You’ve probably seen or heard the commercials about all the unclaimed assets that the Massachusetts Unclaimed Property Division is trying to return to the rightful owners.
According to www.findmassmoney.com, unclaimed property consists of unclaimed financial assets such as checking and savings accounts, unpaid wages, securities, uncashed dividends, life insurance policies, uncashed checks, safe deposit boxes, etc that are without activity for a certain period of time. It does not include real estate or vehicles. Typically, assets become unclaimed when the owner cannot be contacted for a three-year period by the holder of the asset.
Are you an Individual?
Visit https://www.findmassmoney.com/app/claim-search to see if Mass is holding any of your unclaimed property.
Own a Business?
The Massachusetts Unclaimed Property Law ( M.G.L.c. 200A ), requires business entities and others to review their records each year to determine whether they are in the possession of any unclaimed funds, securities or other property which is reportable under Chapter 200A and to make an annual report of their findings.
Please follow the instructions at https://www.findmassmoney.com/app/reporting-guidelines to report those uncashed patient refunds, uncashed payroll checks issued to your employees, and other unclaimed funds to the Mass Unclaimed Property division.