Moved to a new city and forgot to close an old checking account? Left $200 in a savings account at a bank that got acquired? You're not alone. Forgotten bank accounts are the single largest source of unclaimed property in the United States.
Where your forgotten money goes
After a bank account sits dormant for 3-5 years (depending on the state), the bank is legally required to turn the funds over to the state treasury. This process is called "escheatment." The money doesn't disappear — it gets held by your state's unclaimed property office until you claim it.
The good news: there's no time limit to claim it. Most states hold unclaimed property indefinitely.
Common sources of forgotten bank money
- Old checking/savings accounts from banks you stopped using
- CDs that matured and were never rolled over or cashed out
- Safe deposit box contents from accounts closed by the bank
- Cashier's checks and money orders that were never cashed
- Accounts at banks that merged or closed — your account transferred to the acquiring bank, but you may never have been notified
Step-by-step: How to search
Step 1: Search your current state
Go to your state's unclaimed property website (search "[state name] unclaimed property") and look up your name. Most states let you search and file a claim online for free.
Step 2: Search every state you've lived in
Unclaimed property is held by the state where your last known address was. If you've lived in multiple states, search each one.
Step 3: Search under all name variations
Try maiden names, former names, nicknames, middle names, and common misspellings. Banks often have slight variations of your name on file.
Step 4: Check for deceased relatives
Next of kin can claim unclaimed property from deceased family members. Search under parents' and grandparents' names — you may be surprised what turns up.
What you'll need to claim
Typically, you'll need a government-issued ID and proof of address. For larger amounts (usually $500+), you may need additional documentation like a Social Security card or proof of the account relationship. For deceased relatives, you'll need death certificates and proof of heirship.
Watch out for paid finder services
Some companies will "find" your unclaimed property and charge 10-35% of the value. The searches they run are the same free searches available to you. Save yourself the fee — search directly through state websites.