If you have moved in recent years, is it possible that you left some money behind!? Millions of dollars are turned over annually to the Tennessee Department of Treasury’s unclaimed property division when owners cannot be located. Paul Fain, President of Asset Planning Corporation joins us to help you find free money this morning.
PAUL, WHAT IS UNCLAIMED PROPERTY?
- Customer refund never claimed
- Credit balance or overpayment
- Payroll check that was not cashed
- Bank or investment account such as interest or dividend or balance
HOW DOES PROPERTY BECOME OFFICIALLY ABANDONED?
Abandonment is determined after a specified amount of time has elapsed. At the end of that specified amount of time, the company or entity is required to attempt to notify you in writing to provide you an opportunity to make contact.
- Wages or utility deposits – 1 year
- Other property – no account activity after 3 years,
WHEN CAN I CLAIM PROPERTY AFTER IT IS TURNED OVER TO THE STATE?
- There is no time limit to claim your property. You or your legal heir may claim the property at any time in the future.
- In addition, there is no charge to claim your property.
- Once a year the State will list the names of the owners in the
- Or, search the State’s website to online search your name: https://www.claimittn.gov/?AspxAutoDetectCookieSupport=1
- Complete a Claim Form with the required documentation.
ARE THERE OTHERS PLACE TO LOOK FOR UNCLAIMED PROPERTY?
You can also search MissingMoney.com a national search that includes lists of the property being held from a majority of states.
[Fyi, Tennessee is a “custodial” state so the property is never taken by the state.]