In this article, Have you ever wondered if you have unclaimed money in Minnesota? You might be surprised to find out that you do. Unclaimed money is any property whose current owner has been unable to contact the rightful owner for a certain period of time. After that period—known as the dormancy period—passes, the company or financial institution holding the money is required to turn it over to the Minnesota Commerce Department, which declares it abandoned.

Unclaimed money can come from various sources, such as:

• Dormant bank accounts
• Uncashed checks
• Unclaimed wages
• Insurance claim payments or benefits
• Stocks or bonds
• Safe deposit boxes

The Minnesota Commerce Department is responsible for safeguarding and returning the unclaimed money to the rightful owners or heirs. As part of its mission to protect consumers, the department is committed to reuniting Minnesotans with money that has gone missing.

Step 1: How Do I Find Out If I Have Unclaimed Money in Minnesota

If you think you might have unclaimed money in Minnesota, you can use the following methods to find out:

• Search online: The easiest and fastest way to find out if you have unclaimed money in Minnesota is to use the online search tool provided by the Minnesota Commerce Department. You can access it here. You just need to enter your name or business name and click on “Search”. The tool will show you a list of potential matches and the amount of money they hold. You can also search for unclaimed money by property ID, holder name, or holder ID.

• Call or email: If you prefer to contact the department by phone or email, you can do so using the following information:

1. Phone: 651-539-1545

2. Email: unclaimed.property@state.mn.us

You will need to provide your name, address, and any other information that might help identify your claim.

• Visit in person: If you want to visit the department in person, you can do so at the following address:

1. Minnesota Commerce Department

2. 85 7th Place East, Suite 280

3. Saint Paul, MN 55101

You will need to bring a valid photo ID and any documents that might support your claim.

Step 2: How to Claim Your Unclaimed Money in Minnesota

If you find out that you have unclaimed money in Minnesota, you can claim it by following these steps:

• Fill out a claim form: You can download a claim form from the department’s website here. You will need to fill out your personal information, property information, and relationship to the owner. You will also need to sign and date the form.

• Gather supporting documents: Depending on the type and amount of property you are claiming, you might need to provide some supporting documents, such as:

1. A copy of your photo ID
2. A proof of address
3. A proof of social security number
4. A proof of ownership or entitlement
5. A death certificate and heirship documents (if claiming on behalf of a deceased owner)
   You can find a list of required documents for different types of property here.

• Submit your claim: You can submit your claim by mail, email, or fax using the following information:

1. Mail: Minnesota Commerce Department Unclaimed Property Program, 85 7th Place East, Suite 280, Saint Paul, MN 55101
2. Email: unclaimed.property@state.mn.us
3. Fax: 651-539-1550
   You will need to include your completed claim form and all supporting documents. You will also need to keep a copy of everything you send for your records.

Step 3: How Long Does It Take to Receive Your Unclaimed Money in Minnesota

Once you submit your claim, the department will review it and verify your eligibility. This process can take up to 90 days, depending on the complexity and volume of claims. If your claim is approved, you will receive a check in the mail for the amount of your unclaimed money. If your claim is denied, you will receive a letter explaining the reason and your options for appeal.

Step 4: How much unclaimed money is there in Minnesota

According to the latest report from the National Association of Unclaimed Property Administrators (NAUPA), there is over $1 billion in unclaimed money held by the state of Minnesota as of June 30, 2020. This amount includes both cash and non-cash assets, such as securities and safe deposit box contents. The average claim amount is $1,5002.

Step 5: How can I prevent my money from becoming unclaimed in Minnesota

To prevent your money from becoming unclaimed in Minnesota, you should take some proactive steps, such as:

• Keep track of your accounts and assets: You should regularly monitor your bank accounts, investment accounts, insurance policies, and other financial assets. You should also keep your statements, receipts, contracts, and certificates in a safe place. You should update your information with your financial institutions and other holders whenever you change your name, address, phone number, or email.
• Cash your checks: You should cash or deposit any checks you receive as soon as possible. This includes payroll checks, tax refunds, dividends, interest, and other payments. If you don’t cash your checks within a certain time, they might become stale and unclaimed.
• Claim your benefits: You should claim any benefits you are entitled to, such as pensions, retirement accounts, life insurance, and annuities. You should also notify your beneficiaries of any benefits they might inherit from you.
• Contact your holders: You should contact your financial institutions and other holders at least once a year to confirm your account status and activity. You should also respond to any notices or inquiries they send you. This will help them keep your records updated and avoid reporting your property as unclaimed.
• Search for unclaimed money: You should search for unclaimed money in Minnesota and other states where you or your relatives have lived or done business. You can use the online search tool provided by the Minnesota Commerce Department or the national database maintained by NAUPA here. You can also check the websites of specific holders, such as banks, insurance companies, and government agencies.

FAQ: The Ultimate Guide to Your Questions

Here are some frequently asked questions (FAQs) about unclaimed money in Minnesota: