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What We Do: Unclaimed Property

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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.



What is Unclaimed Property?

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:

  • Dormant bank accounts
  • Un-cashed checks
  • Unclaimed wages
  • Safe deposit boxes
  • Insurance dividends, etc.

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.

Missing Money Locator


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FAQs

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Find answers to your questions regarding the claims process, dormancy periods, finders and property locators, and much more.

 
 
 

Resources

 
Pension Guarantee Benefit Fund | Unclaimed retirement accounts from discontinued plans
Federal Deposit Insurance Corporation (FDIC) | Unclaimed accounts from failed banks
National Credoit Union Administration | Unclaimed accounts from liquidated credit unions
 
 

Contact Us

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Have questions, comments or concerns? Contact Minnesota Department of Commerce, Unclaimed Property Unit.

1-800-925-5668 (MN only)
651-539-1545
651-539-0101 FAX

unclaimed.property@state.mn.us  (for claims questions)
holder.unclaimed@state.mn.us (for holder questions)

 
 

Online Reporting

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.