State Treasurer, Young Boozer, announced that February 1st is National Unclaimed Property Day. In the United States, one in every seven citizens has what the industry calls “unclaimed property” – financial accounts or items of value in which the owner has not initiated any activity for a number of years. When that happens, and the company cannot locate the owner, the money or properties are turned over to the state. Common examples include unpaid life insurance benefits, payroll, forgotten bank accounts and account deposits from utility companies. In 2023, States returned over $5 billion to U.S. citizens with claims.
“Nothing gives us greater pleasure than reuniting people with their money! As funds are turned over to us once a year, I like to remind folks to check our website, treasury.alabama.gov, every year on their birthday. That’s an easy way to remember, and we might just be holding a present for you in the way of unclaimed property funds,” said Treasurer Boozer. “Unclaimed Property returned $50.7 million to Alabama citizens in 2023.”
Administered by the State Treasurer, Alabama Unclaimed Property, returns these funds to the rightful owners at no charge. Alabama is currently holding over $1 billion in unclaimed funds for citizens. Individuals are encouraged to visit treasury.alabama.gov to search for their name, the name of a business they own or family members. Every search is free.