State department for treasury has more than $100 million property proceeds as unclaimed. Each year they are successfully able to unite $10 million funds with their rightful owners. Unclaimed property in Michigan is covered under the Michigan Uniform unclaimed property act, 1995. As per the act any abandoned property must be reported to the state government by the holding institutions after the expiry of holding period. There is a common myth that if interest is earned on the cash deposits over years it cannot become inactive. Only if you endorse or transact, your account will be treated as active. Property is declared as unclaimed in Michigan by the holders if there has been no communication with the owner and he has not transacted for a period of 5 years continuously. Before declaring any property unclaimed the holding institution has to notify the owner on his or her last known communication address.
Treasurer makes rightful attempts to locate the owner of the property. Claimant’s can search online for their potential unclaimed property proceeds by providing their maiden name and last name along with their city. Various combinations of names should be used while searching especially when you have a middle name in official records.
There is no time limit to claim the unclaimed property in Michigan. A rightful owner or their legal heirs can claim it any time. However, money which is never claimed goes to the common fund for general welfare of Michigan residents. Uniting rightful claimants with their funds is a public activity undertaken by the state government of Michigan and hence it is free. Although you can also hire a locator to search your missing property, it is highly recommended to contact the state first as they will unite you with your funds for free of cost unlike a locator which might charge a service fee.