If you're like me, you're used to PAYING the state of Minnesota, courtesy of our state income tax. But the Minnesota Department of Commerce could end up PAYING you. Wait, what?
Does the State of Minnesota Owe You Money?
As it turns out, the state Commerce Department routinely DOES send money to residents all over Minnesota. It's all part of the Minnesota Department of Commerce's Unclaimed Property Division. And one of the department's goals again in 2023 is to get your unclaimed property back to you.
The site says this includes items like bank accounts, contents of safe deposit boxes, wages, insurance benefits, security deposits, stock dividends and other funds that remain unclaimed for three years or more. The site says they've already reunited Minnesotans with over $608,132,946 dollars in unclaimed property!
Just How Would Minnesota End Up With Your Money or Property?
So how would the state of Minnesota have money or property of yours that you don't know about? Their website explains it like this:
People lose track of their money or financial property because of a change of address, a death, or because they inherited something they didn't know about. As part of our mission to protect consumers, the Department of Commerce is committed to reuniting Minnesotans with money that has gone missing.
This actually just happened to me. I got a letter from a credit card company whose card I used to have (I paid off the card and closed the account last year.) But apparently, they sent me a check (a correction for having charged me too much interest) over four years ago, but, for whatever reason, I never received it. Seeing as the account is now closed, had I not sent them the form back to have them reissue that check, it would have been turned over to the state of Minnesota.
Read More: Are You Eligible For MN's Proposed $1K Rebate Checks?
You might be wondering what other types of things the Minnesota Department of Commerce Unclaimed Property Division deals with. Well, the site says here in Minnesota, 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:
- Dormant bank accounts
- Uncashed checks
- Unclaimed wages
- Insurance claim payments or benefits
- Stocks or bonds
- Safe deposit boxes
How To Go About Claiming Your Money Or Property
So what should you do if you think you could have some money coming your way? Start by CLICKING HERE to check with the Department of Commerce to find any unclaimed property in your name! (I just checked, and I didn't have any-- but maybe YOU will!)
And even if you don't have any unclaimed property, you can still make the most of your money by checking some handy ways to keep your hard-earned cash in your pocket. Keep scrolling to check out 25 ways to start saving money right now.
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