Last year, the state returned more than $50 million in unclaimed funds to their owners. Alabama is currently holding more than $1 billion in unclaimed funds for citizens.

And, the state may be “holding a present for you,” said State Treasurer Young Boozer in announcing Thursday as “National Unclaimed Property Day.”

According to his office, one in every seven Americans has what is called “unclaimed property” – financial accounts or items of value in which the owner has not initiated any activity for a number of years.

When that happens, and the company cannot locate the owner, the money or properties are turned over to the state. Common examples include unpaid life insurance benefits, payroll, forgotten bank accounts and account deposits from utility companies. In 2023, States returned over $5 billion to U.S. citizens with claims. 

“Nothing gives us greater pleasure than reuniting people with their money,” Boozer said in a news release. “As funds are turned over to us once a year, I like to remind folks to check our website, treasury.alabama.gov, every year on their birthday. That’s an easy way to remember, and we might just be holding a present for you in the way of unclaimed property funds.

“Unclaimed Property returned $50.7 million to Alabama citizens in 2023.”

Administered by the State Treasurer’s office, Alabama Unclaimed Property returns these funds to the rightful owners at no charge. 

Individuals are encouraged to visit treasury.alabama.gov to search for their name, the name of a business they own or family members. Every search is free.