Unclaimed Money in Minnesota

Property is considered unclaimed if the owner has not provided evidence of any interest or control over the property for a number of years. Savings accounts are considered abandoned after three years of inactivity; safe deposit boxes after five years; money orders after seven years, and travelers checks after 15 years. Holders of unclaimed property - usually banks, insurance companies, corporations, etc. are required by law to attempt to contact the owner of the property when it appears that the owner has abandoned the item. If the owner fails to respond, the property is deemed abandoned and the holder must include the property in the annual unclaimed property report to the Department of Commerce.

The state acts as a custodian for the property while continuously attempting to find the owners of the unclaimed property. The monetary items are held in the state's general fund until claims are made. The tangible property from safe deposit boxes is held at the Department of Commerce. If this property is left unclaimed, the items are then made available for auction every ten years.