LANSING — The Michigan Department of Treasury is reminding residents they may have unclaimed money or property waiting to be returned.
Unclaimed property can include things like checking and savings accounts, uncashed payroll or refund checks, insurance payments, dividends, stocks and bonds, and even the contents of safe deposit boxes.
State officials say property is typically considered unclaimed after three years with no activity and when attempts to contact the owner have failed. At that point, businesses are required by law to turn the property over to the state.
The Treasury holds the property indefinitely until it is claimed by the rightful owner or their heirs.
Residents can prevent accounts from becoming unclaimed by keeping them active, cashing checks promptly, and updating addresses with financial institutions when they move.