Escheated checks are employment payroll checks that were never cashed by the employee, so the employer sent the money to the state government’s unclaimed asset department. Once your check is being held safely by the state government, it is called an escheated check.
After researching on your government website, on a third-party website, or paying a finder fee to a company to do it for you—if you have found an escheated check in your name, congratulations! It’s time to claim it.
Now, you can file a claim to finally receive your missing money
The process of receiving your money has a few steps and requires you to prove your identity. This is because the government wants to make sure that they are giving the money to the right person.
So, each state has its own specific claims process that individuals must follow. Although each state may have particular requirements, all states do follow a similar, basic process. Here, we have listed the fundamentals of what you will have to do to receive your money from your state.
Step 1: Ensure You Have The Right Documents
In most states, the following documents will be required to file your claim and prove your identity:
- Social Security Card
- Driver’s License or other Government ID Card
- Previous Pay Stubs
- W-2 or other Tax Form
- Bank Statement
These documents are also important so the government unclaimed asset department can complete Step 2.
Step 2: File Your Claim To Your State Government
To receive your unclaimed money, in most states, you will have to file a claim. To file a claim is usually simple; you just need to fill out a claim form.
These claim forms will typically ask you to provide your personal information and sometimes employment information related to the paycheck you are trying to claim. This information is important to provide so that the state department can make sure your information matches the documents you also provided—and that they’re not giving your money to the wrong person.
Some states allow claimants to fill out and turn in the claim forms online, whereas others may require it to be sent in the mail. Some states may also allow you to fill out the forms in person.
Step 3: Receive Your Money
If the state receives your claim and approves it, you will receive your escheated check! It can typically take between 30-180 days to receive your money.