What is unclaimed or abandoned property? 

By definition, unclaimed property is any financial asset, usually intangible, being held for a person or entity that cannot be found. It is not real estate, abandoned personal property, or lost and found items.

Unclaimed Property can include:

• Dormant Savings and Checking Accounts and Certificates of Deposit
• Safe Deposit Box Contents
• Uncashed Money Orders, Cashier's Checks, and Traveler's Checks
• Uncashed Payroll Checks
• Unused Gift Certificates
• Uncashed Stock and Mutual Fund Dividends
• Stock Certificates
• Unclaimed Security Deposits
• Utility Deposits
• Customer Deposits, Overpayments, Credit Balances, and Refunds
• Court Deposits
• Insurance Payments
• Probate Court Judgments
• Property Overlooked in the Probate of an Estate
• Paid Up Life Insurance Policies
• Uncashed Death Benefit Checks and Life Insurance Proceeds

Unclaimed Property does not include real estate.

How does the State acquire Unclaimed Property? 

Vermont's Unclaimed Property Law requires corporations, business associations, financial institutions, and insurance companies (commonly referred to as "holders") to annually report and deliver property to the Treasurer's Office after there has been no customer activity on the account for over three years. Often the owner forgets that the account exists, or moves and does not leave a forwarding address or the forwarding order expires. In some cases, the owner dies and the heirs have no knowledge of the property. All holders of Unclaimed Property are required by law to make attempts to contact the owners before reporting the property to the State.

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Who can claim it? 

• The original owner.
• Heirs of original owner.
• A personal representative if the Estate is open.
• A beneficiary or co-owner listed on account.

Why does the state get involved? 

Each state is involved in unclaimed property as a service to the citizens of its state. There is one place to look for forgotten funds. The state also makes an effort to locate owners and/or heirs. All citizens of the state benefit from property that remains unclaimed, since the interest earned on this fund is used help public programs.

Why does Vermont have an Unclaimed Property law? 

The law was enacted to prevent holders of Unclaimed Property from using your money and taking it into their business income. This law gives the State an opportunity to return your money and provides Vermont citizens with a single source, the State Treasurer's Office, to check for unclaimed property that may be reported by holders from around the nation.

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Is there a charge or a fee for this program? 

No. There is no fee for this service, whether or not property is found under your name. It is the goal of the Treasurer to make every reasonable effort to locate the rightful owner of Unclaimed Property.

How much can an Asset or Heir Finder charge? 

Vermont Unclaimed Property Statutes limit that one may not contract for or receive from the claimant an amount (including all expenses incurred) in excess of 10% of the value of the unclaimed property recovered. Any agreement to pay compensation to recover or assist in the recovery of property is unenforceable, if it is made within 12 months after the date payment or delivery is made to Vermont.

How can I prevent my property from being turned over to the State? 

• Keep accurate and current records of bank accounts, insurance policies, stock certificates, utility and rent deposits, and safe deposit box locations.
• Make sure that you pay your annual rental fee for your safe deposit box.
• Keep accounts active through customer-initiated contact with the holders of your property by mail, telephone, or in person.
• Promptly cash all checks for dividends, wages, refunds, and insurance settlements.
• Notify a family member or trusted advisor of the location of your records.
• Prepare a checklist of the above items to be used for notifying all concerned parties if you change your address.

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How do I know if I am entitled to funds listed in my name? 

The easiest way to determine if the person listed is you is to check the address associated with the funds. Check to see if you lived or did business at the address. We cannot list the Social Security Number because it is considered private under the law, and in many instances we don't know it. However, you must include your Social Security Number on the claim form to verify ownership.

How may I search for Unclaimed Property held by other states? 

You may search for Unclaimed Property held by other states through the National Association of Unclaimed Property Administrators web site, www.unclaimed.org.

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