How long does Massachusetts keep Unclaimed Property?
In accordance with the Massachusetts Unclaimed Property Act, Chapter 200A of M.G.L., property becomes “unclaimed” when the owner cannot be contacted for a three-year period by the holder of the asset, or for fifteen years in the case of traveler’s checks.
What happens to Unclaimed Property in Massachusetts?
The Unclaimed Property division of the Massachusetts State Treasury connects citizens with their abandoned property such as bank accounts, uncashed checks, stocks or dividends, insurance policies, or the contents of safe deposit boxes. The state holds the property until the rightful owner or heir claims it.
How do I file an unclaimed property in Massachusetts?
Online
- Prepare your unclaimed property report file—it must be in NAUPA II format.
- Go to the Massachusetts Unclaimed Property website, enter your Holder ID and submit an online AP-1 form of Holder information and a summary of all property being reported.
- Upload your unclaimed property report file.
- Preview your entries.
How long does it take to get unclaimed money?
Some states may process a claim in 2 weeks, while others can take several months or more from the date you filed your claim. After filing, you may be able to check the status with the state online.
How do I find lost money?
Check usual and unusual places for your missing money. Look in the pockets of the clothes you wore when you last had the money. Check between couch cushions and on the floor. Check where you stash your keys at the end of the day.
What is found money?
Found money can be used to describe anything from a wad of discarded dollar bills that one finds in the bottom of a washing machine to an uncollected asset discovered by beneficiaries long after the account holder has passed away. Found money always pertains to money that has gone unthought of until it is once again discovered.
What is unclaimed property?
Examples of unclaimed property include dormant bank accounts, uncashed checks, unclaimed insurance proceeds and forgotten utility deposits. The State Treasurer’s Office acts as custodian of these funds until the rightful owners come forth and make a claim.