The One Financial Step You Can’t Afford to Skip

Spring cleaning your finances? Your first step should be checking for unclaimed property.

It might sound too good to be true, but the Massachusetts State Treasury’s Unclaimed Property program exists to return lost or forgotten funds to their rightful owners. Whether it’s an old savings account, an uncashed check, or an overlooked inheritance, there’s a chance you have money waiting for you.

Believe it or not, the concept of unclaimed property dates back nearly a thousand years to feudal England—yes, the 11th century. Back then, when landowners went off to war or passed away, their land was returned to the original estate for continued use. Today, imagine that land as a long-lost bank account or a forgotten security deposit.

The Massachusetts State Treasury is trying to reunite you with that property—that money—because it belongs to you. Here’s how it works.

How Do I Find My Money?

Although you probably don’t have an unclaimed plot of 11th century land lying around (plus the state doesn’t return real estate or land), it’s quite possible that you have money in the State Treasury. In fact, one in 10 Massachusetts residents does.

To find out, just visit findmassmoney.gov and enter your name. A list of possible matches will appear, and if one is yours, you can claim it.

Anywhere from a few days to a few weeks later, your check will come in the mail. Save it, invest it, or spend it—the money is rightfully yours.

And if you want to do your family members a favor, you can look their names up, too. In fact, you can search for unclaimed property as often as you want. By simply inputting a name, you could be doing somebody a huge financial favor.

Where Did the Money Come From?

It’s easy to assume we have all our finances in order, but certain sums of money are surprisingly easy to forget. And they’re not always sitting in an old savings account—plus, unclaimed property doesn’t include land, real estate, or vehicles.

Your unclaimed property might have come from old checking and savings accounts, unpaid wages, securities, uncashed dividends, life insurance policies, uncashed checks, safe deposit boxes, and more. If these assets don’t see the light of day for more than three years (or fifteen in the case of traveler’s checks), the financial institution holding your money will turn it over to the state of your last known address, which is how it ends up with the State Treasury.

The Unclaimed Property What-Ifs

If you’re not on the big list, don’t give up. Come back later, because the Massachusetts State Treasury adds funds regularly—they’ve returned more than $787 million in the last five years, and they’re holding more than $3 billion.

If you’re worried about scams, it’s understandable. Just remember that the official service is completely free to use. So if the website you’re using asks you to pay a fee, you know you’re in the wrong place.

The Massachusetts Unclaimed Property program is rooted in real legislation and serves only to reunite you with your long-lost money, so make sure you’re using the official website.

Why is This Financial Step So Important?

Some people have discovered hundreds—or even thousands—of dollars waiting for them. This could be money that helps cover a bill, boosts your emergency fund, or even funds a dream purchase.

While the state holds onto these funds indefinitely, there’s no reason to wait—you could be missing out on money that’s already yours. Search your name now.