FAQs (Michigan Unclaimed Property) (Visit this site)

Michigan Unclaimed Property Frequently Asked Questions (FAQs)

Does a customer have to go to the bank or other business every year to keep the account from becoming dormant?

If an owner just lets his or her account "sit" and accumulate interest or dividends, is it considered active?

Must a claimant pay a fee to get his or her money back?

What should a person do if his or her name appears on a list of unclaimed property?

Will the State return an owner's money after it has been remitted?

What happens to money that is never claimed by the owner?

Should an owner hire a fee finder or heir finder?

Who administers the law?

Why does Michigan have an Unclaimed Property Law?

Does the State simply go in and take the money?

Why do companies, banks and financial institutions have to turn over unclaimed funds to the State Treasurer?

Can a holder reimburse a customer or reactivate a customer's account?

Are holders obligated to report and remit unclaimed property to other states?

How do I contact the Unclaimed Property Division?

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Added: Sun Jul 30 2006

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