Over $70 billion sits in state unclaimed property offices right now, and a chunk of it probably belongs to someone you know. Yet millions of Americans never bother checking because they’ve heard it’s a scam, too complicated, or not worth the effort. Let’s clear up the most common myths that keep people from claiming money that’s rightfully theirs.
Myth #1: “It’s Probably a Scam”
This is the biggest misconception, and it’s costing people real money. State unclaimed property programs are 100% legitimate and run by each state’s treasury or comptroller office. Every state has one.
The confusion comes from scam artists who copy official-looking websites or send fake letters claiming you’re owed money—for a fee. Here’s the truth: legitimate state websites end in .gov, and they never charge you to search or claim your property.
Red flags that signal a scam:
- Anyone asking for payment upfront to “release” your funds
- Emails or letters demanding immediate action or personal financial information
- Websites that don’t have a .gov domain
- Companies promising to find money for a percentage of what’s recovered
Real state programs are free from start to finish. Period.
Myth #2: “You Have to Pay Someone to Claim It”
Nope. The entire process—searching, filing a claim, and receiving your money—costs nothing. Some companies called “finders” or “locators” will offer to help you claim property for a fee, usually 10% to 30% of whatever you recover.
While these services aren’t illegal, they’re completely unnecessary. State websites walk you through the claim process step by step. You’ll need to prove your identity with documents like a driver’s license or Social Security card, but there’s no complex paperwork that requires professional help.
Save your money. If you can fill out a basic online form, you can claim unclaimed property yourself.
Myth #3: “The State Keeps Your Money After a Certain Number of Years”
This might be the most damaging myth because it makes people think there’s no point in checking. The reality? In most states, there’s no time limit for claiming your property. It sits there indefinitely until you or your heirs claim it.
Some states do have specific rules about abandoned safe deposit box contents or certain types of property, but cash, bank accounts, insurance proceeds, and stock dividends remain available to claim forever in nearly every state.
Your great-grandchildren could theoretically claim money you’re owed today. So if you find something from 20 years ago, it’s still yours.
Myth #4: “It’s Only Small Amounts, Not Worth My Time”
Sure, plenty of unclaimed property claims are for under $50. But many are for hundreds or thousands of dollars. The average claim is around $2,000, and some people discover much more—forgotten retirement accounts, insurance policies, or stock dividends that have been accumulating for years.
You won’t know until you check. Searching takes about five minutes. Even if you only find $100, that’s a better hourly rate than most of us earn at our jobs.
Myth #5: “If I Had Money Out There, Someone Would Have Contacted Me”
Companies and financial institutions are required to attempt contact before turning property over to the state, but those attempts often fail. Maybe you moved and didn’t update your address. Perhaps the company sent a letter that looked like junk mail. Or they emailed an old account you no longer check.
Once the state receives your property, they’re not going to track you down. They maintain databases you can search, but the responsibility to claim falls on you. They’re holding your money, not actively trying to reunite you with it.
Myth #6: “I Already Checked Once, So I’m Good”
Unclaimed property databases update constantly as new funds get turned over to states. Just because you didn’t find anything last year doesn’t mean there’s nothing there now.
Your employer might have just sent over an uncashed paycheck. A bank could have recently transferred an old account. A class action settlement might have added your name this month.
Make it a habit to check annually. Set a reminder on your birthday or at tax time. It takes minutes and could pay off.
The Bottom Line
The only real risk with unclaimed property is leaving your money on the table. Go to your state’s official treasury website, type in your name, and see what comes up. You might be pleasantly surprised—and you definitely won’t be scammed if you stick to the official .gov sites.