State Has Millions of Unclaimed Cash

By: News 10
By: News 10

State lawmakers pass a bill that changes the unclaimed property laws.

Under the new bill, businesses, banks and credit unions would be required to turn over forgotten assets like bank accounts, safety deposit boxes and paychecks to the state treasury after three years.

That is reduced from the current five to 15 years that property remains unclaimed before it is turned over.

A spokesperson for the Treasury Department says residents can claim their forgotten property indefinitely, so long as they can prove the money is theirs.

However, millions of dollars are never claimed and the state leaves that money in the general fund.

Governor Granholm is expected to sign the bill, which lawmakers hope will help close the budget deficit.

The state is already banking on an estimated $208 million from bank accounts, payroll checks, and safety deposit boxes forgotten by their owners to balance the current budget, which is due by October 1.

To make sure you don't have any unclaimed accounts, visit www.michigan.gov/treasury and click on "unclaimed property." You can also call 517-636-5320.


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by James Location: Holt on Sep 28, 2010 at 05:19 AM
    I thought my money was long gone since the bank has been sold or closed or renamed or something. If it weren't for my money being sent to the state, I would have never gotten it back. I think it's a good thing too!
  • by Missy Location: Grand Ledge on Sep 28, 2010 at 05:16 AM
    In response to Anonymous, I found a web site to check. www.michigan.gov/treasury & click on unclaimed property. Or www.missingmoney.com (this site checks other states along with Michigan)
  • by Sue Location: E. Lansing on Sep 27, 2010 at 07:42 PM
    from what I understand you can go to the states website. I know people who have found money on the website and the state gave them their money back. If the state did not have this area then my friends would never have known it was missing. Why is WILX making the unclaimed money sound like a bad thing???? by the sounds of the other comments maybe WILX should check there story it sounds like it may be incorrect----again!!!
  • by Anonymous on Sep 27, 2010 at 01:20 PM
    hey how do ya find out if ya have UNCLAIMED MONEY???
  • by Anonymous on Sep 27, 2010 at 05:49 AM
    This is not right that the state can do this.It is sad the state is so hard up they must steal from those not knowing they have something.Notices should be sent out to those family members first.Other wise it is stealing and taking advanage of people!
  • by Jeff on Sep 27, 2010 at 05:37 AM
    Really! A 17 word article. Come on channel 10 you can do better than that!
  • by Anonymous Location: Lansing on Sep 27, 2010 at 05:30 AM
    wow, The facts on this story have been taken completely out of context. The law has been changed so that the dormancy period is now shorter, not the amount of time people have to claim their funds. This means that if you do not cash a check within a certain period of time, it will then be turned over to the state. Once this happens, there is no time limit on how long you have to claim your funds from them. This story should have been clarified better.
  • by Missy Location: Grand Ledge on Sep 27, 2010 at 05:13 AM
    I would just like to tell everyone that unclaimed property is a wonderful department for people who have parents who are passed away and the children didn't know about accounts they had at banks. Had the unclaimed property division NOT taken the money from the bank I would never have know about the money and the BANK would have kept the money forever. All I needed was my parents ss#'s and previous addresses in Michigan.
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