Michigan Unclaimed Property Search
Throughout the country state treasury departments hold millions of dollars in forgotten money or property like dormant bank accounts, uncashed checks and stock certificates that are turned over to the state after a period of time. It's called unclaimed property.
Michigan is home to millions of dollars in lost for forgotten assets, including dormant bank accounts, uncashed checks, valuables left in safe deposit boxes, and stock certificates. The state treasury acts as custodian for these properties until they are rightfully claimed by their owners or their heirs. The Michigan Unclaimed Property Search Tool is available online and free to use.
Financial institutions are required to report unclaimed property to the Department of Treasury after a dormancy period expires. The state maintains a database of this property and tries to return it to the rightful owner. The law also requires companies to submit a list of all unused gift cards, utility deposits, life insurance policies, and other types of intangible assets annually.
The database of unclaimed assets is extensive and can include cash, shares in company pension plans, real estate, vehicles, and even baseball cards signed by Joe DiMaggio and Ted Williams. In 2023, Michigan returned more than $2.87 billion in assets to the rightful owners and their heirs.
While the state’s official search site is free to use, third-party companies offer a faster and more thorough search that may be worth the additional cost. These companies often have databases that span multiple states, making them a more comprehensive source of information than the official government website.
How to Claim Unclaimed Property in Michigan?
The first step in claiming lost or abandoned property is to visit the state’s website and enter your name. After a quick search, the site will display a list of properties in your name and similar names. Once you find a piece of property that matches yours, click “get started” and fill out an online form. In most cases, you will be required to sign an affidavit and prepare copies of other requested identifying documentation. Once the state approves your claim, it will send you a check or instructions on how to obtain other property.
If you’re a business, corporation, nonprofit, or public entity that holds unclaimed property, it’s important to file an annual report by July 1 of each year for property reaching its dormancy period as of March 31. Failure to do so can result in fines. You can find instructions on filing a report as well as other necessary forms on the state’s website.
