Unclaimed property Minnesota refers to financial assets held by the state when businesses or organizations cannot locate the rightful owners. These assets include uncashed checks, abandoned bank accounts, and forgotten stocks. The Minnesota Department of Revenue manages this program, returning over $40 million annually to claimants.
Businesses and organizations must turn over unclaimed assets to the state after a set period of inactivity, typically three years. The state then holds these funds indefinitely until claimed. Common types of unclaimed property include:
| Type | Common Sources | Claim Period |
|---|---|---|
| Cash and Checks | Banks, employers, government agencies | 3 years |
| Stocks and Bonds | Brokerage firms, corporations | 5 years |
| Safe Deposit Box Contents | Banks | 5 years |
| Insurance Proceeds | Insurance companies | 5 years |
People often forget about small amounts or move without updating their contact information. For example, a Minnesotan who moved out of state might not receive notices about an uncashed check from a former employer. The state's database helps reunite people with their lost assets.
To search for unclaimed property, visit the Minnesota Department of Revenue website and use the online search tool. Enter your name or the name of a deceased relative. If you find a match, follow the instructions to file a claim. The process is free, and the state verifies your identity before issuing payments.
I once helped a friend find $1,200 in unclaimed property from an old utility deposit. The search took less than five minutes, and she received her payment within six weeks. Many people assume only large sums are worth claiming, but even small amounts add up.
Many people believe unclaimed property only includes cash. However, it also covers stocks, bonds, and even the contents of abandoned safe deposit boxes. Another myth is that only seniors have unclaimed property. In reality, people of all ages lose track of assets due to moves, name changes, or forgotten accounts.
Unlike other states, Minnesota does not auction unclaimed property. All assets remain held by the state until claimed, ensuring they are available indefinitely. According to the National Association of Unclaimed Property Administrators, Minnesota returns an average of $40 million annually to claimants.