• To protect the property rights of the owner
• To reunite the owner with the funds
• To provide a centralized location of contact for potential owners of unclaimed funds; and
• To provide the holders relief from liability
  
  

• If you moved and forgot to notify your bank or broker of your new address.
• If you left a job, but never returned to receive your last paycheck.
• If you bought shares of stock, placed them in a "safe" place, and forgot them.
• If you had a distant relative who passed on, leaving an estate, but the heirs were never located.
• If you overpaid a credit card bill but did not use the credit.
• If you experienced an address change assigned to you due to E911, but you did not move.
• If a regular account statement was inadvertently marked undeliverable and was returned to sender in error.
• If you have accounts in a bank, with a broker or trader, trust or other safekeeping agent with whom you have not made contact in the last 3 years.
• If you received a check you did not cash.
• If your forwarding order with the post office has expired.
• If you are holding bonds that were called.
• If you have in your possession a gift certificate, certified check, cashier's check, stored-value card, or money order you have not spent.
  

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.
  

Your investment accounts will be turned over to the State of Minnesota and will be liquidated after one year. The proceeds from the sale of your stock will be credited to an account in your name until a valid claim is submitted.

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.

To protect unclaimed property and return it to its rightful owner(s) or their heirs. Once received by our office, the Commissioner guarantees that the claimants who properly prove rightful ownership will receive their property back, even if the original financial institution or business closes.

Absolutely! Unclaimed property always belongs to its rightful owner(s). The State acts only as a custodian of your property. There is no time limit or charge for claiming what is yours.

Yes, a financial institution or company can always reactivate your account, or pay you directly. Minnesota Department of Commerce staff will reimburse them upon request and proof that you were paid. This is a policy decision for each company.

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.

Unclaimed property always belongs to its owner even if it is never claimed. All unclaimed property is held in trust until the rightful owner(s) or their heirs claim it.

1. Follow the instructions on www.missingmoney.com. If you did not find your name on www.missingmoney.com, but have confirmed with Unclaimed Property that you do have property that was turned over to the State, a claim form can be mailed to you.
2. Provide all Claimant Information and Proof of Ownership, as determined by the Claim Form Requirements (pdf).
3. Have the claim form notarized and mail both the claim form and Proof of Ownership (as well as any other supplemental forms you may need) to:
   
   Minnesota Department of Commerce
   Unclaimed Property Unit
   85 7th Place East, Suite 600
   St. Paul, MN 55101

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 unclaimed.property@state.mn.us, or by calling 651-296-2568 from 8:00 AM – 4:30 PM, Monday – Friday.

No, the funds are held until the rightful owners claim them. If the Minnesota Department of Commerce requires additional proof, you will receive notification from our office with instructions for providing the additional documents.

The Minnesota Department of Commerce does not pay a claim on the basis of name alone. Proof of Ownership requested may be a document that shows your name and Social Security number, or proves 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 prove 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 prove you are able to claim the property. Please refer to the Claim Form Requirements (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 prove 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 Claim Form Amendment (Estate Not Probated).

Please refer to the Claim Form Requirements 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 unclaimed.property@state.mn.us, or by calling 651-296-2568 from 8:00 AM – 4:30 PM, Monday – Friday.

No, funds held by the State of Minnesota do not accrue any interest.

Yes, you must have the signature notarized.

A Notary Public can be found at your local bank, city and county offices, police and sheriff’s departments, and most attorney offices.

Complete your claim forms and mail them as soon as possible to:

Minnesota Department of Commerce
Unclaimed Property Division
85 7th Place East, Suite 600
St. Paul, MN 55101

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 Claim Form Requirements (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) 296-2568 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 unclaimed.property@state.mn.us.

To check on the status of your claim, you may email the Minnesota Department of Commerce at unclaimed.property@state.mn.us, or by calling 651-296-2568 from 8:00 AM – 4:30 PM, Monday – Friday.

The Minnesota Department of Commerce holds securities in a trust account. The shares are liquidated after the thirteenth month of being held in our trust account. The exception is shares generated by demutualization, which are liquidated immediately upon receipt.

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 Claim Form Requirements (.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.

Yes, except State of Minnesota employees and their immediate family members, who are prohibited from bidding on these items.

Contact Us!

Email: unclaimed.property@state.mn.us
Phone: (651) 296-2568 or 1-800-925-5668
Fax: (651) 282-2568
http://mn.gov/commerce/unclaimedproperty

A finder is someone who may contact you offering to locate your lost or forgotten property for a fee.

"Property locators" or "finders" frequently send letters to residents of Minnesota and other states informing them that they are owed money by the State and that the firms and/or individuals can help them get it, for a fee or a percentage of the recovered property. In some cases, these "finders" charge a fee just to send prospective claimants a claim form. You can contact Minnesota Unclaimed Property or visit www.missingmoney.com directly to obtain unclaimed property information and you NEVER have to pay a fee to the Department for what which is rightfully yours. Additionally, according to Minnesota Statute 345.515, “It is unlawful for a person to seek or receive from another person or contract with a person for a fee or compensation for locating property, knowing it to have been reported or paid or delivered to the commissioner pursuant to chapter 345 prior to 24 months after the date the property is paid or delivered to the Commissioner.

If you do use a "finder" or any third party to help locate or claim your property, please make sure the identity of the "finder" is included on or with the claim form. A signed Power of Attorney must be submitted with the claim form being issued. The claim form needs to be signed in front of a notary at the same time as the Power of Attorney. The following must be included:

• The agreement must be in writing and include a notarized signature of the owner

• The agreement must disclose the holder’s name and address

• The fee or compensation to be paid to a third party in relation to the recovery of the property must be expressly stated in the agreement

If the fee exceeds 10% of the value of the property, the following additional information is needed:

• The exact dollar amount being claimed

• The name of the Holder that submitted the funds to our office and their mailing address

• Proof the funds are held by the State of MN Unclaimed Property Program

Want to become a Finder? Click here (.pdf) for information on becoming and acting as a Finder in the State of Minnesota.

• Keep accurate records of bank accounts, stocks, safe deposit boxes, life insurance policies, and other financial matters.

• Correspond with all financial institutions holding savings, checking, IRAs, Certificates of Deposit, and all other accounts at least once every three years.

• Cash all checks for dividends, insurance benefits, and wages.  If you stop receiving dividends, you should contact the company that issues the dividends.

• Notify a family member or trusted adviser or the location of his or her financial records.

• Prepare a checklist of all financial assets in order to notify all concerned parties if you change your address.

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 Statue 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 at least once a year.

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.

Yes, except State of MN employees and their immediate family members, who are prohibited from bidding on these items.

Minnesota Statute Chapter 345 requires businesses and organizations to review their records each year to determine if they possess any unclaimed property and file a report with the Commissioner. Common holders of reportable property include finan¬cial institutions, insurance companies, oil and gas companies, hospitals, clinics, business corporations, state and local government agencies, and retailers.

If you are holding unclaimed property of Minnesota residents you must file a report even if you are not registered or licensed to do business in Minnesota and regardless of whether you own real estate, plant or equipment in Minnesota. Businesses and organizations NOT holding unclaimed property of a Minnesota resident must still file a report if requested by the Commissioner. Receiving the Report of Unclaimed Property Verification form constitutes a request by the Commissioner.

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 or payroll disbursing agents) is reported. Receivers and liquidating trustees have a duty to report for entities in receivership or liquidation.

• Anyone who willfully fails to report is guilty of a misdemeanor.
• Anyone who refuses to pay or deliver abandoned property to the department is guilty of a gross misdemeanor.
• Anyone failing to pay or deliver the property within the time prescribed after written demand by the Commissioner will pay interest at the rate of 12% per annum on the value of the unclaimed property.
  

• 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.
  

A person, where organized or domiciled, who is in possession of property belonging to another, a trustee or is indebted to another on an obligation.

All businesses that are located and/or operate in the State of Minnesota or hold funds due to Minnesota residents are required to file an Annual Report of Unclaimed Funds. CPAs or Attorneys that are in private practice are required to file an Annual Report of Unclaimed Funds. CPAs and Attorneys not in private practice do not have to file separately from the firms for which they work.

The deadline to file an unclaimed property report with the MN Department of Commerce is October 31 each year for businesses and September 30 each year for life insurance companies.

Yes, Minnesota requires an electronic report if you are reporting 5 or more properties. The software necessary to create these electronic reports may be downloaded at no charge (via the links below) and runs under most Microsoft operating systems. We accept reports by disk or CD-ROM.

Please make checks payable to the Minnesota Department of Commerce. Please send one check per Holder.

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

Please refer to the Securities Delivery Instructions (.pdf) for information on how to transfer securities to the State of Minnesota.

• 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. 

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

No. All gift cards sold after July 1, 2001 are exempt.

Yes, you may use the electronic reporting software if you have less than five items to report. If you are reporting 5 items or more, we require the electronic report be filed.

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 MN Department of Commerce, along with the report. They should be listed on your Unclaimed Property Report (Form UP-SD). Do not assign a value.

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.

Yes, the Department accepts encrypted WINZIP files. HRS Pro is encrypted, but other files will be a case by case basis.

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.

While this is not required by Minnesota statutes, it does help staff find and identify claims more easily and accurately.

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.

You must file a negative report IF:

• You receive our annual reporting request

• You are an entity located or incorporated in the Minnesota; AND

• You are holding NO unclaimed property

All companies must report and remit by October 31st. Life insurance companies report and remit by September 31st.

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 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 and fulfill your reporting obligations to them. 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.

You, as the holder can take one of two actions:

• Instruct the owner to contact the Minnesota Department of Commerce to claim their funds

• Pay the owner the amount due. Then, submit a Holder Reimbursement Form (available on our website) to the MN Department of Commerce, along with proof of payment, to request that the funds be reimbursed to your business.

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 after submitting their report.

All intangible property unclaimed by its owner(s) for a specific period of time which may include savings accounts checking accounts, unclaimed wages, dividends, credit balances and many other types of outstanding checks and balances payable.

Yes, gift cards/certificates and capital credit checks are exempt from unclaimed funds reporting.

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.

Yes, the Department allows for unclaimed funds to be reported early.

No, at this time, companies are unable to file their report via the Internet.

The dormancy periods vary depending on the type of property, but for most types, the dormancy period is three years. A detailed list of accounts that are reportable as unclaimed funds and dormancy periods can be found in the table.

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.

Contact Unclaimed Property

Email: unclaimed.property@state.mn.us
Phone: (651) 296-2568 or 1-800-925-5668
Fax: (651) 282-2568
http://mn.gov/commerce/unclaimedproperty

The dormancy periods vary depending on the type of property, but for most types, the dormancy period is three years. A detailed list of accounts that are reportable as unclaimed funds and dormancy periods.

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.