‘We helped return over $1.2m,’ reveals official who found widow’s lost money – after discovering it, she took action

A TENNESSEE widow has become $1.2 million richer after finding a large lump sum of unclaimed cash in her name.

It was one of the largest unclaimed cash payments in Tennessee history.

There are approximately 33 million people in the U.S. who have unclaimed property and aren’t aware of it.

“Unclaimed property is when businesses organizations have money that belongs to somebody that they can’t get it back.” Shelli King, director of communications for the Tennessee Department of Treasury, told local Fox affiliate WZTV.

“They turn it over to the state, and the division of the Tennessee Department of Treasury works to return it.”

Busessineses typically hand it over to the state after it goes unclaimed for at least three years.

The money usually stems from inheritances people are unaware of or old paychecks that weren’t collected after leaving a job.

It can also come from refunds or balances leftover from closed bank accounts.

Most claims are $100 to $200 on average, however, there are some instances of large payouts being collected.

“We’ve had two that were over a million dollars, and in both instances they were heir claims.” King shared.

“One was for a widow whose husband took out some stock options she didn’t know about,” she said.

“They were dormant, turned over to the state, and we helped to return $1.2 billion.”

One in six people in Tennessee currently have unclaimed money, per WZTV.

There is over a billion dollars of unclaimed cash waiting for people to come forward in the Volunteer State.

In 2023 alone, over $150,000,000 was added to the state’s treasury account.

Much better odds than winning the lottery.

Patti Wilson, Unclaimed Property Administrator in Washington

The unclaimed property administrator in Washington, Patti Wilson, said there’s a one in seven chance someone you know has unclaimed property out there, per MLT News.

Rules on finding money

The saying “finders, keepers

While state and local laws may differ slightly, the majority will require you to attempt to find the owner of the money.

If you fail to make reasonable efforts to track down the owner, many states can charge you with theft or larceny of lost property.

The penalty will most likely be based on the value of the lost property as larger finds that are kept without making reasonable efforts to find the owner may be classed as a felony rather than a misdemeanor.

The term reasonable efforts includes asking people nearby if they dropped any cash, checking the envelope or wallet (if there is one) for an ID, handing it into a nearby store, or contacting the police on a non-emergency line.

Some laws will authorize the police to return the money to the finder if no one has claimed it after a period of time.

Always check your local and state laws which will most likely outline what to do if you find property or cash.

It is also advised that you contact the police or a criminal defense lawyer who can assist in what the laws state and how you should proceed.

Source: Criminal Defense Lawyer

“Much better odds than winning the lottery,” said Wilson.

“While many people say, ‘I know where all my money is,’” she added.

“You would be surprised how many times they search their name and find they have money owed to them.

“Searching your name is free and only takes a few minute.”

It’s easy to find out if you have unclaimed money.

Tennessee residents can search for unclaimed cash in their name at Claimittn.gov.

If you live in another state you can search for unclaimed cash at missingmoney.com.

There is no expiration date on filing a claim to receive a payout.