By John Kriz
Technically, it’s not free money—it’s already yours.
The money in question is unclaimed property. For various reasons, funds owed to individuals often fail to reach them or are simply forgotten. How does this happen? Common examples include forgotten savings accounts, refund checks that were never received or cashed, or other financial oversights.
This unclaimed property becomes categorized as “abandoned” after a specific dormancy period, typically a few years, during which no activity occurs. Despite required attempts by the bank or company to contact the owner, the property is ultimately turned over to the state for safekeeping.
What Counts as Unclaimed Property?
Examples of unclaimed property include bank deposits, contents of safety deposit boxes, uncashed checks, security deposits, traveler’s checks, customer overpayments, unredeemed gift certificates, insurance claims, and mineral royalty payments.
Each year, states return billions of dollars in unclaimed property to rightful owners. Individual claims can range from a few dollars to tens of thousands. It pays to check!
How to Find Your Unclaimed Property
States act as custodians for unclaimed property but do not assume ownership. In Connecticut, the state treasurer’s office handles this process. Their website, www.ctbiglist.gov, allows residents to search for unclaimed property at no cost.
The www.unclaimed.org website, operated by the National Association of Unclaimed Property Administrators, offers a broader search, covering all U.S. states and territories, as well as some Canadian provinces. These sites provide detailed claim instructions and other useful information.
On the Connecticut site, property valued at $100 or less is listed with its specific amount. For amounts over $100, the listing states “Over $100.” A quick search using “New Canaan” as the last name or business name and “06840” as the zip code yielded 34 pages of results, including local businesses, town entities, clubs, schools, associations, and charities.
Tips for a Successful Search
Be creative when conducting your searches. Errors in spelling or formatting often cause funds to go unclaimed. For example, “Scenic View Drive” might appear as “Scenicview Drive,” or “School” could be abbreviated as “Sch.” Variations in personal names are common too: Jane Smith could be listed as “Smith Jane,” “Jane M. Smith,” or even “J. Smith.”
If your name is Gwendolyn, try variations like “Gwen” or “G.” Similarly, William might appear as “Will,” “Willy,” “Bill,” or “Billy.” Check maiden names, nicknames, and all addresses, towns, and states you’ve lived in, as some unclaimed property records date back decades.
For businesses, search multiple variations of the name. For example, if the business is “Acme Tools LLC,” try “Acme Tools,” “Tools Acme,” or simply “Acme.”
Deceased individuals often have unclaimed property, so search under “Estate of Jane Smith” or similar phrases. Property might also be associated with trusts, such as “Jane Smith Trust” or “Jane Smith Revocable Trust.”
Finally, don’t assume all results are listed alphabetically. Review every page of search results to ensure nothing is missed.
Good Luck!
John J. Kriz is a 30+ year resident of New Canaan. The views expressed are his own.
