Unclaimed Money in Florida: How to Find and Claim What’s Rightfully Yours
In Florida, millions of dollars in unclaimed money go uncollected every year. Whether it’s due to forgotten bank accounts, uncashed checks, unclaimed insurance policies, or refunds, the state holds a large sum of money that rightfully belongs to its residents. If you think you may have unclaimed money waiting for you, it’s important to know how to find and claim it. This guide will walk you through everything you need to know about unclaimed money in Florida, including what it is, how to search for it, and how to claim it.
What Is Unclaimed Money?
Unclaimed money refers to funds that have been left untouched for a certain period and are considered abandoned by their rightful owner. This can happen for various reasons, such as:
- Bank accounts: If you forget to update your contact information or leave an account dormant for years, the bank may turn your funds over to the state.
- Uncashed checks: Paychecks, tax refunds, or insurance checks that aren’t cashed within a certain period.
- Deposits or refunds: Security deposits or refund checks that were never collected.
- Insurance claims: Life insurance benefits or annuities that have not been claimed by the beneficiaries.
- Utility refunds: Overpayments made to utility companies or other service providers.
Once the money is considered unclaimed, financial institutions and companies are required by law to turn these funds over to the state, where they are held in a trust account until the rightful owner comes forward.
Why Does Florida Have Unclaimed Money?
Unclaimed money in Florida, like in other states, comes from businesses or entities that are legally obligated to report and turn over these unclaimed funds. Florida’s Unclaimed Property Program, administered by the State Treasury, works to reunite rightful owners with their lost or forgotten funds. The state holds this money in a secure account, making it available to be claimed at any time.
Types of Unclaimed Money in Florida
Florida’s unclaimed property includes a wide range of assets, such as:
- Bank accounts: Savings accounts, checking accounts, and safe deposit box contents.
- Uncashed checks: Refund checks, uncashed payroll checks, tax refunds, or dividend checks.
- Insurance benefits: Life insurance policies or unpaid death benefits.
- Stocks or bonds: Securities that have not been claimed by their owners.
- Utility refunds: Refunds from utility companies for overpayments or security deposits.
- Unclaimed wages: Unpaid wages from past employers or contractors.
- Court deposits: Refundable court bonds or settlements that remain unclaimed.
How to Search for Unclaimed Money in Florida
If you think you may have unclaimed money in Florida, the first step is to search the state’s official database. Florida’s Department of Financial Services (DFS) offers an easy-to-use online portal for searching unclaimed property. Here’s how to search for unclaimed money:
1. Visit the Florida Department of Financial Services Website
Go to the official Florida Department of Financial Services website: www.fltreasurehunt.gov. This is the state’s official platform for searching unclaimed property.
2. Enter Your Information
On the homepage, you’ll find a search box where you can enter your name or the name of a business or family member. You can search by full name or partial name (e.g., just your last name or initials) to widen the search.
3. Review the Results
After submitting your search, you’ll see a list of potential matches for unclaimed money associated with the name you entered. Take your time to review the details carefully, including the amount of money and the company or institution holding the funds.
4. Claim Your Funds
If you find unclaimed money that belongs to you, the next step is to claim it. You can start the claim process directly through the website by filling out a claim form. The form will ask for details about you, your relationship to the property, and documentation to verify your identity.
How to Claim Unclaimed Money in Florida
Claiming your unclaimed money is a straightforward process, but it requires you to provide sufficient proof of identity and, if applicable, a relationship to the property. Follow these steps:
1. Submit the Claim Form
After finding unclaimed property, fill out the online claim form. You’ll need to provide personal details, including:
- Your full name and address
- Proof of identification (e.g., driver’s license or social security number)
- Documentation supporting your claim (e.g., proof of ownership, death certificate if claiming a deceased relative’s property)
2. Provide Additional Documents (if needed)
Depending on the type of property and the circumstances, you may need to submit additional documents to verify your ownership. This could include:
- Bank statements for bank account claims
- A will or other legal documents for inherited funds
- A copy of a business license for unclaimed business property
3. Wait for Processing
Once your claim is submitted, the Florida Department of Financial Services will review your request. This process may take several weeks to a few months, depending on the volume of claims and the complexity of your case. You will be notified by mail about the status of your claim.
4. Receive Your Funds
If your claim is approved, you will receive a check or direct deposit for the amount of unclaimed property. In most cases, the funds are sent within a few weeks to a couple of months after approval.
How to Avoid Losing Money in the Future
To avoid having your money go unclaimed in the future, follow these simple tips:
- Keep your contact information updated: Notify banks, utility companies, and other institutions if you change your address, phone number, or name.
- Cash checks promptly: Make sure to cash or deposit checks within the time limit.
- Keep track of financial accounts: Regularly review your bank accounts, insurance policies, and investments to ensure they’re active and up-to-date.
- Review estate planning: Ensure your will and beneficiary designations are clear and that your family knows where to find important financial documents.