Nearly 33 million people in the U.S. – roughly 1 in every 7- is owed unclaimed property. For Alabamians, that represents some $1 billion in unclaimed assets.
Unclaimed property includes financial accounts or items of value in which the owner has not initiated any activity for a number of years. The money or property will eventually be turned over to the state if the company holding the items or money can’t locate the owner.
According to the Alabama Office of State Treasurer, common examples include unpaid life insurance benefits, payroll, forgotten bank accounts and account deposits from utility companies.
State Treasurer Young Boozer said he recommends people check the unclaimed website once a year on their birthday.
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“That’s an easy way to remember, and we might just be holding a present for you in the way of unclaimed property funds,” Boozer said.
It is free to check if you have unclaimed property and if you do, it will be returned free of charge. You can go to treasury.alabama.gov to search by their name, name of a business they own or family members. Every search is free.
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