MEMPHIS, Tennessee — The state of Tennessee has over a billion dollars of unclaimed property, and it wants to give it to the rightful owners. Some of it could be yours!
The Tennessee Department of Treasury is the point agency that tries to return the money. As a matter of fact, the department returned 59,129 claims in fiscal year 2020.
Technically, it’s called unclaimed property, and Tennessee has over $1.2 billion of it. Here’s how they describe it: "If banks, credit unions, utilities companies, governments, or other organizations owe you money —and cannot locate you— then you may have unclaimed property. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler’s checks, trust distributions, unredeemed money orders or gift certificates (in some states), contents of safe deposit boxes, and more."
So, how can you find out if some of that is yours? Simple! The Tennessee Department of Treasury allows you, free of charge, to search for it online. If there's a match, you can file a claim for your unclaimed property, again free of charge, on their website.
To conduct a free search for unclaimed property in Tennessee, click here.
NEWS RELEASE FROM TENNESSEE DEPARTMENT OF TREASURY:
The Tennessee Department of Treasury Unclaimed Property Division has launched exciting enhancements to ClaimItTN.gov, the online portal where anyone can search and claim missing money they may have in Tennessee. As of June 30, 2021, there is $1.2 billion waiting to be claimed.
The Unclaimed Property Division is a consumer protection program of the Tennessee Department of Treasury that works to reunite the millions of missing dollars turned over every year with its rightful owners. Treasury estimates that one in six Tennesseans could have missing money.
ClaimItTN.gov is now mobile-friendly, improving online searches for unclaimed property in Tennessee on any internet device. The claims process has also been streamlined, including enhanced communications within the portal. Claimants can now file multiple properties on a single claim, greatly reducing the time it takes to claim and receive property.
In response to a customer service survey sent to each claimant, Tennesseans are praising their claim experience in the new portal.
“I love how the status of each step of the process was self-explanatory. I will definitely refer others to search your website! Thanks!!”
“This was a very easy and pleasant experience. I have told everyone I know about it. Who knew there was lost money out there. Thank you so much!”
“This Unclaimed Property was a total surprise to me. And during this difficult year of the COVID-19 virus, the lockdowns and unfortunate deaths of so many people, this small unexpected ‘gift’ lifted my spirit, and made me smile with gratefulness.”
"It was fast and the staff I spoke with were always helpful and so kind. Thank you for this service; this money was truly needed right now.”
From July 1, 2020, through June 30, 2021, 188,704 properties totaling about $60 million were returned by the Unclaimed Property Division to the owners or their heirs, local governments, and reciprocal states.
"It has been rewarding to see millions of dollars put back into Tennesseans' bank accounts during such a critical time," State Treasurer David H. Lillard, Jr. said.
Unclaimed property is money that has been turned over to the State by businesses and organizations unable to locate the owners. This includes intangible assets such as utility or business refunds, unclaimed wages, credit balances for overpayments, gift certificates, securities, bank accounts, etc.
The Treasury Department utilizes various methods to locate owners of unclaimed property, including mailing letters to the address provided when the property was turned over from the business (holder), and sending letters to employers of potential claimants whose Social Security Number has been matched with records from the Tennessee Department of Labor and Workforce Development. On average, the Unclaimed Property Division sends hundreds of thousands of letters each year to potential claimants. If you have received a letter, you can verify the information by visiting ClaimItTN.gov.
There is never a fee to claim your missing money in Tennessee, nor is there a timeframe to claim. Anyone can see if they are owed any missing money by searching their name at ClaimItTN.gov, and may file a claim online if they find unclaimed property belonging to them. The online database contains all unclaimed property in Tennessee dating to the beginning of the program. Treasury recommends searching for common misspellings of your name and addresses as well, as that may be why the business was unable to return the money to you initially. Our website also includes a link to help you search for missing money in other states.
