Unclaimed Money Michigan | Unclaimed Property Michigan

unclaimed money michigan

Unclaimed Money Michigan Overview

Michigan’s Treasury Department Has Millions Of Dollars In Lost Or Forgotten Assets

Tuesday is National Unclaimed Property Day, which was created to make people aware of money or property that no one has claimed but could belong to them. 

The Michigan Department of Treasury’s has millions of dollars in lost or forgotten assets that includes dormant bank accounts, uncashed checks, valuables left in safe deposit boxes and stock certificates. These properties were all turned over to the state once they were determined to be abandoned as required by law.

The Michigan Department of Treasury is the custodian of these assets and reunites them with their owners — or the owners’ heirs — when they are rightfully claimed.

Anyone interested in finding out if they have cash or property, can check multiple states at www.UCPday.Com or go directly to the Michigan’s Unclaimed Property website, which provides enhanced search options and the ability to upload verifying documentation easily and securely.

A free search can be done using a surname, maiden name, or the name of a business or nonprofit. 

Claimants may also call 517-636-5320 between 9 a.M. And 2 p.M., Monday through Friday.

“I encourage everyone to check to see if they have forgotten or abandoned property,” State Treasurer Rachael Eubanks said in a news release. “Our Unclaimed Property staff are standing by and ready to reunite these assets with their rightful owners or heirs.”

It is estimated nearly 33 million people in the United States – 1 in every 10 – have what the industry calls unclaimed property: financial accounts or items of value where the owner has not initiated any activity for several years. Common examples include unpaid life insurance benefits, forgotten bank accounts, and unused rebate cards.

“We have returned more than $500 million in unclaimed property to rightful owners over the last five years,” said Terry Stanton, manager of Treasury’s Unclaimed Property Program. “Filing a claim is easy, secure and free. We receive new properties every year, so even if you’ve searched in the past, it’s a good idea to make it an annual event. You never know what could be out there until you check.”

For businesses, corporations, nonprofits, public entities and other organizations holding unclaimed or abandoned property, instructions on how to prepare and easily submit your report and remittance online can be found on Michigan’s Unclaimed Property website as well.

To increase awareness of lost or abandoned personal assets, the National Association of Unclaimed Property Administrators declared the first National Unclaimed Property Day on Feb. 1, 2021.

For more information about other services provided by the state Treasury Department, go to michigan.Gov/treasury or follow @MITreasury on Twitter.

How To Track Down Unclaimed Money In Every State

GREER, S.C. (WSPA) – Right now, in South Carolina, $750 million worth of unclaimed property is waiting for thousands of rightful owners to come forward.

When Anna Sanders in Greer was between jobs this summer, she was wondering how she would pay the bills.

“I really didn’t have much, I was just trying to make ends meet and get the bills paid,” said Sanders.

But she says she never imagined she would have to do little to no work at all to make up her lost income, until her boyfriend encouraged her to search missingmoney.Com.

“And I was like I don’t think I have any money because there’s no way I left money somewhere, I’d take it with me. So I tried and my name came up,” said Sanders.

She had two claims in fact, one for $364 in South Carolina for an overpaid car loan, and the other in her home state of Michigan for $225.

“That was for a payroll check I never picked up. It must have been my last check or something which I can’t see myself doing that either, that was like 20 years ago. It was sitting there for a long time,” said Sanders.

It may have been sitting, but Treasurer Curtis Loftis said all of the hundreds of millions in unclaimed property in the state is invested, so the money is working for taxpayers as it waits to be claimed.

Meanwhile, Loftis said he’s aggressive about making sure companies that hold onto missing money turn it over to the state according to the timeline set out by law.

“We’ve been very active in going around the country and either litigating or auditing, whatever it takes, to bring money home. We brought back $75 million from one life insurance company. They were old policies and they kind of held onto them because they thought, ‘Well they’re not going to give that money back.’ Well, we have a lot of tools here, and we’ve returned half of it already,” said Loftis.

New money is always being reported to the Treasurer’s office. In fact, this past year 615,000 new properties came in totaling $84.5 million.

And that’s why even with millions returned each year, the fund keeps growing.

But both Loftis and people like Sanders said they’d much prefer it be in the hands of its rightful owners.

“I don’t know for somebody like me even to take a couple of weeks off of work hurts, you know, so it just helped me get through,” said Sanders.

If $500 can make a difference, imagine this: The Treasurer’s office told 7NEWS the largest claim paid in the Upstate happened earlier this year, to the estate of a person in Oconee County for no less than $600,000.

A Holland Woman Used Automatic Deposit For Her Account. Now It’s Gone Due To ‘inactivity’

In the state of Michigan, an automatic deposit is not recognized as activity, and after three years of no activity, the account goes to Unclaimed Property.

HOLLAND, Michigan — Holland resident Joy Kooyer has been dealing with an unusual banking issue. Last November, she received a letter from PNC Bank, stating her automatic deposit had been rejected. “Account Status Invalid” was listed as the reason. She checked online, only to realize the account, which had over $10,000, was gone.

Confused by all of this, Kooyer went to a local branch of PNC Bank to get some answers. She said the bank workers were just as puzzled, so they made some calls to figure out what was going on. Finally, the issue was identified. 

Kooyer and her husband had been using automatic deposit with the account, which was set up as a college savings account for their 8-year-old son. In the state of Michigan, an automatic deposit is not recognized as activity, and after three years of no activity, the account goes to Unclaimed Property.

Anyone interested in finding out if they have cash or property, can check multiple states at www.UCPday.com or go directly to the Michigan’s Unclaimed Property website, which provides enhanced search options and the ability to upload verifying documentation easily and securely.

A free search can be done using a surname, maiden name, or the name of a business or nonprofit. 

Claimants may also call 517-636-5320 between 9 a.m. and 2 p.m., Monday through Friday.

“I encourage everyone to check to see if they have forgotten or abandoned property,” State Treasurer Rachael Eubanks said in a news release. “Our Unclaimed Property staff are standing by and ready to reunite these assets with their rightful owners or heirs.”

It is estimated nearly 33 million people in the United States – 1 in every 10 – have what the industry calls unclaimed property: financial accounts or items of value where the owner has not initiated any activity for several years. Common examples include unpaid life insurance benefits, forgotten bank accounts, and unused rebate cards.

“We have returned more than $500 million in unclaimed property to rightful owners over the last five years,” said Terry Stanton, manager of Treasury’s Unclaimed Property Program. “Filing a claim is easy, secure and free. We receive new properties every year, so even if you’ve searched in the past, it’s a good idea to make it an annual event. You never know what could be out there until you check.”

For businesses, corporations, nonprofits, public entities and other organizations holding unclaimed or abandoned property, instructions on how to prepare and easily submit your report and remittance online can be found on Michigan’s Unclaimed Property website as well.

“So I went online and made a claim,” Kooyer said. “It’s really interesting because you just put in your last name and your zip code and the city you live in, and poof — it came up that that was an unclaimed property. That’s how they label it.”

She said she was shocked that neither the banker nor the person she spoke with at Michigan Unclaimed Property had ever heard of this happening. She said she’s just glad she was not relying on those funds, because she’s still trying to regain access to her account.

“If I needed that money, I would not have access to it at all,” Kooyer said. “I’m going to have to wait 4 to 5 months to get this back, and that’s without any hitches, that they actually approve the claim.”

In the meantime, Kooyer has had to prove the money is rightfully hers.

“I have to go through quite a process,” she said. “You have to get your birth certificate, my birth certificate and my son’s birth certificate. We have to get social security cards, we have to get them notarized, all of this together and then send it off.”

In order to keep this from happening again, a representative from PNC bank gave Kooyer some advice:

“They have recommended that I make manual deposits, but that gets pretty cumbersome when you have many different accounts,” she said. “That’s what automatic deposit is supposed to be for.

They also made a recommendation that I could just do a quick withdrawal and then another deposit. You just have to do something like that once every 3 years to show activity, but I think what needs to happen is there needs to be an amendment to this law that an automatic deposit counts as activity.

I think that’s the bigger issue, and I wonder how many people realize that if they’re just putting money into a savings account for a variety of reasons and they’re not touching it in a three-year period, they are at risk also of having their money taken away. And I think a lot of people are not aware of that.

“It scares me to put my money in a bank in Michigan, knowing how easily that was gone. That’s a lot to be taken,” Kooyer said. “There’s a loophole in the system that’s taking advantage of people who are really just trying to do a good job of saving money for future issues.”