Do I Have Unclaimed Money in Minnesota?

Across the United States, billions of dollars in forgotten funds and property are held by state governments, a phenomenon known as unclaimed property. For residents and businesses in Minnesota, this means there might be assets rightfully belonging to them that are currently under the stewardship of the state. It is a common occurrence for financial assets to become separated from their owners for various reasons. This article aims to guide you through the process of identifying and reclaiming any unclaimed property you might have in Minnesota.

Understanding Unclaimed Property in Minnesota

Unclaimed property refers to financial assets that have become dormant or inactive for a legally defined period, and for which the rightful owner cannot be located. These assets are held by the state as a protective measure until the owner or their heirs come forward. The Minnesota Department of Commerce, specifically its Unclaimed Property Division, serves as the custodian for these assets.

Common examples of unclaimed property in Minnesota include dormant bank accounts, uncashed payroll checks, and forgotten utility deposits. Other types of assets frequently found include uncashed insurance policy proceeds, the contents of safe deposit boxes, stock dividends, and various forgotten refunds. These assets typically become unclaimed due to events such as a change of address, uncashed checks that are overlooked, or accounts simply being forgotten over time.

The Department of Commerce safeguards these assets and facilitates their return to rightful owners. They maintain a database of unclaimed properties reported by businesses and organizations across the state, ensuring property remains secure until a claim is established.

How to Search for Unclaimed Property

The initial step in finding potential unclaimed property involves utilizing the official search portal provided by the Minnesota Department of Commerce. This online tool allows individuals to search the state’s database for any reported assets. This portal is typically accessible directly through the Department of Commerce’s website.

When conducting a search, you will need to provide specific identifying information to narrow results. This includes your full name, any previous names such as a maiden name, and past or current addresses. If you are searching for a business, the business name will be required.

To maximize the effectiveness of your search, consider trying various spellings of names, including middle initials, and searching under all previous addresses where you may have resided. It is also beneficial to search for deceased family members, as their unclaimed assets may be claimable by their heirs. The search process is free of charge and publicly accessible.

Steps to Claim Your Unclaimed Property

Once you have identified a potential match for unclaimed property through the search portal, the next phase involves initiating and substantiating your claim. This begins by selecting the specific property listing and completing an online claim form directly through the Minnesota Department of Commerce website. Alternatively, you may download a claim form.

To substantiate your claim, you will need to provide specific documentation that verifies your identity and connection to the property. This includes proof of identity, such as a government-issued identification card. You will also need to provide proof of your current address, such as a utility bill or driver’s license, and potentially proof of past addresses if the property is linked to an older residence.

For claims involving property of another individual, such as a deceased family member, additional documentation demonstrating your relationship and right to the property will be required. This might include a birth certificate, marriage certificate, death certificate, or relevant probate documents for estate claims. Once all necessary forms are completed and supporting documents are gathered, they can be submitted through an online portal or by mailing physical copies to the Minnesota Department of Commerce. After submission, claims undergo a review process, which can vary in duration, taking several weeks to a few months.