Unclaimed Funds Definition
Unclaimed funds are financial assets that have not been used for a length of time or have unknown ownership.
Unclaimed Funds Extended Definition
Unclaimed property can include:
- Uncashed payroll checks or other checks
- Dormant bank accounts
- Customer overpayments
- Security deposits
- Insurance payments
- Stocks and bonds
All businesses must forward all unclaimed funds or unclaimed property to their state in accordance with their state’s escheat laws. This process is known as escheatment. The state holds unclaimed funds in trust and attempts to locate the rightful owner of the property.
What Is Escheatment?
Last Updated By
Rachel Blakely-Gray | Apr 18, 2023