The majority of property turns into unclaimed property if it has been inactive for five years. On the other hand, un-cashed payroll checks turns into unclaimed property after one year and utility deposits after two years. Every year, billions of dollars in dormant or lost accounts go without ever being found when governments, companies and banks are unable to find or pursue the true owner of the money. This is because of several reasons, such as marriage break up, misspelled names, businesses going ruined, banks getting dissolved, sudden relocations or replacement of jobs, address changes without prior announcement, death, post office errors etc. If you are one of such people having unclaimed property or if you know anyone who has ever moved or died, the state of Alabama is definitely holding unclaimed funds in their name. Alabama’s unclaimed property office and State escheats currently hold $340 million dollars in ‘lost money’ belonging to millions of people. Unclaimed property records with a value of $25 or greater, are incorporated in the Treasury website database.
At present, Alabama’s Unclaimed Property Program is the custodian for over 3.2 million unclaimed property records totaling approximately $340 million. Since 1996, the particular program has paid out over 322,000 claims that returned over $159 million to rightful owners or their heirs. At present, the Alabama unclaimed property division is keeping about 373 Million Dollars in Unclaimed Money.
Alabama’s unclaimed assets are reported in the name or Social Security number of the owner(s) along with any owner information (if available). The Treasurer’s office of the particular State updates this database from time to time in order to incorporate new names reported and to remove those which have completed the claim process and have been returned to its rightful owner(s). The unclaimed property of the State of Alabama is managed by the Office of State Treasurer Kay Ivey. Claims for unclaimed property are also processed by the particular office; moreover, the services are provided at cost.
How to Claim Unclaimed Property
You can perform an online search for locating unclaimed property that already has been sent to the State for custody. In addition to, the property that is about to be sent to the State by a business as required by law can also be searched. You can perform an online search for unclaimed property through online database maintained and managed by Alabama Unclaimed property Division. All you are required to do is to key in the last name of the person or business you are looking for; entering city is optional but it would definitely narrow down the search and you would be provided with accurate results.
How to Get a Claim Form
The database provides you with details on Property#, Name, Co Owner, Address, City, State, Zip and amount. If displayed results show that you have unclaimed property then click on the tab “claim properties” after selecting the record of your unclaimed property. Fill in the claimant information and click on the “print form”, you will be provided with the claim form to be filled and to be sent to the concerning department in order to make a claim against your unclaimed property. You can also click on “Request By mail” for having claim form mailed to the address provided in claimant information.
Where to Send Complete Claim Form
Once you follow the instructions on the Claim Affirmation Form, make sure that you print the form, sign it, and send it in to the concerning office along with the required documentation. Fill out the form, attach all required documents and send at;
Alabama State Treasury
Unclaimed Property Division
P.O. Box 302520
Phone: (888) 844-8400
Fax: (334) 242-9620