State Holding Millions in Unclaimed Property; It Could Be Yours

Massachusetts Treasurer Steven Grossman this week said his office’s Unclaimed Property Division returned nearly $84 million in Fiscal Year 2012, a more than10 percent increase over the prior Fiscal Year’s amount of $76 million, and a 42 percent increase from the $59 million returned when he took office in Fiscal Year 2010. 

But that amount is still only a fraction of the money and property that still remains unclaimed by residents.

Grossman urged citizens to check the complete list of all properties held by the Treasury by visiting its website or by calling 888-344-MASS, noting that one in ten people in Massachusetts has unclaimed property in their name.

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

In addition to the enhanced outreach, the Treasury releases an updated list every six months of new unclaimed property accounts over $100 that have been turned over to the Commonwealth. 

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

Most accounts are considered “abandoned” and turned over to the Treasury after three years with no activity. The Commonwealth is presently holding approximately $2 billion in trust until rightful owners can be identified.