Unclaimed money refers to financial assets left inactive by their owner for a set period. For Alabama residents, this can mean forgotten funds held by the state. This article guides you through the official process for discovering and retrieving these assets.
Sources of Unclaimed Money in Alabama
Unclaimed property in Alabama originates from various sources when contact with the owner is lost. Common sources include:
- Dormant checking or savings accounts
- Uncashed payroll checks
- Proceeds from insurance policies
- Utility deposits
- Stock dividends
- Customer overpayments
- Contents of abandoned safe deposit boxes
Under the Uniform Disposition of Unclaimed Property Act, businesses and financial institutions must report and remit these assets to the Alabama State Treasury’s Unclaimed Property Division.1Justia. Alabama Uniform Disposition of Unclaimed Property Act of 2004 Property is considered abandoned after a period of inactivity, which can be one year for wages or up to three years for other property types.2Justia. Section 35-12-72 — Presumption of Abandonment The state then holds these assets until the owner or their heirs claim them.
Information Needed to Search for Unclaimed Property
Before searching, gather your full current legal name and any former names, such as a maiden name. Compiling a list of all your previous addresses within Alabama is also beneficial. Your Social Security Number is used for claim verification rather than the initial search. If searching for a deceased relative, you will need their full name, past addresses, and Social Security Number.
How to Search for Unclaimed Money in Alabama
To find unclaimed funds, visit the official Alabama State Treasury’s Unclaimed Property website. On the property search page, enter your name or business name to begin. The portal will display a list of potential matches, showing names and the last known addresses associated with the property. If you identify property that belongs to you, select it to begin the formal claims process.
Preparing Your Alabama Unclaimed Property Claim
After identifying a potential match, you must file a formal claim by submitting documentation to the Alabama State Treasury. You will need to provide a copy of a valid government-issued photo ID, proof of your Social Security number, and documents linking you to the address on the report. The claim requires the official form generated on the Treasury’s website after you select a property.
For claims involving a deceased relative, legal documents like a death certificate, a will, or court-issued letters of administration will be necessary. Some forms, such as affidavits for heirs, may require a notarized signature.
Submitting Your Completed Claim Package in Alabama
You can submit your completed claim package by mail or in person. The mailing address for the Alabama State Treasury’s Unclaimed Property Division is P.O. Box 302520, Montgomery, AL 36130-2520. To deliver a claim in person, the office is at the RSA Union building in Montgomery.
The Unclaimed Property Division also has an online portal for uploading documentation in PDF, TIF, PNG, or JPG format. Note that some claims require original documents that must be mailed.
What to Expect After Filing Your Claim
Once your claim is received, the Alabama State Treasury’s Unclaimed Property Division begins verification. The average processing time is between six to eight weeks, during which staff review your documents to confirm ownership. You will be notified if additional information is needed and will have 90 days to respond.
Once your claim is approved, a check will be mailed to you. The State of Alabama does not charge fees for filing or processing a claim through its official channels.