Forgotten cash worth $70 billion remains unclaimed — most Americans aren't even aware of it

Unclaimed cash is always a surprising and welcome discovery for most. It could either be money from an old paycheck, forgotten bank accounts, insurance refunds, or utility deposits. Recently, American Fund Recovery, a national asset-recovery firm, revealed that there is roughly $70 billion in unclaimed cash and financial property in the United States, which is waiting to be claimed by its rightful owners. What's unexpected is that many Americans are not even aware that this money exists—or that they can legally claim it.

Such unclaimed money often comes to light when organizations fail to deliver it to the rightful owners. As reported by Newsweek, such funds can be left behind when someone relocates without updating their contact details, changes their name, closes an account, or passes away without family members realizing that certain assets exist. However, when financial accounts sit unused for a long time, it doesn’t simply disappear. The money, uncashed checks, insurance benefits, refunds, dividends, and more are eventually transferred to state custody. As per the law, states are then required to protect it until the rightful owners step in to reclaim it.

Currently, several states have ramped up their efforts to reconnect people with money that belongs to them. For instance, in Maine, it was reported that officials distributed unclaimed funds to roughly 1,900 rightful owners in December last year, with the largest individual check issued totaling $120,542. The state is holding nearly $395 million in unclaimed funds and has officially named February 2 through February 8 as 'Unclaimed Property Week.' It is an initiative that was announced by Governor Janet Mills. Similarly, in Colorado, the state Treasury Department teamed up with the Great Colorado Payback program to host an open house, putting unclaimed property on public display.

Michigan officials have also encouraged people to go through the state databases to check whether they may be entitled to any forgotten or unclaimed property. Terry Stanton, who monitors Michigan’s Unclaimed Property Program, said, "Even if you’ve checked recently, visit our website again—our database is updated multiple times throughout the year." Furthermore, Maryland residents can use the Kelmar Abandoned Property System, or KAPS, to look through the unclaimed property claims. It lets users upload required documents, track their claim progress, and review details at any time.

As reported by WUSA9, the governor of Maryland said, “Helping Marylanders reunite with their unclaimed property is part of our work to be more accountable in government. The process to reclaim property is free of charge—I encourage all Marylanders to check for unclaimed property.” So, if you wish to find out if money is waiting for you, start by searching your state’s unclaimed property office. Also, if you’ve lived in other states in the past, make sure to check those databases as well. Apart from the official government websites, you can also use MissingMoney.com, which is a free website.

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