Q:

What does the state of Massachusetts do with unclaimed money?

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Quick Answer

Financial assets that go unclaimed by their owners for a period of three years or longer are turned over to the State of Massachusetts and deposited in the Massachusetts General Fund, according to the Office of the State Treasurer. Asset owners can collect their unclaimed money from the Massachusetts Unclaimed Property Division at any time after it is turned over.

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Full Answer

Approximately one person in 10 has unclaimed property held by the state, according to the Office of the State Treasurer. Massachusetts holds 2.4 billion dollars in property, as of September 2015. People can search for unclaimed property on the Unclaimed Property Division's website or call the Division by phone to locate funds in amounts too small to be published on the website. The Office of the State Treasurer mails a notice to the owner's last known address when property is turned over to the state.

Once a property owner files a claim with the Unclaimed Property Division to collect his asset, it takes about three months for funds to be sent to the claimant, according the Office of the State Treasurer. Claims have to be verified to ensure that claimants are who they claim to be and have submitted all necessary documentation required. A claimant may need to document his social security number to match the one associated with the unclaimed property. If he has moved, for example, he has to be able to demonstrate that he lived at the address on file for the unclaimed property with proof, such as an old utility bill.

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