What Are Unclaimed Checks and How Can You Claim Yours?

Unclaimed checks are when an individual has an uncashed check and has lost track of it. This can happen for many reasons, but the most common reason is that the person changed their address without letting their bank know. When this happens, any mail sent to them will be returned to the sender with no forwarding address.

In this article, we explain how you can claim your unclaimed checks in the United States. It includes information on how to find out if you have unclaimed checks, what steps need to be taken to get your money back, and the things people should keep in mind before claiming their money.

What is an Escheated Check?

An escheated check is a bank draft that has not been cashed within the specified time allowed. It can also be referred to as an unclaimed or abandoned check. Escheatment laws vary by state but typically provide for the escheatment of funds after three years (if there is no activity on the account). The money must then be turned over to the State Treasury Office and held until claimed by any party with interest in it (the original owner, their heirs, etc.).

The process of checking for unclaimed checks varies, based upon your financial institution; however, most banks will allow you to search online using a name or social security number free-of-charge, whereas some institutions may ask customers to pay a fee for this service.

Why Do Some Paychecks Go Unclaimed?

Every year, billions in unclaimed paychecks are left by workers who have died, moved, or forgotten to update their addresses. Even though it may seem like an insignificant amount of money for the United States economy, it can be a surprising sum for those living paycheck to paycheck and struggling to make ends meet.

How To Search For Your Unclaimed Check

If you are looking for your unclaimed check in the United States, it is important to know that each state has its laws to claim this money. Some states will require a person's social security number, while others will only require an individual's name and date of birth. You can search online through your home state government website or use the unclaimed property database to see if any checks have been issued in your name.

Final Word

If you have been waiting for a check that has not arrived, it may be time to look into whether or not this is an unclaimed check. Unclaimed checks can still be claimed until the statute of limitations expires on them—a date that varies from state to state and even year-to-year.

Before claiming your money, there are many things to consider, such as if you owe taxes on the amount received and how long ago the funds were deposited in your account.

Unclaimed checks are often worth a substantial amount of money. The time to act is now before someone else claims your unclaimed check, and you miss out on the opportunity for financial relief.