Mar 5, 2026
Discovering money has been sitting in an old account that you forgot about would be a welcome surprise for anyone, especially if it were thousands of dollars. That much money could pay off bills, kickstart a savings account or pay for a surprise vacation.
That’s what happened to Massachusetts couple Meryl Goldsmith and Scott Penoyer, who were alerted by the state that Penoyer had about $11,500 sitting in an old Morgan Stanley account, according to CBS Boston (1). All they had to do was file a claim.
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Seems quick and easy, right? The couple found out otherwise.
Barriers to their own cash
After Goldsmith and Penoyer filled out the necessary paperwork, it turns out the state needed the account certified by the bank before the funds could be released.
“They need Morgan Stanley basically to fill out the rest of this form and that’s where it just kind of falls,” Penoyer told the broadcaster.
Instead of getting the sign-off they needed, what followed was months of the bank dragging their feet, which prompted the couple to call CBS Boston, hoping the news outlet would push Morgan Stanley to do its part. It worked — after nearly a year, the couple finally got access to the long-lost cash. And they planned to enjoy it.
“We’re putting some of the money away, but we’re doing something a little crazy, and we’re going out to Vegas to see the Eagles,” Goldsmith said.
Despite the couple’s long battle to get their money, the state insists the recovery program itself is doing just fine.
“We can always do better, but we’re one of the highest returned states in the nation,” Mark Bracken, director of Massachusetts’s Unclaimed Property Division, told CBS Boston. “Last year, we paid out just over 130,000 claims, around 80,000 of them were fast-tracked and paid online without anyone ever having to fill out paperwork.”
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The state says it’s holding over $3 billion in unclaimed property, which may include forgotten bank accounts, tax refunds and uncashed checks.
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What happens to forgotten accounts?
About 1 in 7 Americans — 33 million people — had unclaimed property held by states worth $70 billion, CNBC reported in 2023, citing data from the National Association of Unclaimed Property Administrators (NAUPA) (2). States hold most unclaimed funds, and each one has an office dedicated to unclaimed property. Programs facilitating the recovery of these lost assets may vary by state.
It can take years before an account is considered abandoned after a period of inactivity. Generally an institution will attempt to reach out to the owner to alert them of the account’s dormancy. But, for example, if someone has moved around without leaving a forwarding address, they may not receive any notice, and after a period of time the account may be transferred to the state for safekeeping under a process called “escheatment.”
Forgotten bank and investment accounts aren’t the only place you can find abandoned funds. Unclaimed money can be found through life insurance payouts with unaware beneficiaries, abandoned safe-deposit boxes and payroll checks from previous employers.
How to track down unclaimed funds
Unclaimed money is not uncommon, which is why states have departments dedicated to lost assets. But getting that money back can be a challenge and require some patience, which is especially true if you are an heir to funds unclaimed (6) by a deceased loved one.
The NAUPA has a page with links to every state’s unclaimed property office (3). If you suspect you may have unclaimed funds out there, be sure to check each state where you have lived, worked or opened an account. Be prepared to provide proof of identification.
If you don’t want the hassle of having to search for long-lost accounts, make sure to check and update your records yearly, and make sure your contact and address information is up to date should an institution need to notify you. Also, keep an eye on your pay stubs, and make sure you receive every paycheck — sometimes ex-employees forget to pick up their last one.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
CBS Boston (1); CNBC (2); National Association of Unclaimed Property Administrators (3)
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Chris Clark is a Kansas City–based freelance contributor for Moneywise, where he writes about the real financial choices facing everyday Americans—from saving for retirement to navigating housing and debt.
