According to the National Association of Unclaimed Property Administrators (NAUPA), approximately $42 billion in unclaimed funds in the United States. People are filing claims on unclaimed property, and the new property being declared unclaimed causes this number to fluctuate. The state of Florida’s Chief Financial Officer currently has over $1 billion in unclaimed property. Dormant accounts in banks and other financial institutions, insurance companies, utility companies, securities, and trusts account for most of this money. Intangible objects such as watches, jewels, coins, currencies, stamps, and historical artifacts are unclaimed property.
Unclaimed money in Florida is deposited in the state school fund and used for public education until the rightful owner claims it. However, if the unclaimed property is property rather than money, the state does not keep it. Instead, if a safe deposit box’s rent has not been paid for at least three years, the state will keep the valuables for another two years before auctioning them. The sale earnings are then credited to the original owner’s account and are claimable permanently.