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Indiana Now Holding 350 Million Dollars in Unclaimed Money

April 21st, 2022

Each year states across the country, including Indiana, take in more unclaimed property than they return to the rightful owners, leading to piles of cash totaling tens of billions of dollars. Indiana unclaimed money alone now totals $350 million, and the money is there for the taking if the citizens it belongs to can just locate it and step forward to claim it.

The total unclaimed funds being held by Indiana’s Office of the Attorney General is sure to grow, as lack of knowledge and skepticism continue to allow the 20,000 new accounts added each month to outpace the number of accounts reunited with the rightful owners. Whether it’s the perception that unclaimed cash is some sort of scam, or the idea that searching just once on any old site is all that needs to be done, the unclaimed property coffers of IN and the other 49 states will continue to grow, unless people begin to seek out the help of missing money experts to assist them in their search.

According to the Hoosier State’s unclaimed property division, some of the most common types of unclaimed assets include: “unclaimed wages or commissions; savings and checking accounts; stock dividends; insurance proceeds; underlying shares; customer deposits or overpayments; certificates of deposit; credit balances; refunds; money orders; and safe deposit box contents.”

It’s not secret that Indiana is one of those states that are home to the headquarters of many large corporations that have locations across the country. What does this mean to people searching for lost money? It means that even people who don’t live in Indiana, have never lived in Indiana, or have never even been to Indiana, might still be due a claim, because if a corporation cannot locate the rightful owner of an account, then it’s supposed to be turned over to the state in which the company is incorporated. This same “out of state” unclaimed money situation is also often present when dealing with money owed from insurance companies, among others.

In addition to not limiting yourself to searching Indiana’s records, it is even more important that you search regularly because you never know when a record in your name might be added to the unclaimed money list of any given state. The state obviously has no record of these funds until an account has been dormant long enough to be considered abandoned or “unclaimed”, but even then, there’s no guarantee of how quickly the state will actually add the record to their system.

The one downside to unclaimed money in Indiana is that there is a time limit on making your claim. Many states will hold your money forever, until some heir of yours claims it at some point, but Indiana only gives you 25 years. 25 years may sound like a long time, but if you consider that money becomes “unclaimed” because it’s forgotten, which means there’s a good chance it was abandoned a long time ago. Urgency is clearly key in locating lost property in the state of Indiana.

To ensure you locate your lost assets before the state takes full possession of them, and to overcome countless other problems that befall those searching for unclaimed money, it’s important that you enlist the help of unclaimed property experts to guide you through the process.