If the Commonwealth or a private business owes you money and you do not claim it after three years, then it is considered to be unclaimed property. Currently, the Commonwealth of Massachusetts Treasury is holding more than $2.4 billion in unclaimed property. Unclaimed property can be anything from forgotten savings or checking accounts, unpaid wages, uncashed insurance proceeds, contents of safe deposit boxes, or missing stocks and mutual funds.
Currently, there is not one national website for all unclaimed money and property, so when looking for unclaimed property in another state, search for state-specific listings.
The process for claiming your unclaimed property starts with searching for your name in the state where you live or previously lived. If it is determined that you have unclaimed money in the hands of the Commonwealth, you will need to fill out a claim form. Most claims are fast and easy, and they are always free. The Commonwealth does not charge for this service and in most instances pays interest to the claimant on the property.
Massachusetts unclaimed property law requires business entities and others holders to annually report property which has been sitting on their books and records for more than three years. Be sure to visit the Commonwealth of Massachusetts Treasury website for a business-friendly guide on reporting unclaimed funds and to find answers to some common unclaimed property-related questions.
It is incredibly important to remain alert during the process of claiming your unclaimed property in order to avoid scams. Keep an eye out for the Unclaimed Property Division staff at various events and locations such as fairs, expos and community events. The outreach staff can search your name, process claims, and answer any questions you may have. If you are a member of an organization that would like the unclaimed property outreach team to attend an event, feel free to contact the Unclaimed Property Division to make arrangements.
Good luck with the claim process! Tweet us, @MassGov, or comment below to share what you would do with your unclaimed funds.
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