Tennessee Treasury has $1 billion in unclaimed property. Here's how to check if it's yours
The Tennessee Department of Treasury has some — actually, a lot of — money to give away.
Yes, you read that correctly. It's not a scam, instead the state Department of Treasury has more than a billion dollars in unclaimed property that is waiting for residents to claim, Tennessee Treasurer David Lillard said.
During the annual Mem2Nash Conference on Feb. 21 in Nashville, Lillard discussed the unclaimed property division, which continues to be a lesser-known program for many residents.
The money is turned over to the state by businesses and organizations unable to locate the rightful owner. The division is a consumer protection program designed to ensure those missing dollars are returned to the correct owners, according to a 2021 column from Lillard.
Lillard said the program saw more that 65,000 claims last fiscal year, which yielded more than $68.7 million in returns for residents.
Here is what to know about unclaimed property in Tennessee and how to search to see if any of it is yours.
What is unclaimed property?
Unclaimed property is when banks, credit unions, utility companies, governments or other organizations owe you money and they cannot locate you. They report the unclaimed property to the state and the state holds it until you claim it.
How do I find my unclaimed property in Tennessee?
Once you go online to the Tennessee Department of Treasury's website, click to search for unclaimed property. Once there, you will input as much information as you can. It asks for last name, first name, city, ZIP code and property ID. A list will then come up. Search for your name and hit claim.
Lillard recommends people also try searching with their maiden names.
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What information do I need to provide to claim unclaimed property?
The Tennessee Department of Treasury requires five items to claim property.
Complete an online form or have a paper claim signed by the owner/claimant.
A photocopy of the owner/claimant's driver's license or other photo ID.
Documentation verifying the owner/claimant's address listed on the claim form. This can be a driver's license or a photocopy of a recent bill or pay stub.
Documentation verifying the owner/claimant's social security number. This can be a social security card, tax records or a recent pay stub.
Proof of ownership documentation. This can be the same documentation used for the social security number, postmarked envelope, canceled check, birth certificate, credit report, utility bill, insurance policy, original un-cashed check, bank book, stock certificate, contract or court document.
How long is unclaimed property held in Tennessee?
The default period for unclaimed property is three years. This is down from the previous period of five years.
How am I notified of unclaimed property?
The Tennessee Department of Treasury uses a variety of methods to try and notify you about your unclaimed property. They will mail information to your home and your work, have advertisements and host public events to help people access the unclaimed property. The easiest way to see if you have unclaimed property is by going to its website.
How much money has been returned from unclaimed property in Tennessee?
Claimants received payments totaling $68.7 million between July 1, 2022, and June 30, 2023. 65,150 individuals submitted claims during this time period. Holders turned over $154.8 million to the Tennessee Department of Treasury in this period as well.
The largest three categories that unclaimed money comes from are financial institutions, insurance companies and retailers, services, telecommunications and colleges. These three categories make up 82% of all sources for unclaimed money.
Neil Strebig is a journalist with The Commercial Appeal. He can be reached at neil.strebig@commercialappeal.com, 901-426-0679 or via X: @neilStrebig.
Jordan Green covers trending news for the USA Today Network. She can be reached via email at jordan.Green@commercialappeal.com or on Twitter/X @_green_jordan_.
This article originally appeared on Memphis Commercial Appeal: Tennessee has $1B in unclaimed funds: How to check if it's yours
