Unclaimed Money in Georgia

Searching for unclaimed property in Georgia

In this section, we will explain how to effortlessly search for and identify any unclaimed property you may have waiting in Georgia’s official databases. To get started, follow the steps below:

1. Visit the website: Go to MoneyBot5000.
2. Run the search: Enter your name and address in the search bar to look for unclaimed property.
3. Browse the results: Look through the search results to find a potential match.

Tips and best practices

Managing unclaimed property and ensuring it doesn’t fall through the cracks requires a blend of proactive strategies and a keen eye for potential scams. Here are some crucial tips and best practices to bear in mind:

Keep your financial records updated

Update your contact information with all financial institutions with which you have an account. Whenever you move or change your contact details, ensure that banks, insurance companies, brokerage firms, and employers have your current address and phone number. It’s also helpful to have a record of all accounts, safe deposit boxes, and other potential sources of unclaimed property.

Stay active with your accounts

Periodic activity in your bank accounts and investments is necessary to help prevent them from being considered dormant. Make small deposits or withdrawals occasionally to maintain an active status, and read all correspondence from financial institutions to catch any issues early.

Cash checks promptly

Do not leave checks unattended, as they can expire or be forgotten—cash or deposit them as soon as possible. These can include paychecks, insurance settlements, utility refunds, and dividends.

Record and secure important documents

Maintaining accurate, well-organized records for all your financial and legal documents can make it easier to track your assets. Store them securely and inform a trusted family member or advisor about their location.

Submitting a claim in Georgia

Reporting unclaimed property

In Georgia, entities such as corporations, financial institutions, government bodies, insurance companies, and transfer agents are considered “holders” of unclaimed property. These holders are legally obligated to report any unclaimed property that remains unclaimed for a stipulated period, usually five years. It is the holder’s responsibility to ensure that they report these assets to the Georgia Department of Revenue as required under the Georgia Code Sections 44-12-190 through 44-12-207.

Holders are mandated to perform due diligence by attempting to locate the rightful owners of the unclaimed property. This typically involves sending a written notice to the owner’s last known address, a process known as due diligence letters. Such notifications are required for property valued above a customary threshold, usually $50. Holders must keep documentation of these efforts on file to demonstrate their attempts at reuniting the property with its owner.

The state of Georgia safeguards these lost funds until they can be reunited with their rightful owners. While it might require some documentation and patience, the rewards can be worth the effort.