Unclaimed money NJ refers to financial assets that have been inactive for a specific period and turned over to the state for safekeeping. The New Jersey Department of the Treasury currently safeguards billions of dollars in lost funds, waiting for rightful owners to step forward. Recovering these assets is a free, secure, and straightforward process if you know where to look.

Key Takeaways

• Record-Breaking Returns: In Fiscal Year 2024, the Unclaimed Property Administration (UPA) returned a historic $261.4 million to residents, surpassing previous records.
• Perpetual Custody: The state never takes ownership of your money; it acts as a custodian, meaning you or your heirs can claim the funds indefinitely.
• Interest Payments: Unlike many other states, New Jersey pays interest on claimed property for the time it was held, which is considered taxable income.
• Beware of Scams: You never need to pay a fee to access your money. Avoid third-party services charging upfront fees and ignore unsolicited text messages claiming you have funds waiting.
• Estate Claims: Retrieving funds for a deceased relative often requires coordination with the County Surrogate’s Court to obtain an Executor Certificate or Affidavit of Next of Kin.

How Unclaimed Property Works

When a business cannot locate a customer or employee after a set amount of time, they cannot simply keep the money. State law mandates that these "dormant" assets be transferred to the New Jersey Unclaimed Property Administration (UPA). This legal process, known as escheatment, ensures that the funds are centralized in a public database rather than absorbed by private corporations.

Common examples of unclaimed property include:

• Forgotten savings and checking accounts.
• Uncashed payroll checks.
• Utility deposits and refunds.
• Life insurance policy payouts.
• Inactive stocks and dividends.

Step-by-Step Search and Recovery

1. Search the Official Database

The safest and most direct way to find your assets is through the official state portal. Entering your name will generate a list of potential matches associated with your current or previous addresses. It is crucial to search for common misspellings of your name and to check for any maiden names if applicable.

2. Check National Records

If you have lived or worked outside of New Jersey, your money might be held in another jurisdiction. The state participates in MissingMoney.com, a national database endorsed by the National Association of Unclaimed Property Administrators (NAUPA). This allows you to search dozens of state records simultaneously to locate cross-border assets.

3. Submit Your Claim

Once you identify property, you can add it to your "claim cart" and submit a request online. Simple claims for small amounts where your current information matches state records are often approved automatically. Larger or more complex claims will require you to upload specific evidence to prove your identity and ownership.

Required Documentation for Verification

To prevent fraud, the UPA requires strict proof before releasing funds. You should be prepared to provide digital copies of the following documents:

• Photo ID: A valid driver’s license, passport, or military ID.
• Social Security Number: A Social Security card or a tax document (like a W-2) displaying the full number.
• Proof of Address: A document connecting you to the address where the lost money was originally reported. This could be an old utility bill, bank statement, or school transcript.

Claiming Funds for Deceased Relatives

A significant portion of unclaimed money belongs to deceased individuals. To claim these funds, you must prove you are the legal heir. This process typically moves through the (https://www.njcourts.gov/courts/civil/new-jersey-surrogates) in the county where the person resided when they died.

The documents required depend on the estate's value and whether a will exists:

• Executor/Administrator Certificate: Required if the estate is being formally probated.
• Affidavit of Surviving Spouse: Used when a husband or wife claims assets from a small estate (under $50,000) without a will.
• Affidavit of Next of Kin: Used for other heirs (children, siblings) for small estates (typically under $20,000), often requiring consent from other heirs.

Dormancy Periods by Asset Type

The "dormancy period" is the time an account must remain inactive before it is sent to the state.

Source: New Jersey Unclaimed Property Statute N.J.S.A. 46:30B

Interest Payments and Tax Implications

New Jersey is unique because it pays interest on the money it holds for you. The interest is calculated from the time the state receives the money until the claim is approved. The interest rate is based on the (https://www.nj.gov/treasury/doinvest/) portfolio returns.

Because this interest counts as new income, it is taxable.

• If you earn more than $10.00 in interest, the state will issue an IRS Form 1099-INT.
• You must report this interest on your federal and state tax returns.
• The return of the original principal amount is generally not taxable, as it is simply a return of your own property.

Protecting Yourself from Scams

The promise of "free money" attracts fraudsters. Be vigilant against scams that try to steal your personal information or charge you for free services.

• No Text Messages: The NJ Treasury Department does not send text messages alerting you to unclaimed funds. Delete these immediately.
• No Fees: You never have to pay a fee to search the database or file a claim.
• Third-Party "Finders": While legal, these companies charge a percentage of your money (often 10-30%) to do work you can easily do yourself for free.

Safe Deposit Boxes and Physical Assets

The UPA also safeguards tangible items from abandoned safe deposit boxes. This can include jewelry, rare coins, and collectibles. These items may eventually be auctioned if they remain unclaimed for an extended period, with the cash proceeds held for the owner.

However, the state has a strict policy regarding military honors. Items such as Purple Hearts and other military decorations are never auctioned. The state retains these indefinitely and actively searches for the veteran or their family to return them.

Frequently Asked Questions