You've probably seen the legal notices in your newspaper before: billions of unclaimed dollars languishing in state coffers until the rightful owners can be found.
And you've probably shrugged your shoulders and turned the page thinking it's either a scam or highly unlikely that any of those "billions" are yours.
Well, there are scams involving these unclaimed funds, but basically the money is there for the finding. By law, unclaimed utility deposits, insurance refunds, dividend payments and the contents of safe-deposit boxes must be handed over to state government after a defined period of dormancy if the rightful owner or heir cannot be located.
That can happen when people move and a forwarding address lapses or when an owner changes his or her name or dies without leaving word about a policy or an account.
People are also reading…
State governments — usually the treasurer's office but sometimes the attorney general, revenue department or state comptroller — must hold onto this unclaimed property indefinitely, returning it to you eventually, either for free or for a nominal fee.
In all, state governments held about $22.8 billion in unclaimed assets in 2003, the last year for which the National Association of Unclaimed Property Administrators has figures.
Now, you probably don't have a beach house or a valuable painting waiting for you, though both are feasible, but consider that 953,000 claims resulted in $876 million in property being reunited with its owners in 2003. That's an average of $920 per claim, though most state treasurers will say the average is really around $150.
Most common is the detritus of our financial lives: dormant bank accounts, overpayments of insurance premiums and policies and assets of relatives who have died.
The biggest and most unusual finds come from the contents of safe deposit boxes whose owners have died. Silver sets, pocket watches, jewelry, military medals, property deeds, all the things we place in them for safekeeping can turn up years later if they've escaped probate.
Of course, even the mundane insurance refunds can run several hundred dollars, and forgotten insurance policies, not altogether uncommon, can pay out thousands.
Each state maintains an online database where you can search for unclaimed property. Arizona's is the www.azunclaimed.gov/ site. Locate others by searching the Web or logging onto www.unclaimed.org, or by searching www.missingmoney .com/, the collective site set up by 40 state unclaimed property offices.
Some states don't display the value of your unclaimed assets, only a brief description such as "utility deposit," "uncashed check" or "refunds due by insurance companies," so you'll have to wait to find out what you've won. Other states do list the value of the assets, which makes the search a bit more exciting.
The sites also provide instructions for filing a claim, which usually means having your signature notarized on a form and, in the case of a deceased family member's property, providing proof that you are entitled to the money.
There is something curious about the enthusiastic language with which state treasurers, comptrollers and revenue directors discuss getting YOUR money back to YOU. In fact, states really push to publicize their unclaimed property programs, setting up booths at state fairs and advertising on television and in newspapers; officials of the elected variety like to mention the topic in political speeches.
That could be because the dollar value of unclaimed property is increasing, even as the amount returned to owners increases along with the publicity.
If you're still on the lookout for the catch, there doesn't appear to be one, and you'll likely be surprised at how many people you know turn up. In fact, searching the database is kind of addictive.
Old addresses, maiden names, forgotten banks and stock in companies long defunct, it's a kind of nostalgic treasure hunt, albeit one that's unlikely to net you more than a few hundred dollars. There are reminders of the apartments you once rented while attending school in another state and money your grandparents left behind that somehow didn't make it into the will.
A note of caution: Be wary of for-profit finders who solicit via mail, e-mail and telephone and often ask for a flat fee up front to give you information that can be had for free on the official Web sites mentioned above. Others diligently search public and corporate records to identify sizable claims and then ask for a hefty chunk, as much as 35 percent, to recover them.
● To search for unclaimed property:
In Arizona only: www.azunclaimed.gov/
State by state: www.unclaimed.org
40 states collectively: www.missingmoney.com/.