way. Moving in particular raises a host of possibilities, from unforwarded mail to boxes of important paperwork lost between the old and new addresses. And while it’s hard to imagine anyone forgetting a paycheck, it happens when employers make a final payout and the departed employee has no idea it exists.

It takes a dormancy period of three to five years for property to go from inactive to abandoned, with each state setting its own guidelines. Approximately 1 in 7 people have unclaimed cash or abandoned property, according to the non-profit National Association of Unclaimed Property Distributors. That breaks down to $70 billion in state treasuries with an average of $2,080 per claim and $5 billion returned annually.

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Finding two grand in a lost HSA

Writing on her blog, Lauren (Kitty) Torres admitted how much she hates articles about quick-and-easy money. Then she traveled the unclaimed property route and tracked down $1,926.95 in just minutes.

When Torres checked online, she found a health savings account (HSA) she abandoned from "my first-ever Big Girl corporate job." She never noticed the $50-a-week contributions that accumulated over several years because she forgot to sign up for the HSA during the avalanche of paperwork during her first week on the job.

Once she uploaded the proper documents to her state’s online portal, a check appeared about a week later. “Sometimes,” Torres wrote, “disorganization can be a superpower.”

Maybe it’s one that you possess, too. Regardless, is an equal or even greater portion of all that unclaimed booty yours?

From unclaimed to gained

You can pursue two avenues to locate unclaimed property. One is to visit the website of your state treasurer’s office, though some states are more thorough than others. Georgia recently made headlines for all the red tape that separated claimants from their property.

Contrast that with Illinois, where State Treasurer Michael W. Frerichs has done a commendable job encouraging people to pursue claims through his creative email newsletters. A process that once ate up 8-12 weeks now takes a fraction of that, and the state has returned $2 billion and counting since Frerichs took office in 2015. The amount includes a state-record $301 million in fiscal year 2024 alone returned to nearly 352,000 people.

On visiting a state website, you’ll be asked to enter your first and last name and if your search turns up something, you can request an email to continue the process. You’ll be asked to fill in a claim form and supply ID such as a driver's license or Social Security card. (Note: always ensure the site is official; look for the .org suffix in the URL.)

The National Association of State Treasurers’ free and secure portal, Missing Money, allows you to search several states simultaneously. You can also search on behalf of family members.