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Discovering money has been sitting in an old account that you forgot about would be a welcome surprise for anyone, especially if it were thousands of dollars. That much money could pay off bills, kickstart a savings account or pay for a surprise vacation.<\/p>\n
That\u2019s what happened to Massachusetts couple Meryl Goldsmith and Scott Penoyer, who were alerted by the state that Penoyer had about $11,500 sitting in an old Morgan Stanley account, according to CBS Boston (1). All they had to do was file a claim.<\/p>\n
Seems quick and easy, right? The couple found out otherwise.<\/p>\n
After Goldsmith and Penoyer filled out the necessary paperwork, it turns out the state needed the account certified by the bank before the funds could be released.<\/p>\n
\u201cThey need Morgan Stanley basically to fill out the rest of this form and that\u2019s where it just kind of falls,\u201d Penoyer told the broadcaster.<\/p>\n
Instead of getting the sign-off they needed, what followed was months of the bank dragging their feet, which prompted the couple to call CBS Boston, hoping the news outlet would push Morgan Stanley to do its part. It worked \u2014 after nearly a year, the couple finally got access to the long-lost cash. And they planned to enjoy it.<\/p>\n
\u201cWe\u2019re putting some of the money away, but we\u2019re doing something a little crazy, and we\u2019re going out to Vegas to see the Eagles,\u201d Goldsmith said.<\/p>\n
Despite the couple\u2019s long battle to get their money, the state insists the recovery program itself is doing just fine.<\/p>\n
\u201cWe can always do better, but we\u2019re one of the highest returned states in the nation,\u201d Mark Bracken, director of Massachusetts\u2019s Unclaimed Property Division, told CBS Boston. \u201cLast year, we paid out just over 130,000 claims, around 80,000 of them were fast-tracked and paid online without anyone ever having to fill out paperwork.\u201d<\/p>\n
The state says it\u2019s holding over $3 billion in unclaimed property, which may include forgotten bank accounts, tax refunds and uncashed checks.<\/p>\n
Read More: The average net worth of Americans is a surprising $620,654. But it almost means nothing. Here\u2019s the number that counts (and how to make it skyrocket)<\/strong><\/p>\n About 1 in 7 Americans \u2014 33 million people \u2014 had unclaimed property held by states worth $70 billion, CNBC reported in 2023, citing data from the National Association of Unclaimed Property Administrators (NAUPA) (2). States hold most unclaimed funds, and each one has an office dedicated to unclaimed property. Programs facilitating the recovery of these lost assets may vary by state.<\/p>\n<\/p><\/div>\n It can take years before an account is considered abandoned after a period of inactivity. Generally an institution will attempt to reach out to the owner to alert them of the account\u2019s dormancy. But, for example, if someone has moved around without leaving a forwarding address, they may not receive any notice, and after a period of time the account may be transferred to the state for safekeeping under a process called \u201cescheatment.\u201d<\/p>\n Forgotten bank and investment accounts aren\u2019t the only place you can find abandoned funds. Unclaimed money can be found through life insurance payouts with unaware beneficiaries, abandoned safe-deposit boxes and payroll checks from previous employers.<\/p>\n Unclaimed money is not uncommon, which is why states have departments dedicated to lost assets. But getting that money back can be a challenge and require some patience, which is especially true if you are an heir to funds unclaimed (6) by a deceased loved one.<\/p>\n The NAUPA has a page with links to every state\u2019s unclaimed property office (3). If you suspect you may have unclaimed funds out there, be sure to check each state where you have lived, worked or opened an account. Be prepared to provide proof of identification.<\/p>\n If you don\u2019t want the hassle of having to search for long-lost accounts, make sure to check and update your records yearly, and make sure your contact and address information is up to date should an institution need to notify you. Also, keep an eye on your pay stubs, and make sure you receive every paycheck \u2014 sometimes ex-employees forget to pick up their last one.<\/p>\n Join 250,000+ readers and get Moneywise\u2019s best stories and exclusive interviews first \u2014 clear insights curated and delivered weekly. Subscribe now.<\/strong><\/p>\n We rely only on vetted sources and credible third-party reporting. For details, see our<\/em> editorial ethics and guidelines<\/em>.<\/em><\/p>\n CBS Boston (1); CNBC (2); National Association of Unclaimed Property Administrators (3)<\/p>\n