WEST SPRINGFIELD, Mass. (WWLP) — Here in Massachusetts there’s currently billions of dollars worth of unclaimed property that residents may be unaware of. 22News is Working for You on what leads to an unclaimed property build-up and how to find out if you have any unclaimed funds.
Massachusetts residents may be in for a welcome surprise; according to the State Treasurer’s Unclaimed Property Division, there’s over $3 billion in unclaimed funds available for residents and businesses of the Commonwealth.
“Unclaimed property is our financial instruments that are inactive for three years,” explained Reggie Steele, the Lead Investigator for the Unclaimed Property Division of the MA State Treasury.
Unclaimed property includes:
- Checking and Savings Accounts
- Unpaid wages
- Life Insurance Policies
- Uncashed checks
- Safe Deposit Boxes
- Uncashed dividends
They become unclaimed when they are without activity for a certain period of time. The State Treasury Office has set up an online service to make the search for those unclaimed funds simple and convenient. You can also stop by the Massachusetts building at the Big E to visit their booth.
“You can search on our website and if something is found a claim form is emailed to you, and then depending on what the financial instrument is or the circumstance is, it can be very straight forward,” added Steele.
So far this year one resident made a $130,000 claim! Unclaimed property laws were created here in the U.S. in an effort to protect consumers. The state holds on to the funds until the rightful owner or their heirs come forward to claim.
To see if you have any unclaimed funds head over to findmassmoney.gov.