DEFINITION of 'Found Money'

A sum of cash or financial account that the holder controls, has forgotten about, then rediscovered. Found money can refer to something as simple as leaving cash in a warm coat and finding it the next season, or a utility deposit that was uncollected after moving to a new address. Each state operates an unclaimed property agency to connect forgotten funds with rightful owners and many belong to a national database.

BREAKING DOWN 'Found Money'

In some states, unclaimed funds escheat to the state after a certain amount of time. In other states, funds will remain in the state's unclaimed property fund forever unless claimed. Unclaimed property includes forgotten bank accounts, uncashed checks, security deposits, insurance payments, utility refunds. Once rediscovered, any of these forgotten funds could be referred to as found money.

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RELATED FAQS
  1. How can you reclaim escheated, or unclaimed, property?

    Discover how to reclaim unclaimed or abandoned property. Read about what types of unclaimed property are taxable, and learn ... Read Answer >>
  2. How much money does Michigan make from unclaimed property each year?

    Learn about revenue from unclaimed property in Michigan and types of escheated accounts. Read about how Michigan handles ... Read Answer >>
  3. How much money does New York make from unclaimed property each year?

    Learn about unclaimed property accounts and the different types of unclaimed property. Read about why property accounts are ... Read Answer >>
  4. How much money does Texas make from unclaimed property each year?

    Learn about unclaimed accounts in the state of Texas. Learn about the size of returned claims in Texas and the role of the ... Read Answer >>
  5. How much money does California make from unclaimed property each year?

    Learn about the escheat laws in California and how unclaimed property revenues of $442 million represent the fifth-largest ... Read Answer >>
  6. What do states do with unclaimed property?

    Understand what unclaimed property is and what types of property can be considered abandoned or unclaimed. Learn what states ... Read Answer >>
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