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Unclaimed Money Minnesota

Unclaimed Money Minnesota

What Is Minnesota Unclaimed Money?

Minnesota, the unclaimed money, commonly referred to as unclaimed funds, also known as unclaimed property, is money whose owners have not provided evidence of interest or control over the past few years. This amount of time is known as the period of dormancy and is different according to the nature of the money. Unclaimed funds could be found in a safe deposit box, dormant bank accounts, unclaimed earnings, dividends from credit unions, deposits or royalty checks, payroll checks as well as security deposits, utility deposits, and many more.
Typically, after the dormancy period has ended, the state government is then the custodian of the funds not claimed. The process in which the owner of property or funds that are not claimed (e.g., the bank broker, insurance company, real estate broker, or another agent) gives the assets over for the use of state officials is referred to as the escheatment.
In Minnesota, The Unclaimed Property Act requires holders of funds that are not claimed to include the amount in the annual report of unclaimed funds that are sent directly to the Minnesota Department of Commerce. The department holds the funds that are not claimed in Minnesota.

How To Find Unclaimed Money in Minnesota?

Minnesota Commerce Department Minnesota Commerce Department is responsible for securing funds or property until the rightful owners or heirs take over the property or funds. Anyone interested in finding missing funds within Minnesota is able to reach Department of Commerce in person or via telephone:
  • Minnesota Department of Commerce
  • Unclaimed Property Division
  • 85 7th Place East, Suite 280
  • St. Paul, MN 55101
  • Telephone: (651) 539-1545 or (800) 922-5668
Or, a person can use the department’s Unclaimed Property Division database to locate properties that are not claimed. In order to use this database, the claimants must enter their last name and business name into the box for search. Alternatively, they could make use of their first name and city in order to narrow the search.

How to claim unclaimed money in Minnesota

Anyone who wants to claim unclaimed property or funds in Minnesota needs to search for funds on the Minnesota Commerce Department’s Unclaimed Property Division website. Once they’ve selected the property to claim, the claimant must go through it before clicking on the “File Claim” button. The claimant will be taken onto the “Claimant Info” page, where they’ll be asked to complete their details. This will include a current postal address to be able to receive the funds that are not claimed.
The claimant will then have to hit”Next” to proceed “Next” button to move into”Preview screen “Preview screen” to verify the information provided. The claimant then needs to fill in their name, complete the claim form, and then submit the claim.
After the claim has been submitted after submitting the claim, the Unclaimed Property Unit will send an email with the claim’s I.D. along with the required documents that claimants have to submit. For instance, let’s say the owner who originally owned the property is the one who is filing the claim. In that scenario, they need to submit their Social Security Number, Birthdate, and any documents pertaining to name change (if relevant) like the marital certificate, divorce document, or other court documents. The applicant can upload the documents online using the secure Unclaimed Property Division link or mail them via mail to the address below:
Minnesota Department of Commerce
  • Unclaimed Property Division
  • 85 7th Place East, Suite 280
  • St. Paul, MN 55101
It is important to remember in the submission process; that applicants must provide their claim I.D. and adhere to the submission requirements listed on the website of the Department of Commerce. Additionally, those who choose to submit their documents via mail must provide original documents only.

How Do I Find Unclaimed Money For Free in Minnesota?

The database online that is managed by the Minnesota Department of Commerce is free. So, anyone who is interested in finding Minnesota unclaimed funds can use the database, which is essentially an unclaimed list maintained by the government of money, and without having to pay cash. Additionally, people can access open databases managed by several federal agencies to find properties that are not claimed. Examples of these agencies, as well as the funds they manage, include: 
U.S. Department of Treasury Bureau of the Fiscal Service The Bureau of the Fiscal Service is the agency that maintains the Treasury Hunt database that allows you to find the following.
  • Uncashed savings bonds matured and uncashed that do not pay interest
  • Not paying for securities that are in the Legacy Treasury Direct
  • Paying in arrears on a sequence of H.H. or H saving bonds
U.S. Department of Veteran Affairs: This organization is a life insurance provider that provides support to veterans who have been military personnel. The department manages an online database that permits people to find life insurance policies that have not been claimed. Additionally, people can go to the office in person or dial the number to locate unclaimed funds: 
  • U.S. Department of Veterans Affairs (VA)
  • 810 Vermont Avenue North West
  • Washington, DC 20420
  • Phone: (800) 827-1000
U.S. Department of Housing and Urban Development (HUD) Anyone who has been granted financial assistance or a mortgage through HUD can utilize the database of the department to determine whether they have any refund checks. The homeowner is then able to make contact with the department to request their refund at:
  • 451 7th Street South West
  • Washington, DC 20410
  • Phone: (800) 697-6967

How long does it take to get unclaimed money in Minnesota?

If an individual submits a claim for unclaimed funds in Minnesota, it takes 90 days before they receive the money. In the 90 days that follow, you can track their claim online using the claim I.D. Anyone who does not hear from the department within 90 days must contact the department of commerce’s Unclaimed Property Unit at (651) 539-1545.

Can you claim unclaimed money from deceased relatives in Minnesota

Various categories of people, including an heir, a surviving family member, a probate-court-appointed administrator, and an executor, can claim unclaimed money from deceased relatives in Minnesota. However, these individuals need to provide proof of death, like death certificates, as well as proof of their connection to the deceased prior to when they can claim the money. The Unclaimed Property Division can release the funds.
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