Massachusetts is holding more than $3 billion in unclaimed money and property for residents and former residents, and you can search for yours in about a minute at the state’s official site, FindMassMoney.gov.1Commonwealth of Massachusetts. Unclaimed Property Homepage Searching and filing a claim is free, and there is no deadline. The money stays legally yours no matter how long it has sat with the state.2Massachusetts Unclaimed Property. FAQs – Claims
What Kind of Money the State May Be Holding
Unclaimed property is money or assets that a business, bank, or insurer lost track of and eventually turned over to the Massachusetts State Treasurer. The most common categories are:
- Savings, checking, and CD balances from banks you haven’t contacted in years
- Uncashed paychecks, vendor payments, refund checks, and dividend checks
- Stocks, bonds, and accumulated dividends from dormant investment accounts
- Life insurance payouts and matured endowments that beneficiaries never collected
- Contents of safe deposit boxes turned over after unpaid rent
- Money owed from a business that dissolved or liquidated
Safe deposit box contents are held by the bank for seven years after the box is opened for nonpayment before they go to the State Treasurer.3General Court of Massachusetts. Massachusetts General Laws Chapter 158, Section 17 Everything else the state holds falls under Chapter 200A of the Massachusetts General Laws.4General Court of Massachusetts. Chapter 200A – Disposition of Unclaimed Property
How to Search and File a Claim
The State Treasurer’s Unclaimed Property Division runs the free search tool at FindMassMoney.gov.5Commonwealth of Massachusetts. Unclaimed Property Division The process has three steps:
- Enter your name at FindMassMoney.gov. Try variations, maiden names, and any previous names if nothing turns up.
- Select the property listed under your name and start the online claim.
- Provide documentation. Some claims qualify for “Paperless Fast Track” and can be verified electronically. Otherwise, you’ll get an email with a claim form; Section C of the form lists exactly which documents you need to send. You can upload them through a secure link or mail them in.6Massachusetts Unclaimed Property. How to Claim Unclaimed Property
Documentation depends on the type of property and your relationship to the original owner, but almost every claim requires a government-issued photo ID and something linking you to the account or address on file. Expect the verification to take several weeks. If you get stuck, the Division’s phone number is 617-367-0400.
Claiming Property Left by a Relative Who Has Died
When the money belonged to someone who has died, the claim path depends on whether the estate went through probate. FindMassMoney.gov asks you to identify yourself as either an “heir” (estate was not probated) or an “estate representative” (estate was probated).7Massachusetts Unclaimed Property. FAQs – General
Either way, you’ll need a certified copy of the death certificate, available from the county courthouse in the county where the death occurred. An estate representative also submits their certificate of appointment from the probate court. If the estate was never probated and you’re the closest living relative, you’ll typically add a small estates affidavit alongside the death certificate. The claim form you receive lays out exactly what applies to your situation.
If You’ve Lived in Other States
Massachusetts’s tool only searches Massachusetts. If you’ve lived elsewhere, check MissingMoney.com, a free service sponsored by the National Association of Unclaimed Property Administrators. It searches participating state databases at once and hands you off to each state’s official claim site.8National Association of Unclaimed Property Administrators. Search Beyond Your State
What It Costs and How Long It Takes
Nothing, and several weeks. Searching is free. Filing a claim is free. The state does not deduct a service charge from what you recover, though administrative expenses of the program itself are paid from a fund set up under Section 9 of Chapter 200A before any remaining balances stay in trust for owners.9General Court of Massachusetts. Massachusetts General Laws Chapter 200A, Section 9
If a private “asset locator” or “heir finder” contacts you offering to recover money on your behalf, know that Massachusetts caps their fee at 10 percent of the property’s value.7Massachusetts Unclaimed Property. FAQs – General On a $5,000 recovery, that’s $500 for a search you can run yourself.
Taxes on Money You Get Back
Recovering your own money is generally not a taxable event. A forgotten checking balance or an old uncashed paycheck was already yours, so the IRS doesn’t count the principal as new income. Any interest the state paid on top of the recovered amount is taxable and gets reported as interest income in the year you receive it.10Internal Revenue Service. Publication 525 – Taxable and Nontaxable Income
Retirement accounts are the exception. When a traditional IRA is turned over to the state as unclaimed property, the IRS treats the transfer as a distribution. The custodian withholds 10 percent for federal income tax and issues a Form 1099-R, so taxes may already have come out before the funds reached the state. You’ll owe income tax on the full amount when you claim it, the same as any other IRA withdrawal.
Watch Out for Scams
Because the state’s own search is free and public, most schemes around unclaimed property target people who don’t realize that. The Federal Trade Commission has warned about letters, often on law firm letterhead, claiming you’re the heir to a large inheritance from a relative you’ve never heard of. The tells are consistent: the sender wants to split the money with you and a charity, insists you keep the arrangement confidential, and pressures you to reply by email right away. The goal is to collect your Social Security number, bank account details, or an upfront “processing” payment. There’s no inheritance.11Federal Trade Commission. Contacted About a Long-Lost Relatives Inheritance Hold on a Minute
Never pay anyone upfront to tell you whether Massachusetts is holding money for you. That answer is always free at FindMassMoney.gov.7Massachusetts Unclaimed Property. FAQs – General