Linda talks with Consumer Advocate Bethy Hardeman
Stop looking in your couch cushions or under the driver’s seat for spare change. You could have hundreds of dollars owed to you sitting with the state! States hold more than $40 billion in unclaimed money, according to the National Association of Unclaimed Property Administrators.
If a company owes you money, it may be turned over to the state to hold onto as unclaimed money. This can happen for a few reasons, including no activity on an account for a certain period, or if a business hasn’t been able to return money to someone. Unclaimed money laws help to make sure consumers’ money is returned to them. The laws generally require businesses to hand over unclaimed money to states for safe-keeping.
Common examples of unclaimed money include:
An uncashed check or uncollected rebate
A paycheck, stock or dividends sent to the wrong address
Money left in an old bank account
An unclaimed inheritance or unclaimed money owed to a deceased family member