DETROIT (FOX 2) - Could you have money waiting for you that you don't even know about? It's easy to check.
As Michigan Unclaimed Property Day, which is Sunday, approaches, the state is encouraging people to check for unclaimed assets and property.
"I encourage Michiganders to take a moment to see if they have lost or unclaimed property," said Terry Stanton, who oversees Michigan’s Unclaimed Property Program. "Even if you’ve checked recently, visit our website again—our database is updated multiple times throughout the year. You might discover money or assets waiting for you, and my team is ready to help you claim what’s yours."
What is unclaimed property?
The Michigan Treasury has millions of dollars in assets, including dormant bank accounts, uncashed checks, valuables left in safe deposit boxes, and stock certificates. After assets are abandoned for a certain period of time, money is transferred to the Michigan Department of Treasury, where it can be claimed.
By the numbers:
In Michigan, $164 million was returned to rightful owners and heirs last year and more than $675 million over the last five years.
How to search unclaimed property
Visit the Michigan Department of Treasury Unclaimed Property website.
Click "Get Started" and enter your name. You'll be brought to a page of unclaimed property under your name and similar names.
If you have lived in other states, you can search a nationwide database, too. Find that here.
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You could be owed money that you don't even know about, and checking for it is easy on the Michigan Department of Treasury Unclaimed Property website.
Claiming property
Select the property you would like to claim, and enter the information needed, including your name, Social Security number, and address.
In some cases, the information provided in the first step is enough to approve your claim. In other cases, you will be asked to provide additional documentation to prove the money belongs to you. This could include a copy of your Social Security card or ID.
If you aren't sure if unclaimed property belongs to you or someone with the same name as you, you can still file a claim. The department will go through the verification to decide if it is you or someone else.
Once you provide all the necessary information and your claim is approved, the Department of Treasury will mail you a check.
You can also claim property by calling 517-636-5320.
Is there a charge to claim your property?
No. There is no charge. If you find yourself on a website that claims to return your property and is asking for payment - leave that site immediately.
The state of Michigan emphasizes that it does not charge for residents to claim their unclaimed property.
How to track your claim
Once you've made a claim and have not received your property, you can track the status.
After you've submitted your claim, you'll get a claim ID. Make sure you hang on to that as you'll need it to search on the state's page.
The state says some claims could take up to five approvals before the property is released, so you're encouraged to check back once you have your claim ID.
The Source: This information is from the Michigan Department of Treasury.
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