The government mandates all financial institutions to report or to turn over any NJ unclaimed funds so the rightful owners will have the opportunity to claim these in the future. This has been made into a law wherein all unclaimed funds and properties will be taken by the state for safekeeping.
Some of the examples of these NJ unclaimed funds are the unattended bank accounts. If a savings or checking account has been dormant for over two years, the bank should report this as unclaimed fund and transferred over to the care of the New Jersey State Division for Unclaimed Properties. This office will then include this account and the individual or group owner in their database so in case there would be any claimants, they will have ease of access to the records of the state.
People who may think that they might have some unclaimed funds should take initiative in searching for their names in the NJ unclaimed funds list. The good thing about technology these days is that you don’t have to leave the comforts of your own home for you to begin your initial search. Just go to the State’s website and type in your name to start your search. If your name does not appear on your initial search, it’s either there is no unclaimed funds or the funds might not be open for public inspection yet because it has not went over the two year period.
When this happens, you may also hire the services of a third party agency that can work closely with the federal government to search for the funds that have not been claimed yet. Just make sure that they are legitimate and accredited by the government. You can also go to State Fairs to inquire on their database.
The reasons for these NJ unclaimed funds are not always that complicated. Sometimes, this may come as a result of not being able to notify your insurance companies and banks of the change in address or change in status. Other times it could just be a general mix up in the postal address or a result of misspelled names.