National Unclaimed Property Day: What It Is, Why It Matters, and How to Find What’s Yours

National Unclaimed Property Day is February 1st. Every year, it shines a spotlight on a surprising reality: billions of dollars in financial assets are sitting unclaimed across the United States—waiting to be reunited with their rightful owners.

Whether you’re an individual, a family member helping a loved one, or a business leader, understanding unclaimed property can lead to meaningful recoveries. Here’s what you need to know.

What Is Unclaimed Property?

Unclaimed property primarily refers to intangible assets that have been inactive for a defined period of time—known as the dormancy period—after which they must be reported and remitted to a state unclaimed property office.

Common examples include:

• Uncashed checks (payroll, vendor, commission, or refund checks)

• Inactive bank accounts and credit balances

• Insurance proceeds and premium refunds

• Utility deposits

• Securities, dividends, and mutual fund accounts

• Safe deposit box contents

  
  

Contrary to popular belief, unclaimed property is not truly “abandoned.” The assets always remain the property of the owner or their heirs.

Interesting (and Eye-Opening) Unclaimed Property Facts

• Tens of billions of dollars are currently held by state unclaimed property programs nationwide.

• Roughly 1 in 7 Americans has unclaimed property in their name.

• The average claim is often hundreds to thousands of dollars, not spare change.

• States return billions annually, yet new property is reported every year—so balances continue to grow.

• Businesses are among the most overlooked owners, frequently missing refunds, credits, and vendor overpayments.

  
  

How to Search for Unclaimed Property (Individuals & Families)

Searching is free, legitimate, and easier than most people expect.

Start with These Trusted Resources

• MissingMoney.com – A national database supported by most U.S. states

• Individual state unclaimed property websites, especially states where you:

  • Currently live

  • Previously lived or worked

  • Owned property

  • Had family members who passed away

    
    

Tips for a Better Search

• Search current and former names, including maiden names

• Try partial name spellings

• Check multiple states

• Search on behalf of parents, grandparents, or deceased relatives

  
  

Filing a claim usually requires proof of identity and, in some cases, documentation tying you to the address or account.

Unclaimed Property from a Business Perspective

Unclaimed property doesn’t only impact individuals—businesses often leave significant money unclaimed without realizing it.

Common Corporate Recovery Opportunities

• Vendor overpayments and unapplied credits

• Customer refunds and rebates

• Insurance recoveries

• Dormant accounts receivable credits

• Legacy balances from mergers, acquisitions, or system migrations

  
  

Many companies never search state databases under historical entity names or prior addresses, which can result in material missed recoveries.

Corporate Asset Recovery & Compliance Support

Recovering unclaimed property as a business can be complex—especially when balancing recovery opportunities with ongoing compliance obligations.

This is where professional unclaimed property advisors can help:

• Identify recoverable assets across all jurisdictions

• Navigate documentation and claim substantiation

• Evaluate compliance exposure

• Assist with Voluntary Disclosure Agreements (VDAs)

• Support ongoing reporting, due diligence, and audit defense

  
  

At Advisely, we help organizations recover funds owed to them while also managing the compliance side of unclaimed property—so nothing falls through the cracks.

National Unclaimed Property Day: Take Action

National Unclaimed Property Day is the perfect reminder to:

• Search for yourself and your loved ones

• Review whether your business may be owed funds

• Revisit compliance processes to avoid future exposure

💡 There’s no downside to checking—only upside to finding.

If you’d like to learn more about corporate asset recovery, unclaimed property compliance, or how Advisely can help, contact us today. We’re happy to walk you through the process and uncover value you may not even know exists.