Unclaimed Money New Jersey: $4.7 Billion Waiting to Be Claimed

Have you ever wondered if there's unclaimed money waiting for you? If you live in New Jersey, there's a good chance you do. According to the state's Division of Unclaimed Property, there's currently over $4.7 billion in unclaimed funds sitting in its vaults.

What is unclaimed property?

Unclaimed property is any money or valuables that have been left inactive for a certain period of time. This can include funds from old bank accounts, uncashed checks, unclaimed insurance proceeds, and even forgotten wages.

Who can claim unclaimed property?

Anyone can claim unclaimed property, regardless of their age, citizenship, or residency status. However, you must be the legal owner of the property or the heir of the deceased owner.

How can I find out if I have unclaimed property?

The first step is to search the state's Division of Unclaimed Property website. You can enter your name, address, or Social Security number to see if there is any property listed under your name.

What if I find unclaimed property?

If you find unclaimed property, you will need to file a claim with the Division of Unclaimed Property. You will need to provide documentation to prove your identity and ownership of the property.

How long does it take to receive unclaimed property?

Once you have filed a claim, it can take several weeks or even months to receive your property. The Division of Unclaimed Property must first verify your claim and process the paperwork.

Tips for Claiming Unclaimed Property

• Search the Division of Unclaimed Property website regularly.
• Check your old bank statements and checkbooks for uncashed checks.
• Contact your former employers to see if you have any unclaimed wages.
• Search for unclaimed insurance proceeds from old policies.
• If you inherit property from a deceased relative, be sure to check for any unclaimed funds.

Unclaimed Property by the Numbers

• $4.7 billion: Total amount of unclaimed property in New Jersey
• 10 million: Number of unclaimed property accounts in New Jersey
• $250: Average amount of unclaimed property per account
• 1 in 10: New Jersey residents have unclaimed property

Strategies for Finding Unclaimed Property

• Use a search engine. There are several websites that can help you search for unclaimed property.
• Contact the Division of Unclaimed Property. You can call the division at 1-800-223-9543 or visit their website at https://www.nj.gov/treasury/unclaimedproperty/.
• Hire a professional. There are companies that specialize in finding and claiming unclaimed property.

Pros and Cons of Claiming Unclaimed Property

Pros:

• You can receive money that you didn't know you had.
• It's easy to claim unclaimed property.
• There is no cost to claim unclaimed property.

Cons:

• It can take several weeks or months to receive your property.
• You may have to pay taxes on the property.
• There is a risk of fraud when claiming unclaimed property.

Conclusion

If you think you may have unclaimed property, it's worth taking the time to search for it. You could be surprised at how much money you're owed.