Safety Deposit Boxes Taken by the State - As "Unclaimed Money"

People usually get a safety deposit box because they want to secure items that are precious to them, valuable or that they want to keep safe. Most believe that a safety deposit box with provide this protected space outside of harms way. However, these boxes can prove to be anything but safe and the contents of your safety deposit box could easily be taken without your knowledge.

See, if the institution holding your safety deposit box cannot contact you with the information on file and has not heard from you for about three years, they are required to turn the contents of your box over to the state treasury department. The government has laws called "escheat laws" that require institutions to turn over the contents and considers them unclaimed property.

The States actually takes the contents and liquidates the assets. Yes, they SELL YOUR PROPERTY and personal belongings. Whatever money is received for your property is then taken by the state and held as unclaimed money.

The money sits in the states unclaimed money department until it is claimed by you.

So, safety deposit boxes might be much less secure that you imagined. Make sure the contact information is up to date with institutions holding your money and safety deposit boxes.

You can also search to see if you or your family is owed any of the $35 BILLION in unclaimed money in the US at www.cashunclaimed.com.