If you are holding unclaimed property belonging to Minnesota residents, you must file a report with the Minnesota Unclaimed Property Program, even if you are not registered or licensed to do business in Minnesota.
Businesses and other organizations are required to report and remit unclaimed property by November 1. Life Insurance companies and other fraternal organizations are required to report and remit unclaimed property by October 1. Unclaimed property refers to various types of intangible property that has been abandoned for a specified period of time.
Examples include, but are not limited to:. The only tangible property that is reported is the contents of safe deposit boxes; real estate and other tangible property are NOT reportable to the State of Minnesota, but may be reported to local municipalities. Anyone who willfully fails to report is guilty of a misdemeanor. Anyone who refuses to pay or deliver abandoned property is guilty of a gross misdemeanor.
You could have money ready for you to claim. Find out by searching Workers Owed Wages, money collected by the U. Department of Labor Wage and Hour Division from employers who violated federal labor laws. Each year, Commerce receives millions of dollars in unclaimed property from businesses and organizations that have lost contact with the owners. The Department is responsible for safeguarding the funds or property until claimed by the rightful owners or heirs.
Property is considered unclaimed if it is being held by a business or organization that has not had contact with the owner for a specific number of years. Common types of unclaimed property can include:. Businesses and organizations are required by law to review their records and attempt to contact the owner of the property when it appears to be abandoned.
If the owner doesn't respond, the property is considered abandoned. To find out whether any unclaimed funds are being held by the federal government, you need to determine the type of benefit or payment that could be involved, the date on which the payment was expected, and how the payment should have been made.
Given this information, the agency responsible for certifying any payment due should be able to assist you in getting the current status of the payment involved. The titles and addresses for all federal agencies can be found in the United States Government Manual which is available in most public libraries. Make sure to check every state where you have lived and done business. How to claim unclaimed money: Each state has its own process when you're ready to claim your lost money, but it should be pretty straightforward.
You need to be prepared to show proof of ownership of whatever you are claiming such as a pay stub, utility bill or your Social Security number. You will also need to have proof of identity, like a copy of your driver's license or passport. While you might not have lost money sitting in a forgotten bank account, chances are you are sitting on some funds that you could cash in right now.
First up is your credit card rewards. If you have a cash-back credit card sitting in your wallet and you use it regularly, don't forget that's money you earned that could come in handy. But it's not just cash-back cards that come in handy right now. With travel arguably on hold for quite some time, you can redeem your travel credit card rewards for non-travel options like cash back or merchandise.
Note the redemption rate may be likely lower than using the rewards for travel. And as Americans have changed their spending habits during the pandemic, keep in mind that credit card issuers have kept up by adapting their rewards programs, including travel credit changes, through the end of the year.
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