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Information for Holders


If you represent a bank, insurance company, corporation or organization that may be holding unclaimed property, you must file an annual Holders Report of Unclaimed Property. Please see our Frequently Asked Questions for instructions on reporting property. Paper reporting forms can be found at the bottom of this page under Holder Resources.

The Minnesota Department of Commerce, in partnership with Xerox (ACS), has an online holder reporting function to aid holders of unclaimed property in reporting their property to the Department. This piece will allow holders to track filings over time and allows for more efficient loading of reports by Unclaimed Property staff. Electronic filing is now available via UPExchange as well.

Electronic Report  Software

ACS Wager (ACS - A XEROX Company*)
UPExchange (Eagle Technology Management, Inc.*) 
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Holders Frequently Asked Questions

Frequently asked questions and answers aimed at holders. Click on the question to view the answer.

  • What is unclaimed property?

    Unclaimed property refers to various types of intangible property that has been abandoned for a specified period of time. Examples include, but are not limited to, savings and checking accounts, uncashed checks, securities, dividends, insurance refunds and wages. The only tangible property that is reported is the contents of safe deposit boxes; real estate and other tangible property are NOT reportable to the State of Minnesota, but may be reported to local municipalities. According to the Minnesota Uniform Disposition of Unclaimed Property Act, all unclaimed property must be reported to the Minnesota Department of Commerce.

  • Who needs to report?
    Businesses and organizations (“holders”) are required to review their records annually to determine if they possess any unclaimed property and file a report with our program. Common holders of reportable property include, but are not limited to, financial institutions, insurance companies, oil and gas companies, hospitals, clinics, state and local government agencies, manufacturers, brokers, real estate agents, and retailers. 

    If you are holder unclaimed property belonging to Minnesota residents, you must file a report with the Minnesota Unclaimed Property Program, even if you are not registered or licensed to do business in Minnesota. 

    Parent organizations have a duty to ensure that unclaimed property held by their subsidiaries is reported. Principals have a duty to see that unclaimed property in the hands of their agents (including stock transfer, dividend, and payroll disbursing agents) is reported. Receivers and liquidating trustees have a duty to report for entities in receivership or liquidation.
  • Are there penalties for failure to file or late filing?

    Anyone who willfully fails to report is guilty of a misdemeanor. Anyone who refuses to pay or deliver abandoned property is guilty of a gross misdemeanor. Anyone failing to pay or deliver property by the reporting due date may be charged interest at the rate of 12% per year on the value of the unclaimed property. In addition, the Minnesota Department of Commerce has broader penalties that may apply.

  • Why does Minnesota have an Unclaimed Property Law?
    • To protect the property rights of the owner and to reunite the owner with the property.
    • To relieve the holders of the expense and liability of carrying the property.
    • To provide a centralized search location for citizens.
  • How do I file my report of unclaimed property?
    Please follow the steps below to prepare and submit your report of unclaimed property:

    1. Identify Properties Eligible for Reporting:
    During your annual examination of outstanding items, compile a list of items eligible for reporting during the current reporting year. The chart below outlines the various reporting due dates by dormancy period. Please refer to the Dormancy Period Chart (.pdf) for further information on dormancy periods by property type. 

    One Year Dormancy Period
    Items Issued/Last Activity Date Report By
    7/1/12 through 6/30/13 November 1, 2014
    7/1/13 through 6/30/14 November 1, 2015
    7/1/14 through 6/30/15 November 1, 2016

    Three Year Dormancy Period
    Items Issued/Last Activity Date Report By
    7/1/10 through 6/30/11 November 1, 2014
    7/1/11 through 6/30/12 November 1, 2015
    7/1/12 through 6/30/13 November 1, 2016

    Five Year Dormancy Period
    Items Issued/Last Activity Date Report By
    7/1/08 through 6/30/09 November 1, 2014
    7/1/09 through 6/30/10 November 1, 2015
    7/1/10 through 6/30/11 November 1, 2016

    2. Attempt to Locate the Owners:
    Minnesota statutes 345.32 and 345.41(e) require Holders to comply with all due diligence efforts before reporting. Not more than 120 days before filing a report, holders must send written notice to the presumed owner at the owner’s last known address if:
    • The Holder has in its records an address for the presumed owner that the Holder’s records do not disclose to be inaccurate;
    • The claim of the apparent owner is not barred by the statute of limitations; and
    • The property has a value of $100 or more
    The due diligence requirement provides an opportunity for the Holder to re-establish contact with the owner and avoid escheatment by returning the property directly to the owner. If it is found that an owner for which we have received property is still residing at the same address, or doing business at the same address reported by you as a Holder, and there is evidence that the due diligence requirement was not adhered to, you may not be in compliance with state law and may be subject to penalties. 

    3. Prepare and Complete Your Report:
    Compile all forms and necessary information required to complete your report, whether filing electronically or manually.

    4. Submit Your Report and Remit Funds:
    Upon completion of your report, you will need to submit your report, along with supporting documentation, and funds. All required documentation must be mailed to the following address:

    Minnesota Department of Commerce
    Unclaimed Property Program
    85 7th Place East
    Suite 500
    Saint Paul, MN 55101-2198

    Please make checks payable to the Minnesota Department of Commerce. Please send one check per Holder.
  • When do I file my unclaimed property?

    Businesses and other organizations are required to report and remit unclaimed property by November 1st. Life insurance companies and other fraternal organizations are required to report and remit unclaimed property by October 1st.

  • Can unclaimed funds be reported early?

    Yes, the Department allows for unclaimed funds to be reported early. Section 345.41 (h) of the Minnesota Unclaimed Property Act allows holders to report property prior to the date required if the holder, with the permission of the Unclaimed Property Office, has reason to believe the property will be reportable in the future.

  • Can third parties (example: CPA firms) file on behalf of their clients?

    Yes, third parties can file on behalf of their clients.

  • Must 501 C3 and sole proprietors file?

    Yes, 501 C3 businesses are required to report if they have unclaimed property. This must be done by October 31 of each year to be in compliance with the Unclaimed Property Law.

  • If a Minnesota company is holding unclaimed property for a resident of another state, can it be reported to Minnesota?

    If you are located in Minnesota, and have a limited number (less than 5) of owners to report for another State, you may report unclaimed funds for each of those States, however, you should be aware that other State’s reporting requirements may differ from Minnesota, so it is generally in your best interest to report directly to the State based on last known address of the apparent owner.  If you choose to report another State’s property to Minnesota. please use Minnesota reporting forms and report and remittance dates. The law for each State determines what funds are reportable, the aggregate value, and which abandonment period applies. Property reported in the aggregate should be grouped by State. Please inform those states if you intend to use this option. Any questions regarding these agreements, types of property and abandonment periods can be directed to the Minnesota Unclaimed Property Unit or the Unclaimed Property Office in any of States named.

  • Are Gift Certificates/Cards Reportable?

    Gift certificates, gift cards, or layaway accounts issued or maintained by any person in the business of selling tangible property or services at retail are considered exempt. Therefore, as an example, a gift card issued by a retail organization would most likely meet this exemption as it is in the business of selling tangible property at retail. A bank who issues a gift card will most likely not meet this exemption depending upon the nature of the card as it is not in the business of selling tangible property at retail. Please see Minnesota Statute 325G.53 for more information on gift cards.

  • Are any types of accounts exempt from unclaimed funds reporting requirements?

    Yes, gift cards/certificates are exempt (with certain limitations) from unclaimed funds reporting. Capital credits of a cooperative are technically not exempt, however a cooperative may choose an alternate procedure to distribute property as defined in Statute 308A.711. In the event that an alternate procedure to distribute property is not employed, the property is reportable to the State as unclaimed property with a dormancy of 7 years.

  • Do safe deposit boxes become unclaimed property?

    Safe deposit boxes become unclaimed property five (5) years after the rent has expired. We recommend that the boxes are drilled and inventoried as soon as practicable. Please send the contents to the Minnesota Department of Commerce, along with the report. They should be listed on your Unclaimed Property Report (Form UP-SD). Do not assign a value.

  • Do I have to report property that does not have a name on it?

    Yes. If you don’t have a name, list the owner as “unknown” and furnish as much information as possible from your files. List the dates of the check and their corresponding check numbers, any addresses, SSN, account numbers, co-owners, or remitters if known.

  • Should I file a manual or electronic report?
    If you are reporting more than five (5) properties, you are required to submit an electronic report. The program to create a report electronically can be downloaded without cost from UPExchange or ACS Wagers. Both software programs offer online filing of your electronic file. 

    We no longer accept diskettes as a form of media. All electronic reports must be submitted via CD or online. 

    If you are submitting your electronic report file via CD, you need to submit the Verification (UP-H) form. If you are filing your report online, you need to submit your report submission confirmation in lieu of the UP-H form. You do not need to submit the Currency (UP-C) or Securities (UP-S) forms if you are submitting an electronic file. However, if you are reporting safe deposit boxes, you must fill out of the Safe Deposit Box (UP-SD) form for each box reported and submit these forms with the box contents. Please send the UP-SD form with the rest of your report forms-do not send the forms inside the box.

    If you are reporting five (5) or fewer properties, you may submit a manual report. All manual reports must include the Verification (UP-H) form, and the appropriate form(s) for the property being escheated.
  • Does Minnesota allow aggregate reporting?

    Minnesota allows Holders to report any properties under $100 as an aggregate, meaning you may combine individual items under $100 according to property type, and then provide a single total for each type. Claims initiated on properties reported in an aggregate frequently require further assistance from the Holder to prove rightful ownership.

  • Is there a minimum amount?

    According to the Minnesota Uniform Disposition of Unclaimed Property Act, all unclaimed property, regardless of the amount, must be reported to the Minnesota Department of Commerce. Property valued under $100 may be reported in aggregate, meaning you may combine individual items according to property type and then provide a single total for each type.

  • Are negative reports required?
    You must file a negative report IF:
    • You receive our annual reporting request OR
    • You are an entity located or incorporated in the Minnesota; AND
    • You are holding NO unclaimed property
  • What if we need more time to file?

    If you find yourself unable to meet the reporting deadline, Holders have the opportunity to file for an extension. Holders must submit a Holder Request for Extension of Due Date (.pdf) no later than 30 days prior to the reporting deadline. Holders must provide, in detail, the reason for the extension when making their request and measures being taken to ensure they meet the extension deadline.

  • Can we file for a reimbursement if we decide to pay the customer directly?

    Holders may request a reimbursement for any property previously escheated that has been either mistakenly reported or paid out directly to the owners after escheatment. To request a reimbursement, please fill out the Holder Request for Reimbursement (.pdf) form and submit it to our office.

  • How long does the holder have to retain the records submitted in a holder report?

    Minnesota’s statutes do not have a specific time frame for records retention. However, Minnesota recommends that holders retain their records for at least 10 years plus relevant dormancy after submitting their report.

  • How do I report securities to your office?
    In order to maintain compliance, shares reported to our office must be transferred into The State of Minnesota’s custodial account as directed below.  If you believe that the shares cannot be delivered to the State’s custodial account contact our office directly for additional instructions. It is essential that the reported securities match what is remitted to our office. Confirmation of transfer must accompany the report in order for it to be complete. If a book entry account exists to facilitate the delivery of remitted shares then telephone redemption rights must be established with our office when created. Where such an account already exists, contact our office in order to establish telephone redemption rights.

    NOTE: These instructions are for securities transfer ONLY. Please do not send remittance payments to this account.

    DTC BOOK ENTRY INSTRUCTIONS FED BOOK ENTRY INSTRUCTIONS
    DTC Number: 2027
    Agent Number: 94866 
    Wells Fargo Account Number: 13487030
    Wells Fargo Client Account Name: State of Minnesota Unclaimed Property
    WF SF/TRUST
    ABA: 121000248
    Wells Fargo Client Account Number: 13487030
    Wells Fargo Client Account Name: State of Minnesota Unclaimed Property
    PHYSICAL DELIVERY INSTRUCTIONS DIRECT REGISTRATION INSTRUCTIONS
    Wells Fargo Bank, N.A.
    MAC N9306-059
    Security Control and Transfer - 5tth Floor
    733 Marquette Avenue
    Minneapolis, MN  55479
    Wells Fargo Client Account Number: 13487030
    Wells Fargo Client Account Name: State of Minnesota Unclaimed Property
    Wells Fargo Bank, N.A. FBO
    State of Minnesota Unclaimed Property
    PO Box 1450, WF9919
    Minneapolis, MN  55485
    TIN# 94-1347393
    Wells Fargo Client Account Number: 13487030
    Wells Fargo Client Account Name: State of Minnesota Unclaimed Property
    WIRE TRANSFER INSTRUCTIONS MUTUAL FUND TRANSFER INSTRUCTIONS
    Wells Fargo Bank, N.A.
    ABA: 121000248
    BNF= Trust Wire Clearing 
    BNFA= 0000840245 (*** Must use full 10 digits***)
    OBI= FFC to:  Wells Fargo Client Account Number:  13487030
    Wells Fargo Client Account Name: State of Minnesota Unclaimed Property
    and any additional references to assist in wire identification
    Please contact Wells Fargo Bank N.A. at 866-913-2778, option 1 to establish mutual fund accounts to transfer unclaimed positions.  

    **The information below will be used to establish mutual fund accounts for fund companies that are NOT currently Networking with #2027- Wells Fargo Bank N.A.  If you have questions please call Wells Fargo Bank at 866-913-2778, option 1 prior to taking action.

    In the event that the reported shares cannot be transferred delivered directly to our trust account then contact our office at 651-539-1545 for instructions on remitting the shares into our custody
    WIRE INSTRUCTIONS ACH INSTRUCTIONS
    Wells Fargo Bank NA
    ABA #121000248
    Beneficiary A/C # 0484211149
    Beneficiary A/C Name: Mutual Fund Clearing
    Beneficiary A/C Name: Mutual Fund Clearing
    OBI:  FFC WF A/C # 13487030, State of MN
    (Fund # & Fund name)
    Wells Fargo Bank NA
    ABA # 091000019
    Checking Account # 630013487030

    DRP ACCOUNTS 
    Dividend Reinvestment Plan (DRP) accounts should be closed and full shares must be delivered via DTC. Fractional shares must be sold and the proceeds should be included with your annual remittance. Do not total fractions for all owners prior to sale. When reporting proceeds from fractional shares, the cash value should be reported as cash for fractional shares for each individual owner.

    NON-TRANSFERABLE STOCK
    Do not report non-transferable or chilled securities. Contact our office if you are uncertain whether a security should be delivered based on this criteria.  If they become transferable, report and remit the shares at that time. You will not be penalized for late reporting in these situations.

    CORPORATE ACTIONS
    If there is a pending corporate action, do not report or remit the shares until the action is completed. If the report has been submitted showing original shares, it will need to be amended to reflect what is delivered to our custodial account. No extension request is required in the case of a corporate action but a letter of explanation should be included with the report.

    PHYSICAL SECURITIES
    Physical securities are only accepted if shares cannot be delivered electronically to the State’s custodian. All certificates must be registered to State of Minnesota Unclaimed Property Program as shown in delivery instructions below and mailed directly to the custodian.

    MUTUAL FUNDS
    Delivery instructions below include contact information to establish fund account numbers directly with our custodian. You may also request fund account numbers by email at holder.unclaimed@state.mn.us. Provide the fund name, CUSIP, ticker symbol and number of shares to be delivered when requesting fund account numbers. All mutual funds reported to our office.

    REPORTING RESPONSIBILITY
    It is the Holder’s obligation to ensure that reported shares are transferred into our custody successfully. If a transfer agent is acting on behalf of the Holder and fails to remit the shares to our trust account, the liability remains with the Holder. If a transfer agent is unable to initiate DTC deliveries to our custodial account then a list of securities to be reported will need to be delivered to our office prior to submitting any related reports.
  • What are the guidelines for reporting Individual Retirement Accounts (IRAs)?
    IRA’s have an abandonment period of three years, which begins on the mandatory distribution date. The mandatory distribution date is April 1 of the calendar year following the calendar year in which the owner of the IRA reaches age 70 ½.

    In the event of the IRA owner’s death before the age of 70 ½ the abandonment period will before from the date of the owner’s death, if the existence or whereabouts of any beneficiaries is unknown. 

    Roth IRA’s are reportable three years from the date of the owner’s death or if an owner fails to cash a distribution.
  • What information is required for reporting Bearer Bonds and Coupons?
    When reporting Bearer Bonds, the following information should be included for each individual property:

    Bearer Bonds:
    Bearer Bond Certificate #
    CUSIP
    Amount
    Issue Name
    Maturity Date/Call Date, or both, if applicable

    Coupons:
    Certificate #
    CUSIP
    Amount
    Issue Name
    Payable Date

    DO NOT aggregate bearer bond property (including coupons)-please report all bearer bonds individually.

    If bearer bond and/or coupon property is reported with an “unknown” owner, the original instrument is required for reclamation.
  • How should Health Savings Accounts (HAS’s) be handled?

    As HSA’s do not have a mandatory distribution requirement, they are reportable if there is no positive owner contact on the account for three years.

  • Does the State accept wire transfers of funds?

    No. The State is not accepting wire transfers at this time.

  • Other Questions?
    Contact us!

    Phone: (651) 539-1545 or 1-800-925-5668