We may have something that belongs to you. Every day, someone loses some form of financial property because of a change of address, death, or just plain forgetfulness. What happens to these forgotten funds?
The Unclaimed Property Unit is responsible for holding the abandoned or unclaimed funds or property until the rightful owner or heir is found. The unit has returned 31 percent of unclaimed property reported to the state to the rightful owners through the unclaimed property program. One in 20 Minnesotans has $100 or more in State's Unclaimed Property Fund.
Property is considered unclaimed if the owner has not provided evidence of any interest or control over the property for a number of years. Here’s a brief list of common types of unclaimed property:
Holders of unclaimed property, usually banks, insurance companies, corporations, etc. are required by law to attempt to contact the owner of the property when it appears that the owner has abandoned the item. If the owner fails to respond, the property is deemed abandoned and the holder must include the property in the annual unclaimed property report to the Department of Commerce.
The state acts as a custodian for the property while continuously attempting to find the owners of the unclaimed property. The monetary items are held in the state's general fund until claims are made. The tangible property from safe deposit boxes is held at the Minnesota Department of Commerce. If this property is left unclaimed, the items are then made available for auction every 10 years.
On September 1st, the Minnesota Department of Commerce, in partnership with Xerox (ACS), released 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.