Lansing, MI - Yesterday, Feb. 1, 2021, was National Unclaimed Property Day. In recognition of this day, the Michigan Department of Treasury is encouraging Michiganders to take time to check if they have lost or abandoned property.
To find out if you have cash or property, visit the Michigan Unclaimed Property website. The site provides enhanced search options and the ability to upload verifying documentation easily and securely.
“Today, everyone should check to see if they have lost or abandoned property,” State Treasurer Rachael Eubanks said. “Our Unclaimed Property Program is standing by and ready to reunite these assets with their rightful owners or heirs.”
The state Treasury Department is the custodian of millions of dollars in lost or forgotten assets from dormant bank accounts, uncashed checks, valuables left in safe deposit boxes and stock certificates. Because these properties were considered abandoned and unclaimed by the bank or company entrusted with them, they are turned over to the state as required by law.
Statistically, 1 in every 10 people have unclaimed property where a company cannot locate the owner and the money or properties are submitted to the state.
“We have returned more than $133 million in unclaimed property to rightful owners in the last year alone,” said Terry Stanton, manager of Treasury’s Unclaimed Property Program. “Filing a claim is easy and free. You never know what could be out there until you check.”
In the last five years, more than $400 million has been paid to claimants.
Individuals can search for unclaimed property on the Michigan Unclaimed Property website at www.michigan.gov/unclaimedproperty. Claimants may also call 517-636-5320 between 9 a.m. and 2 p.m. Monday through Friday.
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 the Unclaimed Property website as well.
To increase awareness of lost or abandoned personal assets, the National Association of Unclaimed Property Administrators has declared the first National Unclaimed Property Day on Feb. 1, 2021.