Frequently asked questions and answers aimed at claimants. Click on the question to view the answer.
Here are a few ways to ensure that your property is not turned over to the State of Minnesota:
Make sure insurance companies, investor relations and utility providers have your current address on file.
Promptly cash all refund, rebate and dividend checks.
Respond to stock shareholder service requests for action.
Fully resolve all insurance claims.
Identify co-owners or beneficiaries of financial and investment accounts.
Set up automatic withdrawal for safe deposit box rental fees.
Purchase cashier's checks and money orders at financial institutions where you have accounts.
Use store or vendor credits within 1 year.
Update financial/investment accounts following major life changes, such as marriage, divorce, death of a spouse or name change.
Inventory type and location of financial assets and provide this information to a trusted advisor or friend.
The website is updated weekly. In some cases, you may find out about an account that is too new to appear on the website. That account will appear the next time the website is updated. Funds reported without a name will not appear on the website, but may require additional research with the Department of Commerce to validate.
Property types and their associated abandonment period table, the holder is required to turn this property over to the state.
No. Even if interest or dividends are automatically deposited into your account it is not considered active unless you have contact with the financial institution or business. An action taken on property by the owner which may include making a deposit, a withdrawal, a written memorandum to the holder or any action that a state’s statute deems adequate. A financial institution or business may even cross-reference an inactive account with an active one to keep it open.
Yes. All states now have some type of unclaimed property law and many are similar to Minnesota’s. Staff can also help Minnesotans claim property reported in other states. In addition, internet users can go directly to the http://www.commerce.state.mn.us/ to search nationwide for lost or forgotten property.
The source and type of the funds will be listed on the claim form. The claim form found on www.missingmoney.com includes the name of the original holder. Additionally, you may obtain this information by emailing the Minnesota Department of Commerce at email@example.com, or by calling 651-539-1545 from 8:00 AM – 4:30 PM, Monday – Friday.
The Minnesota Department of Commerce does not pay a claim on the basis of name alone. Verification of Ownership requested may be a document that shows your name and Social Security number, or verifies that you lived at the reported address on file with the Minnesota Department of Commerce. After you complete a claim form, the Minnesota Department of Commerce will notify you if additional documentation is required. If you are not the original owner, you must first prove that the account belonged to the original owner; then you must verify you are entitled to the original owner’s money.
Depending on whether or not the account is in two names with an “OR” relationship or Joint Tenant ownership, you will need to submit the appropriate information, along with your claim form, to verify you are able to claim the property. Please refer to MN Department of Commerce Claim Form/Instructions for Completing Claim Form (pdf) for more information on how to prove a claim on a joint account.
Depending on whether or not the original owner is deceased, their estate was probated, or the original owner is under guardianship, etc., you will need to submit the appropriate information, along with your claim form, to verify you are able to claim the property on the original owner’s behalf. If the original owner is deceased and an estate was not probated, you will need to submit the Table of Heirship (.pdf) to show all your heirs to the funds.
Please refer to the MN Department of Commerce Claim Form/Instructions for Completing Claim Form (.pdf) for more information on how to prove a claim when you are not the original owner.
Please refer to the Claim Form Requirements for a complete listing of the documentation required to stake your claim. Please remember that claims take 60 days to process once all the correct documentation has been submitted. To check on the status of your claim, you may email the Minnesota Department of Commerce at firstname.lastname@example.org, or by calling 651-539-1545 from 8:00 AM – 4:30 PM, Monday – Friday.
The documentation required to complete a claim varies, depending on who is claiming the property (the owner or a legal representative of the owner) and the type of property being claimed. To view these additional requirements, please download the MN Department of Commerce Claim Form/Instructions for Completing Claim Form (pdf) and return your claim form with the appropriate documentation. However, if additional information is required to process your claim, a return team member will contact you. Your claim cannot be processed until we receive all the necessary information.
You may call us at (651) 539-1545 or our toll–free line at 1 (800) 925-5668 to speak with a claims representative from 8:00 am to 4:30 pm Monday through Friday, or email at email@example.com.
To check on the status of your claim, you may email the Minnesota Department of Commerce at firstname.lastname@example.org, or by calling 651-539-1545 from 8:00 AM – 4:30 PM, Monday – Friday.
If the descendant properly completed the claim prior to his death, the State of Minnesota will issue the check to the descendant, as long as the bank will allow it to be deposited into the estate account. If the descendant died without a will, a personal representative must be appointed and file a claim with the State. Please refer to the MN Department of Commerce Claim Form/Instructions for Completing Claim Form (.pdf) for more information on how to prove a claim when you are not the original owner.
In general, if the lease or rental period on a safe deposit box has expired due to non-payment of rental fees for a period of five years, the safe deposit box is considered abandoned. The financial institution is required to open the box, inventory the items and send certain contents of the box to the State of Minnesota’s Unclaimed Property Program, in accordance with Minnesota Statute 345.32(d).
Miscellaneous papers or papers without a monetary value such as birth and death certificates, deeds, and letters are held for a limited time by our office. Other contents, such as coins or jewelry, are held in safekeeping while the Department tries to find the rightful owner or until the contents are auctioned off. By law, we are required to have an auction of safe deposit box contents once every ten years.
The Department makes every effort to locate the rightful owners by sending letters to their last known addresses and advertising their names in the newspaper, online, or by radio. If there is no response from the owner, the Department may sell the property at auction to the highest bidder. The claimant receives all proceeds from the sale of the property.