Free Money! In this case, it may be worth investigating.

by Chuck Wisman

How often do we see advertisements for “Free Money!” only to read the fine print and discover the ad is a classic rip-off?

Actually, a potential source of “free money” exists for some via the Michigan Department of Treasury’s Unclaimed Property Division.

Medical firms, insurance companies, utilities, and other businesses routinely submit monies to the state of Michigan when those funds are considered “abandoned.” In other words, those business entities have determined they cannot locate the original owner. As a result, the state of Michigan takes possession of those monies in an effort to return those funds to the rightful owners.

This writer assumes the companies offload these monies to the state to end any responsibility for returning the funds to the rightful owner. Oddly, even in the case of folks whom I know have lived at the same address for decades, companies have deemed the monies “abandoned.”

The state of Michigan has returned approximately $100 million a year in the last five years to citizens who have made claim to those previously unclaimed funds.

Upon discovering this program and website some time back, my wife recently received $350 from unclaimed funds the state was holding. The funds were from travel insurance she didn’t even recall. A close friend, whom I referred to the program, received $530 from unclaimed funds thanks to an insurance plan of which he was unaware. A few other acquaintances have also received unclaimed funds from the state of Michigan.

If the funds remain unclaimed for a certain period of time, they are rolled into the state of Michigan’s general fund and are no longer available to the original owners.

The state primarily accomplishes these returns via its website at: unclaimedproperty.michigan.gov/

The website contains an easy-to-use mechanism to determine whether unclaimed funds exist for you. Simply type in your last name (and first name if you wish) and your city/village name. The system will instantly list potential unclaimed funds that may be yours. You may need to scroll the list if there are other names similar to yours. Exact amounts are not listed; instead the site lists an amount range for each of the unclaimed fund records.

If you have funds available, you then fill out an online form and print an affidavit verifying your identity. You may submit the forms online, or you can print and mail them. After a period of time, you will receive a check in the mail from the state of Michigan.  NOTE: You can use the form to type in anyone’s name and location, and the system will report whether funds are available to that person. That way, you can check for available funds for relatives, friends, etc. You should, however, leave it up to that person(s) to submit the claim form.

A detailed article on how to claim your funds is also contained in Bridge Magazine at www.bridgemi.com/michigan-government/missing-money-michigan-how-get-paid-state-unclaimed-property

The website at unclaimedproperty.michigan.gov/ contains an easy-to-use mechanism to determine whether unclaimed funds exist for you. Image credit: Michigan.gov