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Frequently Asked Questions (Minnesota Unclaimed Property)
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About Unclaimed Property
Every day, someone loses some form of financial property because of a change of address, death, or just plainforgetfulness. What happens to these forgotten funds? The Unclaimed Property Division is responsible for holding the abandoned or unclaimed funds or property until the rightful owner or heir is found. There is a one in 20 chance that you may have $100 or more coming to you from the state's unclaimed property fund and not know it.
What is Unclaimed Property?
Unclaimed property may be in the form of abandoned savings accounts, Certificates of Deposits, safe deposit boxes, uncashed paychecks or other remittances, travelers checks, stocks and bonds, insurance, or uncashed tax refunds. The only tangible property the department receives is the contents of safe deposit boxes.
Facts about Unclaimed Property
In 2004, the Department will try to locate more than 40,000 persons and businesses to claim abandoned property worth $50 million. The Department has received the contents from 559 safe deposit boxes and over 15,000 security related holdings.
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Added: Wed Jun 21 2006
Last Modified: Mon Jul 10 2006
