Unclaimed Money in Alabama
The state of Alabama is the custodian of a considerable cache of unclaimed assets, amounting to a staggering $1 billion and counting. This impressive sum represents a vast array of unclaimed or abandoned property, including cash, stocks, bonds, insurance benefits, and valuables from safe deposit boxes that, for various reasons, have lost contact with their rightful owners.
In Alabama, a three-year dormancy period is applied, after which these assets are considered inactive. Depending on the property type, these periods can differ significantly. For instance, wages, payroll, and salaries have a one-year dormancy period, while money orders are subject to five years. Traveler’s checks require the longest dormancy period of 15 years. Should these periods lapse without any action from the property owner, the assets are deemed abandoned.
Following the regulations of the Alabama Unclaimed Property Law and the Uniform Disposition of Unclaimed Property Act, these unclaimed assets are then transferred to the Alabama State Treasury. The Treasury holds these unclaimed funds with the mission of reconnecting them with their rightful owners or heirs. It is important to note that the state holds unclaimed property indefinitely until claimed, never taking ownership.
Looking for Unclaimed
Check to see how you can claim lost cash and property.
Looking for Unclaimed
Check to see how you can claim lost cash and property.
Searching for unclaimed assets in Alabama
The first step in your journey to finding unclaimed assets in Alabama is to visit MoneyBot5000, a digital tool designed to help you find money and property belonging to you that you may not know about. Through MoneyBot5000, you can access Unclaimed Funds search to help you try and discover any assets under your name.
TIP: Ensure that you enter all variations of your name, including any maiden names, nicknames, or possible misspellings.
Make sure to check under all previous addresses you may have in Alabama. Expand your search beyond state borders if you’ve lived in or conducted business in other states.
How to claim unclaimed money in Alabama
Finding unclaimed property can feel like unearthing hidden treasure, but the real reward comes from successfully filing a claim and retrieving what is rightfully yours. In Alabama, like in any other state, carefully adhering to the claim process is crucial for a smooth transaction.Filing a claim for unclaimed money in Alabama
Verify the search. Once you locate potential unclaimed assets through MoneyBot5000, verify that the property is indeed yours and submit the required documentation proving your relationship to the property.
Fill the claim form: Access the official claim form via Alabama’s unclaimed property website. Fill in the required details—be meticulous to ensure accuracy. If the unclaimed property is worth more than $300, be prepared to submit additional proof of ownership or association with the address linked to the unclaimed funds.
Submit documents: Submit the completed claim form along with all necessary documents. This can often be done online through the state website, but some claims may require physical mailing of the paperwork.
Establishing eligibility for a claim
To set the wheels in motion and confirm your right to any unclaimed property, you will need to provide adequate proof of identification and ownership, which typically includes the following documents:1. Valid identification: Present a government-issued photo ID, such as a driver’s license, passport, or military ID. This will verify your identity and help the state treasury confirm that you are who you claim to be.
2. Social Security verification: A document with your Social Security Number (SSN), such as a Social Security card or a tax document that includes your SSN, is often required to ensure accurate identification and potential tax reporting purposes.
3. Proof of address: Documentation confirming your current and past addresses might be needed, especially if the unclaimed property is tied to a previous residence. This could include utility bills, a rental agreement, or bank statements.
4. Verification of ownership: Demonstrating your connection to the unclaimed money is crucial. Documents indicating your relationship to the property, such as old paychecks, stock certificates, insurance policies, or inheritance papers, could be necessary.
The waiting period and follow-ups
After submitting your claim, it’s typical to experience a waiting period that can stretch from six to eight weeks as the claim goes through the evaluation process. The State Treasurer’s office must carefully assess the validity of each claim to ensure that funds are being released to the rightful owner.
During this time, patience is key. Avoid the urge to file multiple inquiries, as it can potentially slow down the process. However, if you’ve waited several weeks, it is reasonable to check with the state for updates. You can often do this using the same online system where you filed your claim, which may be updated with information on your claim status.
Aside from online resources, the State Treasurer’s office can be a useful resource. If there’s an issue or the wait seems longer than anticipated, reaching out via call or email is appropriate.
TIP: Ensure you have your claim number or any other relevant identification ready, as this can expedite any assistance you may receive.
Take action and reclaim what's yours
With millions of dollars returned to rightful owners each year, it’s evident that the vaults of the State Treasury are abundant with unclaimed assets just waiting to be claimed. Whether it’s a forgotten paycheck, dormant stocks, insurance benefits slipping through the cracks, or inheritances ensnared in bureaucratic webs, the search tools provided by MoneyBot5000 and the State Treasury are designed to try and untangle these threads.
Need to learn more about finding unclaimed money in a neighboring state? See our guides for Tennessee, Georgia, Florida, and Mississippi!
Alabama Department of Revenue - Unclaimed Property Division
Address
Unclaimed Property Division, RSA Union Building, 100 North Union Street, Suite 636, Montgomery AL 36104
Phone Number
334-242-9614
Office Hours
8:00 a.m. - 5:00 p.m. Monday through Friday, except State Holidays.
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Looking for Unclaimed Money?
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