1 In 10 MA Residents Could Benefit From Unclaimed Property: Treasury

MASSACHUSETTS — One in 10 Massachusetts residents has unclaimed money, and the Treasury is holding $3.4 billion in unclaimed property. Over the last five years, the Treasury has doled out more than $735 million to residents who submitted claims.

Tuesday is National Unclaimed Property Day, and state officials are encouraging residents to find out if they have unclaimed funds.

“I received a notification by mail that I had unclaimed property from another state that was handed off to Massachusetts,” a resident referred to as "Grant" said in a statement from State Treasurer Deborah B. Goldberg. “The past few years have been tough on everyone financially, so having extra money to put in my savings really helped me.”

Goldberg and the National Association of Unclaimed Property Administrators urged all citizens to check the comprehensive list for all amounts through Find Mass Money's website. You can also call 888-344-MASS (6277).

“Take a minute on Unclaimed Property Day to check your name like Grant did,” Goldberg said in a statement. “Our team is prepared and ready to walk you through the claims process and reunite you with your property.”

Unclaimed property includes forgotten savings and checking accounts, un-cashed checks, insurance policy proceeds, stocks, dividends, and the contents of unattended safe deposit boxes.

Most accounts are considered abandoned and are turned over to the state after three years of inactivity. The Treasury processed over 151,000 claims and returned over $176 million in cash and securities to its rightful owners last year, according to a statement.

There is no time limit to claim this property and claimants will receive interest in many cases.

Submitting a claim is always free. The state has warned about the rise of unclaimed fund scams, with con artists sending fake documents to residents.

Official unclaimed property notices will never direct owners to pay processing fees, tax payments, or other fees for searching for unclaimed property or filing a claim.

Go to the Treasury's website for more information on finding unclaimed property and submitting a claim.