ORLANDO, Fla. – Here’s what you need to know:
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• A significant amount of unclaimed funds is currently held by state governments.
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• This unclaimed wealth isn’t limited to cash; it includes property as well.
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• Checking for unclaimed money is free, but be cautious of potential scams.
Let’s dive into some staggering statistics.
Throughout the United States, an estimated $70 billion in unclaimed money is waiting to be claimed, largely managed by state governments. In several states, approximately 1 in 7 individuals has unclaimed assets. Just last year, state-run programs returned more than $4.25 billion to their rightful owners. In Florida, these returns amounted to $248 million in 2025 and $426 million in 2024 alone.
Funds can come from a variety of places, including:
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Old bank accounts
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Uncashed paychecks
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Utility deposits
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Insurance payouts
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Refunds
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Stocks or dividends
And it’s not always just money – in some cases, the property part of unclaimed funds can include things like the contents of safe deposit boxes or even real estate.
How does all this money end up with the government?
It doesn’t happen overnight. Most people keep close track of their money, but things still fall through the cracks. People move, change names, lose paperwork, or simply forget about old accounts.
Here’s a real-world example from our newsroom: recently, a co-worker used Florida’s unclaimed property website to claim $800. The money wasn’t from an inheritance or a forgotten paycheck – it was a refund tied to an overcharge from a hospital stay from eight years ago. And in case that math doesn’t feel like it’s mathing, yes, the claim was just made within the last two months.
If a business or financial institution loses contact with an account holder – say you move, change your name, or simply forget about an account – legally, it can’t hold that money forever. After a set period of inactivity, known as a dormancy period (typically between 1 and 5 years, depending on the asset), companies are legally required to turn that property over to the government. And by the way, it’s not just states – the federal government has unclaimed funds as well.
This process is called escheatment.
Once the state (or federal government) becomes the custodian of the asset (again, funds or physical property), it holds the money indefinitely until it’s claimed. The original owner does not lose his or her right to the asset. Governments, however, typically don’t just let the money sit around in a vault somewhere:
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Funds are often deposited into electronic accounts (for example, in Florida, those funds go into the State School Fund to support public schools)
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Some agencies may use or invest the money as part of their general operations
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Once someone comes forward, the state or the feds must pay the money back
What people may not realize
This is not government money.
Governments act as custodians – the money (asset) still belongs to an individual or business. Before property is turned over to a government agency, companies are generally required to attempt to contact the owner. Once the government receives the property, many conduct outreach efforts – but notification requirements and practices vary.
While some outreach happens, many people never realize they have money waiting (and it’s through media campaigns, direct mail, searchable databases and stories like these that people will stop and check). Remember that co-worker I mentioned earlier in the story and his $800? That person was notified by mail by the State of Florida of an unclaimed fund and then went to the website to expedite the claim process.
Assets will go unclaimed for a variety of reasons:
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People move (the most common reason) and/or change their phone number or email address
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Name changes (either through a marriage or divorce)
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People move from one state to another and important mail gets lost or never forwarded
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Small amounts are forgotten about
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Companies simply lose contact
Interestingly – but not always – unclaimed funds are often tied to deceased family members and go uncollected for years.
So, if the money is yours, and a government agency is holding onto it, how do you actually get it back? Let’s find out.
The easiest – and safest – way to look for funds
I recently checked in with Catherine Seat, Communications Director of the National Association of State Treasurers. Here’s the website she recommends consumers should use to start an unclaimed funds search:
For the federal government, start here.
One of the best features of the unclaimed.org site is that if you scroll towards the bottom, you’ll see a map with all 50 states, DC, Puerto Rico, and the U.S. Virgin Islands. Click on any of those state or territory links, and you’ll be taken DIRECTLY to a specific government website for unclaimed funds.
In addition, there are also links for our neighbors to the north: Bank of Canada, Alberta, British Columbia, New Brunswick, and Quebec – all are members of the National Association of State Treasurers.
One of the reasons I’m highlighting this site is to help our readers avoid scams. With billions of dollars sitting unclaimed, it’s no surprise that scammers are trying to cash in, often by creating fake websites or posing as recovery companies.
Don’t fall for it.
Here are a few red flags to watch for:
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Upfront fees – Legitimate state programs will never charge you to search for unclaimed funds. If someone asks for money just to look up your name or release funds, that’s a warning sign.
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Pressure tactics – Be cautious of messages that say you need to act immediately to claim your money. In reality, states hold unclaimed funds indefinitely. There’s no ticking clock.
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Lookalike websites – Some sites are designed to mimic official government pages. Always double-check the web address. The safest option is to use a verified site like unclaimed.org, treasurydirect.gov, or go directly to a state government website ending in “.gov”.
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Requests for sensitive information – While you may need to provide documentation to claim funds, you should not have to enter sensitive personal information just to conduct a basic search.
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“Asset finders” or “heir locators” – Some companies offer to recover funds on your behalf, but they may charge significant fees—sometimes a percentage of what you’re owed. In most cases, you can complete the process yourself for free.
The bottom line: if you have to pay to find your money, or feel pressured to act quickly, it’s likely not legitimate.
Are my funds taxable?
One of the questions raised around the newsroom is “Are unclaimed funds taxable?” The answer: it depends.
Returned funds that aren’t taxable fall into the category of refunds, like utility bills, medical refunds, retail refunds, and security deposits. Bank deposits fall under non-taxable – interest from those deposits, however, is taxable.
Banks and other financial institutions issue 1099s each year – once you’re back on track, don’t ignore those forms that will get sent to you at the beginning of each year (you’ll need to include them when filing your taxes).
Other funds that are taxable: uncashed paychecks, dividends, investment-related earnings, and insurance payouts. Another wrinkle: an asset might have been taxable in the year it was originally issued. Check with a tax professional if you’re unsure about your tax obligations.
One last thing to add: how much can you realistically expect to get back?
One hundred percent of what you’re owed.
Government agencies don’t hold back any percentages or processing fees. What you’re owed is what you’ll get.
Catherine Seat also sent us this breakdown: though it isn’t an average payout or a state-by-state breakout, it is a yearly total of returned funds for the last few fiscal years from the NAUPA annual reports:
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FY2025: $4,252,648,747.39
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FY2024: $4,493,390,785.64
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FY2023: $5,404,074,038.40
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FY2022: $4,020,939,375.39
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FY2021: NO DATA
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FY2020: $2,873,202,054.71
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FY2019: $3,144,585,563.08
Some final notes: don’t expect to get lost funds back quickly. Simple claims may be processed in a few weeks, but more complicated claims – especially those involving deceased relatives, businesses, or large amounts of money – can take much longer.
Depending on the type of claim, consumers may need to provide documentation, including proof of address, photo identification, death certificates, probate records, or tax documents.
Agencies verify claims carefully because they’re handling money and property that legally belong to someone else, and they want to make sure the right person gets paid.
Now that you know how to search safely, what money or property might be out there, and what assets may be subject to taxes, if nothing else, remember this: use official sites only. Never pay up front. And take your time to look in different states and check on your relatives.
If you haven’t checked yet for unclaimed funds, now might be a good time to start.
