Ever wonder what happens to money or property that gets “lost in the shuffle” so to speak?
- an old utility or lease deposit you forgot to follow up on before you moved
- the last interest payment due in an old savings account you closed
- a final paycheck at an old job
- an old safety deposit box your grandmother never told anyone about
This is referred to as “unclaimed property,” and by law the holder of the property (i.e. the bank, the landlord, utility, company, etc.) must turn it over to the State along with information about the name and last known address of the owner. They CANNOT keep the property; however, they are not required to track down the owner, either. They can simply turn it over to the State and be done with it.
Literally MILLIONS of dollars in unclaimed funds are turned over to the State of Tennessee each year. Over $40 million was turned in just last year alone.
But here’s the good news — the State maintains a website where you can do a simple name search and then claim your property at no cost. Check out your prospects (https://www.claimittn.gov/). You can search for yourself, your parents, your kids, your friends, etc., and then your (or they) can submit a claim form with identifying information as needed and the State will turn the property over to you.
As noted above, it is QUITE common for people to forget about small deposits here and there. I once learned about an old utility deposit from back when I was in college and got my refund! It wasn’t much, but it was free money!
Use the Comment section below and share any success stories you have finding old/lost property or funds.
[TIP: Be sure to also search in other states where you may have lived, transacted business, or maintained accounts. Just type in Google the words “unclaimed property” and the state you want to search.]
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