What Is Unclaimed Money in Indiana?
Unclaimed money refers to assets that have gone forgotten or untouched for a specific amount of time, known as a dormancy period. Dormant bank account balances, unpaid back wages, unclaimed insurance proceeds, stock dividends, and public benefits are different types of unclaimed money that the Indiana Office of the Attorney General (OAG) returns to eligible Indiana residents every year.
The practice of returning unclaimed money to the rightful owners began in 1967 when the state legislature enacted the Uniform Unclaimed Property Act. Since then, legislation has evolved to empower the state government to take temporary custody of various financial assets considered abandoned after a dormancy period elapses.
When money goes unclaimed, the financial institution has the fiduciary responsibility to contact the owner or the individual's kin. State laws require financial institutions to report the money as unclaimed if all attempts fail. Then, the institution must turn over custody of the unclaimed money to the Indiana Unclaimed Property Division or an authorized private holder. These entities will assume non-owner custody of the unclaimed funds in perpetuity until a person submits a valid claim.
How To Find Indiana Unclaimed Money
The Indiana Unclaimed Property Division routinely collects data on unclaimed funds from financial institutions and compiles it on an online database. This government list of unclaimed money is accessible to interested members of the public and contains information about unclaimed money. Persons looking for unclaimed money on this database can expect to see the unclaimed money owners' names, physical addresses, amount unclaimed, and the financial institution that reported the unclaimed funds. Besides these details, searchers can also expect to see the type of unclaimed funds and submit a claim.
Meanwhile, persons who prefer to submit a paper claim or claim unclaimed money by phone may contact the Unclaimed Property Division at:
Office of the Indiana Attorney General
Unclaimed Property Division
P.O. Box 2504
Greenwood, IN 46142
Phone: (866) 462-5246
The Unclaimed Property Division only attends to phone calls during regular business hours, and emails are also best sent during business hours. Furthermore, mail requests must go to the state agency in a self-addressed stamped envelope via US mail.
Unclaimed money in the United States is public and can be accessed by anyone through official or non-governmental services. Third-party unclaimed money search engines are easy to use and deliver fast results not limited by geographic region. Users can typically search for unclaimed money through third-party search sites using just a full name or business name. However, because these sites are not government-sponsored, the availability and accuracy of results can vary.
How Do I Find Unclaimed Money for Free in Indiana?
The Unclaimed Property Division is not the only custodian of unclaimed money in Indiana. Other federal agencies also maintain free online databases that interested members of the public can use to find unclaimed funds in Indiana, out-of-state, or even in a foreign country.
Unpaid Back Wages and Salaries
For persons whose employers failed to pay their wages, overtime wage, or whose employers intentionally miscategorized them, the Wages and Hours Division recovers these funds in several ways. Then, the agency contacts the affected workers and invites them to claim the funds. If the worker fails to claim these back wages within three (3) years, the Division shall report the funds as unclaimed. Often, however, this money remains unclaimed by the employee. Concerned persons and their relatives may find unclaimed back wages and salaries by searching the unclaimed money database the Department of Labor has set up for this purpose. Alternatively, call the Division on (866) 487-9243 or visit the local office in Indiana.
The Pension Benefit Guaranty Corporation (PBGC) works to help American workers in the private sector recover their retirement benefits or pension otherwise lost to the company's bankruptcy, name change, merger, or split. Concerned persons may use the PBGC guide for finding lost pensions and unclaimed money. The agency also has a database where these individuals and their relatives can find unclaimed pensions. Alternatively, call the agency for help on (800) 326-5678.
Unclaimed Veterans' Life Insurance Funds
The veterans' life insurance fund is a financial security that the Department of Veterans' Affairs (VA) set up for veterans, service members, and dependents. When these funds go unclaimed for three years, the VA contacts the veteran and known family members. If efforts fail, the agency reports the funds to the Department of Treasury as unclaimed and lists information about recovering the funds on the unclaimed funds database. Concerned persons may also schedule a visit to the VA local office directory or call (800) 827-1000 for help.
Unclaimed Federal Tax Refunds
Tax refunds are the difference between the due tax amount owed and the amount paid by the taxpayer. The Internal Revenue Service (IRS) refunds this difference. When this refund goes uncashed or unclaimed for up to three years, the IRS reports the refunds as unclaimed money. The agency also maintains information about the unclaimed money on the unclaimed tax refund database. Concerned persons may visit the local IRS office (see local office directory) or call the IRS helpline on (800) 829-1040 for help with claiming the funds.
Unclaimed Credit Union Deposits
Credit union members maintain an account to receive loans and deposit money for loan repayments. This account also lets the owner access certain banking services. When credit union accounts' activity goes dormant for an extended period, the financial institution will report the money as unclaimed. The National Credit Union Administration also maintains a database for these unclaimed deposits. Concerned persons will also see information on claiming deposits on this database. Alternatively, they may contact the Administration on (512) 231-7900 or firstname.lastname@example.org.
Unclaimed Harmed Investors' Funds
Funds recovered from securities fraud go towards paying the harmed investors through a third-party funds administrator set up by the US Securities and Exchange Commission (SEC). The administrator will notify these investors of the amount due from their original investments and invite them to submit a claim. When these funds go unclaimed, the SEC reports the funds as unclaimed money and puts it on the harmed investors' unclaimed funds database. Concerned persons may file a claim on this webpage or schedule a visit to the nearest SEC regional office by calling (202) 551-6551.
Unclaimed Matured Savings Bonds
Bonds and accrued interests go unclaimed for several years after maturation due to the long-term nature of this investment. When this happens, the investment firm or the US Treasury Department will report the funds as unclaimed and list them on the Treasury Hunt database. Concerned persons may find unclaimed money on this website or contact the government agency on (844) 284-2676 and (202) 622-2000 directly. The agency also attends to email requests and inquiries at email@example.com.
Unclaimed Bankruptcy Funds
A court-assigned bankruptcy trustee manages the liquidation and repayment process in liquidation bankruptcy cases. This court official is responsible for paying creditors who submit proof of claim, but occasionally, funds are left untouched. Creditors can find unclaimed funds from bankruptcy proceedings using the US Courts Unclaimed Funds Locator. Alternatively, parties may contact the bankruptcy court where the bankruptcy case was adjudicated.
US Bankruptcy Courts
Administrative Office of the United States Courts
One Columbus Circle, NE
Washington, DC 20544
Unclaimed Mortgage Refunds
Persons who have a Federal Housing Administration (FHA) insured mortgage may have leftover money that has gone unclaimed. The unclaimed money is typically refunded from the Department of Housing and Urban Development. Eligible persons can use the US Department of Housing and Urban Development to search for unclaimed premium refunds and share payments. Alternatively, persons can contact the government agency at:
451 7th Street SW
Washington, DC 20410
Phone: (800) 697-6967
Unclaimed Funds in a Foreign Country
Eligible US nationals who lose property or loved ones during US military activities in a foreign country may file a claim or recover unclaimed payments by checking the Foreign Claims Settlement Commission database. Alternatively, contact the government agency on:
How To Claim Unclaimed Money in Indiana
Suffice to say that claiming unclaimed money in Indiana takes four steps. First, the searcher performs a name-based search on the official government list of unclaimed money and finds the most applicable listings. Then, the searcher selects the listings that most apply to them, provides the necessary information, waits for the state agency to review the claim, and finally receives a check if the claim is valid.
The search for unclaimed money begins on the Indiana Unclaimed Property website. Searchers who find unclaimed funds for themselves or third parties must perform a name-based search and check the most relevant search results. A typical search result shows the owner's name, last known address, and amount of unclaimed money. Find the "claim" button next to these results, and select as many as applicable.
Once the searcher has selected all relevant instances of unclaimed money, they must click the purple-colored "continue to file claim" button at the top of the screen. Clicking this button directs the individual to the system, asking the searching party to select their relationship to the unclaimed funds. Then, the system will prompt the searcher to provide personal information and contact details, certify that the information provided is correct, and submit the claim. The searcher will also need to upload supporting documentation, such as a driver's license and applicable Indiana vital records.
Finally, the system sends the claim to an administrative staff who reviews and approves or rejects the claim based on the information provided during the application stage. If approved, the individual will receive a check for the equivalent amount of unclaimed money and any accrued interest if applicable. On the other hand, persons whose claims are rejected will have the opportunity to upload specific documents for administrative staff to reconsider the claim.
How Long Does It Take To Get Unclaimed Money in Indiana?
It depends on the volume of claims, with the average turnaround time being 30 days. This timeline also depends on whether the claimant is the original owner of the unclaimed money and can provide supporting documentation. Claimants filing on the owner's behalf or persons claiming unclaimed money from relatives often experience longer processing time as the state agency verifies the claim validity. This verification is necessary to prevent unclaimed money fraud.
Who Can Claim Unclaimed Money From Deceased Relatives in Indiana?
The surviving kin of a deceased person, including their family members and extended family members, and the legal representatives of these individuals, may claim unclaimed money from deceased relatives. These individuals must provide supporting documentation using Indiana vital records and court orders before the Unclaimed Property Division will process the claims.
What Happens to Unclaimed Money in Indiana if No One Claims It?
Unclaimed money remains in perpetuity for 25 years in Indiana. The owner, relatives, and legal representatives must file a claim within this time. Otherwise, the state shall absorb the unclaimed fund into the Indiana General Fund. Once this happens, the state agency will not process claims, even from valid claimants. Money absorbed into the state's General Fund is used to fund public projects across the state.
Can Someone in Indiana Claim Unclaimed Money From Another State?
Yes. Indiana residents who have lived out-of-town for a while will often have unclaimed money in other states. This also happens when a person works or opens financial accounts in another state apart from Indiana, their state of primary residence. In any way, it is possible to find and claim unclaimed funds from those states following the state's claim procedure.