A Guide to Finding Unclaimed Money in Alabama
The state of Alabama might be hiding a pleasant surprise for all the residents who have unclaimed money under their name. According to News 19, the Alabama State Treasurer’s is currently holding more than one billion dollars in unclaimed property.
The Treasurer’s office has returned over $146 million in the past five years, thanks to its initiatives and programs. This might seem like a big move, but the number of owners unaware of their uncollected money keeps growing.
In case you want to check whether you are entitled to a part of the treasure Alabama holds, our article will teach you how to do it with no fuss.
What Is Unclaimed Money?
Unclaimed money represents the funds that weren’t collected by their owners from banks or other institutions within a certain period. If a company doesn’t manage to locate the owner of uncollected funds, it needs to report them to the state.
The person to whom unclaimed money belongs can reclaim it during a three-year dormancy period—the time between reporting the uncollected funds and proclaiming them abandoned. If the properties remain unclaimed, the state takes control of them and keeps them until the rightful owner comes forth.
Why Don’t People Claim Their Money in Alabama?
Financial organizations in Alabama do their best to contact the owners of unclaimed money, but this doesn’t always give the best results. The most common reasons are listed below:
- People quit their job without providing their current address and forget to pick up their last paycheck
- Someone passes away and doesn’t provide the executors with their heirs’ contact details
- Bank accounts become inactive, and people forget to withdraw the remaining money or provide their forwarding address
- Owners change their last name, physical address, or contact details, which is why the institutions holding their funds can’t reach them
Some people never find out that they have money under their name. The amounts don’t have to be large—usually less than $100—but there’s no reason to give up on what’s rightfully yours.
What Can Be Considered Unclaimed Money in Alabama
Unclaimed money usually refers to financial assets, but it can also be other property that certain institutions hold for us. If you are wondering what qualifies as unclaimed money, here’s the list of potential assets:
- Money orders
- Unpaid wages
- Inactive stocks
- Unused gift cards
- Uncashed checks
- Inheritance money
- Scholarship money
- Forgotten refund money
- Uncollected insurance money
- Unclaimed child support money
- Old bank accounts balances
- Safe-deposit box contents (coins, gold, silver, diamonds, etc.)
- Uncollected funds from deceased relatives
Vehicles, boats, and real estate don’t count as unclaimed property in Alabama.
How To Find and Claim Unclaimed Funds in Alabama on Your Own
The best and safest way to check if you have any unclaimed funds is to comb through the Alabama State Treasurer’s online database. It provides accurate results, gets updated daily, and contains only the information related to Alabama, while other search tools include all states and make browsing more difficult.
How To Find Your Unclaimed Funds via the Alabama State Treasury Website
To search for unclaimed money online, follow the instructions below:
- Go to the State Treasury website
- Choose the Unclaimed Property tab
- Enter the required information and hit Search
- Check the results and click on Claim next to all the unclaimed funds that belong to you
- Select View Claimed Properties
How To Claim Your Property via the State Treasury Website
The first step of filing a claim is to complete an online form once you click on View Claimed Properties and revise the list of your unclaimed funds. You can do it by:
- Clicking on File a Claim
- Entering the required details, including your name, contact details, physical address, and Social Security number (SSN), and hitting Next
- Verifying the details provided by clicking on Submit (make sure to write down the claim number)
To finalize the online claim process, you need to provide the Treasurer’s office with the appropriate documents as proof that you are the rightful owner of the unclaimed funds. You will get a list of the necessary paperwork in a confirmation email, along with your claim form.
You can send the documentation in two ways—online or via post. The table below shows the instructions for both methods.
RSA Union Building
100 North Union Street, Suite 636
Montgomery, AL 36104
The average claim processing time in Alabama is six to eight weeks.
DoNotPay Helps You Find Unclaimed Money in Alabama Effortlessly
You can use DoNotPay’s amazing search tool to scan all U.S. federal and state unclaimed money databases and find uncollected assets under your name anywhere in the States.
All you need to do is open DoNotPay in your web browser and follow these steps:
- Find the Missing Money feature
- Enter the required information and add your previous addresses
- Select Claim My Property if you find unclaimed funds that belong to you
As soon as we process your details, we will file a claim on your behalf and do all the grunt work!
How To Stay Safe From Unclaimed Money Scams
Everything that involves money is subject to various scams, and unclaimed funds aren’t an exception.
Fraudsters tend to contact people claiming they are representatives of the Alabama State Treasurer’s Office and offer to find unclaimed funds for a fee. Asking for money is the first sign of fraud, as the Treasurer’s office doesn’t charge service fees.
If this happens, make sure not to reveal your sensitive information and refuse any “assistance” they provide. Doing the opposite might endanger your privacy, and you may easily become a victim of an unclaimed money scam.
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