These should be remitted to the Minnesota department of commerce after some time. Unclaimed money does not include gift cards, gift certificates, and layaway accounts. Businesses that are usually in the possession of unclaimed money include banks, hospitals, retailers, oil and gas, and other financial institutions.
Types of Unclaimed Money
There are various reasons for such frequent occurrence of unclaimed money. This is mostly a result of ignorance about unclaimed money. It is also because people fail to inform their financial institutions of the change of location, or death of the owner without a proper will that will ensure proper handling of their financial estate. To prevent more occurrences, people should respond regularly to their financial institutions and keep them informed of any changes. Gift cards should also be used in the time before their expiry and proper wills and measures of estate management should be in place in case of unprecedented death.
Legislation on Unclaimed Money
Each unclaimed property has a dormancy period after which the current holders are mandated to turn it over to the state department for safekeeping. This is the period where the holders can be in legal possession of the money while taking active measures to contact and inform the rightful owner of its existence. The dormancy period ranges from three years for savings and checking accounts to fifteen years for Traveller’s checks. Failure of businesses to turn over these properties leads to fines from the state department which could sometimes lead to overestimation of dividends gotten by the business causing huge fines to be placed on defaulting businesses.
Even though some businesses have structures that outsource the responsibility of monitoring the checks that can eventually turn out unclaimed to fulfillment houses, the liability of any breach of the Minnesota law would still fall on the business leading to an exorbitant penalty. To ensure that this does not occur, businesses and institutions must implement effective monitoring measures and detailed record keeping. It is also advised that the counsel of a professional is sought to enable businesses to know the possible defenses against exorbitant penalties.
How To Recover Unclaimed Money?
To claim money or property from the Minnesota state department, it is important to have access to the application form on the website alongside the claimant’s tax identification number, identification number, signature, and proof of a change of name, if applicable. Businesses are to have a signed document showing the authority of the claimant in the organization, along with means of identification, signature, and documents substantiating the transfer of ownership. To claim a dead person’s property, documents that prove the entitlement should be tendered. Log on to www.missingmoney.com
✓Input your last name and hit the search button.
✓To narrow the results, input your first name and cities into the boxes and click on the search button.
✓On the left side of the property you want to claim, click on the ‘Request Form’ icon
✓ Confirm that the information is correct and correlates to the property. Proceed to the Lin: ‘Yes, I can claim’ button
✓ Fill out the state claim form
✓ Submit the form.
Usually, the government would request more information to ascertain the ownership of the property. Connection to a dead relative’s property would also have to be confirmed.
Properties are also claimed via the department’s official website www.mn.gov/commerce. Click on the link bar showing ‘claim missing money and follow the prompts similar to what is stated above.
Some unclaimed properties have accumulated interest over the years of being in the custody of businesses or the government. Such interests are accessible to the owners on the premise that it is the securities-based property and the interest has been accumulated before the department started keeping the money.
° Can I look for unclaimed money from other states apart from Minnesota?
-Yes, the majority of unclaimed money all over the country is turned over to the state department.
° Can any member of the family claim a dead relative’s property?
– No, only the next of kin or someone stated in the will can claim a dead person’s property. Proof of the next of kin relationship and copies of the will must also be tendered on request by the department.
° Can the process be completed online?
– Usually, the whole process can be completed online with a further request for documents electronically. There may be exceptions where some documents need to be investigated with more detail and the address of the claimant may need to be verified
