Finding your lost money

Have you ever lost a few dollars between the couch cushions? Imagine if hundreds or even thousands of dollars belonging to you were sitting in a government account, just waiting to be claimed. This happens more often than you might think in Alaska, and it's called "unclaimed property."

Unclaimed property isn't land or houses. It's money and valuables that businesses owe, but couldn't deliver. When a business can't find you to give you money that belongs to you, they eventually must turn it over to the State of Alaska. This happens with forgotten bank accounts, uncashed paychecks, refunds, insurance payments, and even the contents of abandoned safe deposit boxes.

Every year, businesses across Alaska search their records for money owed to customers, employees, and others that remain unclaimed. After trying to contact the owners for several years (typically three to five years), they must transfer these funds to the state's Unclaimed Property Program. The state then becomes the custodian of your property, holding it until you or your heirs come forward to claim it.

Common examples include security deposits from apartments you moved out of years ago, final paychecks from old jobs that you never picked up, or refunds from utilities after you closed an account. Sometimes people move without leaving a forwarding address, or a check gets lost in the mail. Businesses might lose track of customers after they change their names through marriage or divorce. When this happens, the money eventually ends up with the state.

The good news is that the State of Alaska never takes ownership of your unclaimed property. No matter how many years pass, the money remains yours or your heirs' forever. Currently, the state is holding millions of dollars in unclaimed property for Mat-Su residents and other Alaskans.

Checking if you have unclaimed property is easy and free. The Alaska Department of Revenue manages the Unclaimed Property Program and maintains a searchable database on their website. Visit Alaska.gov and search for "unclaimed property" to find it. You can enter your name and see if anything appears. It's worth checking variations of your name and searching for deceased relatives as well, since heirs can claim property belonging to family members who have passed away.

If you find your name listed, you'll need to file a claim form and provide documentation proving your identity. This typically includes a copy of your driver's license or state ID, your Social Security number, and proof that you lived at the address associated with the unclaimed property. The state reviews these claims carefully to prevent fraud and ensure the right person receives the money.

For those without internet access, you can call the Unclaimed Property Program at (907) 465-3726. Staff can help search for your name in their database and mail claim forms if needed. Public libraries offer free computer access where you can search the database yourself. Or you could make it a group event somewhere with Internet access and help each other out.

Many people are surprised to find money waiting for them. I have seen people discover $5,000 from an old insurance policy their parents had purchased decades prior that had an incorrect mailing address. Other friends of mine have found hundreds of dollars from utility deposits after moving from one borough to another years earlier. I have collected just under $1,000 myself from deposits and insurance payments.

A quick check for well-known entities in the records might reveal a lot of surprises. Booster clubs from local schools, some local schools themselves, and even cities in the valley have unclaimed funds. Why the state can't just forward the funds, I don't know; they have those addresses on file. But they are on the list.

You should check for unclaimed property every few years, as new items are regularly added to the database. It's also wise to keep your address current with banks, employers, and other businesses even after you no longer work with them.

As you finish reading this column, why not take a few minutes to search for your name or an organization you help with? Lost money might be waiting for you to bring it home.

Christian M. Hartley is a 40-year Alaskan resident with over 25 years of public safety experience and public service. He runs a freelance business, Big Lake Writer, from home in Big Lake that he shares with his wife of 19 years and their three teenage sons.