What Types of Funds Can We Recover?

Checking and savings accounts that have had no activity for a period of years are escheated to the state. This includes accounts from banks that have merged, been acquired, or closed. Even small balances accumulate interest and are recoverable.

When a property is foreclosed and sold at auction for more than the outstanding mortgage balance, the surplus belongs to the former homeowner. These funds are frequently unclaimed because homeowners are unaware they are owed money after losing their property.

Payroll checks, vendor payments, refund checks, and dividend payments that were never cashed are turned over to the state. These can come from former employers, utility companies, retailers, or government agencies.

Life insurance policies, annuity contracts, and health insurance reimbursements go unclaimed when beneficiaries are unaware a policy exists or when the insurer cannot locate them. Heirs of deceased policyholders are often entitled to these funds.

Federal and state tax refunds that could not be delivered due to an incorrect address or banking information are held by the IRS and state revenue departments. These funds remain available for years and can be claimed by the original taxpayer.

Security deposits paid to electric, gas, water, and telecommunications companies are often never returned when service is cancelled. Utility companies are required to turn these over to the state after a dormancy period.

Mortgage escrow overages, real estate transaction escrow balances, and legal settlement escrow funds that were never disbursed are held by title companies and attorneys before being turned over to the state.