You’ve seen it on the news: a common citizen is surprised by a check that someone, somewhere, owed him. In recent years, unclaimed property has become a hot topic with websites popping up to help you find money you didn’t even know you had. Unfortunately, some of these websites charge a fee to find your money. The good news is that you don’t have to pay someone else to search for unclaimed property; you can do it yourself. Here’s everything you need to know about unclaimed property in Tennessee and how to claim it.
Not a resident of Tennessee? Scroll to the bottom of the article for information on how to find unclaimed property across the United States.
What is unclaimed property?
Unclaimed property is not physical property. Instead, they are assets like cash, stocks, or bonds that have been abandoned. Examples of this include a paycheck that you never collected, a forgotten bank account, a refund of a deposit, or unpaid insurance benefits.
If, after a certain period of time, a company cannot locate you to give you your money, state law requires that company to turn over the asset to the Unclaimed Property Division. This government office looks for the rightful owner while holding the asset for safekeeping until it is claimed.
Your property will never “expire.” There is no time limit for claiming an asset, and in fact, a legal heir can even claim the property after your death.
How to see if you have unclaimed property
If you are or have been a resident of Tennessee, the state Department of the Treasury operates a website for its Division of Unclaimed Property. Just enter your information in your search form. If you find unclaimed property that you own, you will begin the claim process.
Once you find your name in the system, you can start the claim process online. From there, you will be asked to submit a signed and notarized form, along with proof of your identity. You may be asked for a copy of your photo ID, your Social Security number, proof of a previous address, or proof of ownership of the property.
If you’ve ever lived, worked, or done business in another state, you’ll need to check with each one to see if you might have unclaimed property there. The National Association of Unclaimed Property Managers has a website that provides links to Unclaimed Property Divisions for each state, as well as for some provinces in Canada. Its sister site, MissingMoney.com, allows you to search in multiple states at the same time.
