How Does Money Become Unclaimed?
Let us fill you in on the details...
This usually happens when something you own is lost after a person moves or closes an account.
For example, let’s say you were moving into a new home. During your move, you decide to change banks because your new residence doesn’t have a lot of those branded banks nearby. So you close out your account and the bank will try to send you a check with whatever was left in the account.
Since you’ve moved, if you never set up a new forwarding address or gave them your new address, that money gets labeled as ‘unclaimed’ after a year. That money is then transferred to the state and kept safe and sound until the owner claims it.
