Local Businesses Have Unclaimed Money Available

The Massachusetts Unclaimed Property Division tracks unclaimed assets to both individuals and businesses. Does your business have unclaimed assets? Find out here.



What is unclaimed property?
Unclaimed property consists of unclaimed financial assets such as checking and savings accounts, unpaid wages, securities, uncashed dividends, life insurance policies, uncashed checks, safe deposit boxes, etc that are without activity for a certain period of time. It does not include real estate or vehicles. Typically assets become unclaimed when the owner cannot be contacted for a three-year period by the holder of the asset, or for fifteen years in the case of traveler's checks.

The financial institution holding the potential unclaimed property makes every effort to contact the owner and establish activity. If these attempts do not produce activity, the asset is reported to the state of the owner’s last known address.

Unclaimed property laws began in the United States as a consumer protection program and they have evolved to protect not only the owners, but their heirs and estates as well. Once property is in the custody of the state and its unclaimed property program, an aggressive outreach effort begins through mailings, social media, advertisements, and local media coverage. The state will maintain custody of the property in perpetuity until the rightful owner or heirs come forward to claim.