Where is this money coming from?

One of the first questions people ask us after receiving our letter is: “Where is this money coming from?” Across the United States, billions of dollars are held in state treasuries, waiting to be claimed by their rightful owners. These assets often originate from everyday financial activities that many people overlook, such as dormant bank accounts, uncashed checks, life insurance benefits, or even safety deposit boxes. It’s surprisingly easy to lose track of these assets when we move, change jobs, or a relative passes away.

At Garden State Treasury Claims, we often see how simple life changes can cause money to slip through the cracks. For example, one claimant we assisted had moved out of state after graduating college and forgot about a security deposit refund from their old utility company. Because the check was mailed to an outdated address and never cashed, the funds were eventually turned over to the state. In another case, a family didn’t realize a deceased relative had an old life insurance policy. With no one to claim it, the policy funds were sent to the treasury, where they continued to earn interest even after the account went dormant.

When an account goes inactive for a certain period, called the dormancy period, financial institutions are required by law to transfer the funds to the state. Before doing so, most companies must perform due diligence, which usually includes attempting to contact the holder at their last known address. However, continuously tracking down owners can be time consuming, costly, and overall doesn’t benefit the company. By transferring the funds to the state, companies fulfill their legal obligations while avoiding the administrative burden of repeatedly reaching out to the owner.

While our job is to help recover unclaimed funds, there are simple steps you can take to avoid losing assets in the first place. Keep an electronic record of every address you’ve lived at, especially if you rent, since a simple document such as a lease can make a big difference if you ever need to prove residency. Stay organized with your bank accounts, insurance policies, retirement funds, and other financial assets. Talk to your loved ones about any accounts or policies any of you are holding, as these conversations can help ensure that nothing is overlooked in the event of an unexpected passing.

Recovering unclaimed funds doesn’t have to be complicated. At Garden State Treasury Claims, our mission is to guide you through the process and help you reclaim what’s rightfully yours. Whether you’re claiming your own assets or acting on behalf of a loved one, we make it simple, clear, and stress free.