Abandoned or Unclaimed Property is money or intangible property owed to an individual or business. Property is considered unclaimed after it is held for a period of time with no owner contact, and a good faith effort has been made to locate the owner. Most property consists of dormant accounts or uncashed checks. However, property also includes all assets held on behalf of a “lost” owner. Some common property types include:
* Wages and Commission checks
* Vendor checks
* Unclaimed refund checks
* Deposits
* Securities and dividends
* Insurance policies
* Mining royalties
* Bank accounts
* Customer credits
* Retirement accounts
* Employee benefits
* Cash rebates
* Money orders and traveler’s checks
Some states do not require reporting of some property types, like gift cards or merchandise return cards, so it is important to research the state’s statutes on the types of property required for reporting. State dormancy periods range from 3 – 5 years for most property types, and 1 year for salaries/wages