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SOME Americans are eligible to receive hundreds, if not thousands of dollars in unclaimed cash.
Residents in this southern state can find out if they’re owed money in one easy step.
Houses and businesses line the streets in the picturesque neighborhood of The Waters on March 13, 2023, in Pike Road, Alabama[/caption]
Stacks of hundred-dollar bills are seen on a bright yellow background[/caption]
Each year, unclaimed or abandoned assets, including cash, stocks, bonds, and insurance benefits, are turned over to Alabama Unclaimed Property.
Financial institutions or businesses that lose contact with owners of these unclaimed or abandoned assets count on the Alabama Treasury to return them to the right person(s).
The Alabama Treasury serves as a custodian of these assets and tries to return them to their rightful owner or their families.
However, not all unclaimed property is immediately returned to its owner or their heirs.
The state’s treasurer, Young Boozer, encourages all Alabama residents, new and old, to search for unclaimed property online.
Residents can also initiate a claim, or check the status of an existing claim.
To search for funds, all residents have to do is enter their name or business name, city, and zip code.
Alabama’s Unclaimed Property program doesn’t just hold cash, stocks, and bonds, either.
It can include rare currency or items from forfeited safety deposit boxes.
One lucky Alabamian may even be owed a Babe Ruth-autographed baseball.
In all, there are over 12 million unclaimed “properties,” mostly consisting of cash, but also including other items, in the state alone.
“This is the coolest program in state government because we get to give people their money back,” Assistant State Treasurer Chad Wright said, as reported by NBC affiliate WVTM-TV.
Amy Templeton, an Alabama resident and the CEO of McWane Center, decided to search her name to see if she was owed anything.
“I’ve never gone on to check. I’ve never looked to see if I had any in Alabama,” Templeton said.
A quick search showed that she was owed three cash claims worth $350.
“A few hundred dollars, well unexpected dollars will be really wonderful,” Templeton said.
While not all residents are aware they’re owed money, Alabama does its best to notify its residents of the unclaimed cash and items.
In addition to searching for your name in the Alabama Unclaimed Property program’s database, the state also sends a postcard to anyone who is owed more than $50.
How many people have unclaimed money in the US?
Most states offer ways to get back missing money.
There is more than $20 billion in unclaimed property in the US.
There was $5.3 billion returned to Americans from July 1, 2022, through June 30, 2023.
The National Association of State Treasurers has organized Missingmoney.com, a site that tracks unclaimed property in many states.
Some states recommend checking the database for your name every few years.
Many people may have money in the unclaimed property office without even knowing it.
However, anyone who is owed less than $50 won’t receive the card, meaning they’ll have to manually look up their name online to find out what they’re owed.
Residents can also call the Alabama Treasury and ask them to run their name.
“People trust that the state is doing the right thing, but in fact, they’re not. They need to know it,” unclaimed property reform advocate Ron Lizzi said.
Lizzi believes that by limiting searches to $50 or more, thousands of smaller claims are going unpaid.
Wright, however, believes the $50 threshold is necessary to avoid complaints from residents.
“I have never had one person call me and say man, I wish you would post smaller amounts so I would have smaller amounts,” Wright said.
Wright said that at one point in time, the unclaimed cash search baseline was only $10.
However, too many residents complained that the minimum payouts were not worth the trouble of filing and keeping up with a claim.
“People didn’t like that,” Wright said.
“We heard from the public who said, well, ‘I went through this process, and I got this check for $21 and I didn’t really think it was worth it,’” Wright added.
However, Wright also encourages all Alabama residents to file a claim.
His office will search for any outstanding payments, no matter how small they are.
“Even if you think you don’t have anything, check your name,” Wright said.
Templeton, who had several unclaimed cash claims, thought she would receive around $350.
She ended up getting $868 from the state, which she told reporters helped pay for her summer beach vacation.
WVTM’s meteorologist Jordan West also found he was owed about $300.
“I’m excited to get any free money,” West said.
“It was kind of a surprise, really. I didn’t know that I was owed money. Usually, you know, you owe money,” he added.
SCORE!
Each year, millions of dollars go unclaimed nationwide in the form of cash, checks, and forgotten property.
Alabama isn’t the only state that has millions waiting to be claimed.
The Oklahoma State Treasury is also known for its “Lost and Found” pot, which has more than $1 billion in unclaimed property and money left behind by locals.
According to unclaimed property experts, there are currently around 33 million people in the US who have unclaimed property, and many of them aren’t even aware of it.
Whether it’s a few dollars or a couple thousand, most recipients are thrilled to discover they’re owed money.
