Browsers that can not handle javascript will not be able to access some features of this site.
Skip Navigation
Treasury LogoMichigan.gov, Official Portal for the State of Michigan
Michigan.gov Home Treasury Home | Sitemap | Contact Treasury | FAQ | Forms | Online Services
Printer Friendly Version Printer Friendly   Text Only Version Text Version Email this page Email Page
FAQ
  Unclaimed Property
Why do companies, banks and financial institutions have to turn over unclaimed funds to the State Treasurer?
 
Answer:
Holders are required to report and remit accounts or other property that belong to owners who cannot be located, or for whom there is no known address.

The Michigan Uniform Unclaimed Property Act protects accounts belonging to owners whose whereabouts is unknown. Companies, banks and other financial institutions identify accounts for which there has not been any owner-generated activity during the applicable dormancy period and the owner has not responded to mail or telephone inquiries.

If the owner does not respond or contact the holder within five years, and does not respond to the due diligence notice sent by the holder, the account must be turned over to the State Treasurer. The Unclaimed Property Division publishes an advertisement twice per year in newspapers directing those who suspect they may have unclaimed property to the Treasury Web site. The account is held by the state until the owner or the owner's heir are located and the funds are claimed.


Link to Department and Agencies Web Site Index
Link to Statewide Online Services Index
Link to Statewide Web-based Surveys
Link to RSS feeds available on this site
FAQ Categories
 •  Michigan Education Trust
 •  Payroll Direct Deposit
 •  Unclaimed Property
 •  Taxes

Michigan.gov Home | Contact Treasury | State Web Sites | FAQ | Sitemap
Privacy Policy | Link Policy | Accessibility Policy | Security Policy | Michigan News | Michigan.gov Survey

Copyright © 2001-2008 State of Michigan