Do you know how to find unclaimed money in Alabama? And are you aware it’s a free search? We’ve got you covered! Every year, countless assets are turned over to Alabama Unclaimed Property due to a lack of activity or contact with the owners. Not only will we guide you on how to find any unclaimed monies that might be owed to you, but we’ll also dive into the importance of regularly checking for unclaimed assets.
What is Unclaimed Money?
Unclaimed money is assets or accounts in financial institutions or companies where there has been no activity generated or contact with the owner for a year or longer. This includes items like cash, stocks, bonds, and even valuables from safe deposit boxes.
How to Find Unclaimed Money in Alabama
The process is straightforward:
- Visit treasury.alabama.gov.
- Use the free search tool to look for any assets under your name.
- Claim any assets you find.
Alabama is currently safeguarding over $1 billion in unclaimed property for its citizens, making it a potential goldmine for many.
Why Should You Search for Unclaimed Money?
With one in every seven Americans having unclaimed property, the chances are high that you or someone you know might have forgotten assets waiting to be claimed. Last year alone, nearly $51 million was returned to Alabamians.
| Reason | Benefit |
| Recover lost funds | Boost your finances |
| Regular checks | Yearly surprises |
When to Check for Unclaimed Property
The State Treasurer, Young Boozer, suggests checking for unclaimed property at least once a year on your birthday. This makes it easy to remember and turns the search into a yearly ritual that might just end with a pleasant surprise.
Frequently Asked Questions
1. How often does the state of Alabama update the unclaimed property database?
The state updates the unclaimed property database annually. Financial institutions and companies turn over unclaimed assets to the Alabama Treasury once a year, making it beneficial for residents to check the database regularly, preferably around their birthday as an easy reminder.
2. Is there a fee to claim unclaimed money in Alabama?
No, there is no fee to claim unclaimed money in Alabama. The process is entirely free for individuals searching for and claiming their unclaimed assets. This ensures that citizens can reclaim their property without any additional financial burden.
3. What types of unclaimed property does Alabama hold?
Alabama holds a variety of unclaimed properties including cash, stocks, bonds, insurance benefits, and valuables from safe deposit boxes. Common examples also include unpaid life insurance benefits, forgotten bank accounts, payroll checks, and utility company account deposits.
Conclusion
Rediscovering forgotten wealth can be as simple as entering your name into a database. With Alabama holding over a billion dollars in unclaimed funds, it’s worth taking a few minutes to see if any of it belongs to you. Remember, the search is free, easy, and could result in a significant financial windfall. Don’t let your unclaimed property go unclaimed any longer!
