What is Unclaimed Money in Delaware?
Delaware’s provisions for abandoned or unclaimed property are outlined in Chapter 11 of Title 12 of the Delaware Code (the states “Abandoned or Unclaimed Property Law”). According to the law, unclaimed money (or property) in Delaware refers to money or property that have been abandoned or once there has been inactivity, or no contact between the Holder and the Owner. Unclaimed money in Delaware includes, but is not limited to:
- Wages
- Bank accounts
- Insurance policy proceeds
- Utility deposits
- Stock dividends and interest payments
- Uncashed checks
- Contents of safe deposit boxes
There are a few ways that unclaimed money can end up in the hands of the state of Delaware. One way is if a business closes down and is unable to contact its customers to refund them their money. Another way is if someone dies without leaving a will or any known heirs, and their property goes unclaimed.
The Delaware Unclaimed Property Act outlines the process for how the state of Delaware handles unclaimed money. While the dormancy period varies by the property type, the act provides for a five-year holding period, for most property. When the holding period is satisfied, the unclaimed money will be turned over to the state (of the last known address of the owner) through escheatment.
The Delaware office of Unclaimed Property is tasked with interfacing with unclaimed money holders and owners. And unclaimed property is escheated to the office after dormancy has elapsed.
Subsequent to escheatment, a list of unclaimed property in the state's possession is published in an attempt to reunite the property with its owner. Pursuant to 12 Del. C. §1153(c), the state is obligated to indemnify the holder against any liability on the claim.
In order to claim this money, the rightful owner must file a claim with the Delaware Office of unclaimed property which will then investigate the claim and, if approved, release the money to the rightful owner.
How to Find Unclaimed Money in Delaware
To find unclaimed money in Delaware, interested members of the public may consult the Delaware Office of Unclaimed Property’s Money Match program which is the state's official unclaimed property website managed by the Delaware Department of Finance. The online database can be searched using a variety of different criteria, such as the individual's name, address, or Social Security number. Once a potential match is found, instructions on how to claim the money will be provided.
Queries regarding Delaware unclaimed money may also be made to moneymatch@delaware.gov or via phone at (302) 577-8782.
It is important to note that only funds which have been turned over to the state are listed in this database; if an individual believes they are owed money from a Delaware business or government entity, they will need to contact that organization directly. Additionally, there may be other sources of unclaimed money not included in this database; for example, many insurance companies maintain their own separate databases of unclaimed funds. Thus, it is recommended that individuals searching for unclaimed money in Delaware consult multiple sources before assuming they are not owed any funds.
How Do I Find Delaware Unclaimed Money for Free?
The state's official unclaimed property program and database – Money Match, is maintained on a website which can be accessed for free. In-person, mail and email queries made to the Delaware Department of Finance may also be made at no cost.
State residents can also access unclaimed money through federal agencies including the Treasury Hunt, HUD/FHA Mortgage Insurance Refunds, Credit Union Unclaimed Shares, as well as the National Association of Unclaimed Property Administrators (NAUPA).
Treasury Hunt is a free service provided by the US Department of the Treasury. It is designed to help people locate assets that may be due to them from the federal government. The site contains records of unclaimed securities and payments from a variety of sources, including tax refunds, federal benefits programs, and estate settlements.
Users can search for records using their name, Social Security number, or other identifying information. If a match is found, the site will provide instructions on how to claim the asset. In some cases, additional documentation may be required to verify the identity of the claimant and their ownership of the asset.
Persons who have paid FHA mortgage insurance may be eligible for a refund. HUD/FHA mortgage insurance refunds are available to borrowers who:
- Have paid their mortgage in full
- Have not refinanced their property through HUD/FHA
- Are not currently delinquent on their mortgage payments
To check if eligible for a HUD/FHA mortgage insurance refund, visit the HUD/FHA website and enter the required information into the Mortgage Insurance Refund Look-up tool. Persons who are eligible for a refund will need to submit a request form including proof of their mortgage insurance premium payment history.
Typically, if a credit union with federal insurance is liquidated, the Asset management and assistance center of the National Credit Union Administration distributes share accounts to members. However, some entitlements go unclaimed and some checks are never cashed. In some cases, surplus amounts are recovered years after the initial distribution and its members are not located with ease. Where this is the case, the claimant may review the NCUA’s Unclaimed Deposits Listing, and if they find their information, they can complete the Member Verification Form and lay claim to their entitlement.
Queries may also be sent via mail to the Asset Management and Assistance Center at:
4807 Spicewood Springs Road
Suite 5100
Austin,TX 78759
Phone: (512) 231-7900
Fax: (512) 231-7920
Email: amacmail@ncua.gov
How to Claim Unclaimed Money in Delaware
Upon finding unclaimed property using the Delaware Money Match database, interested and eligible persons may Initiate a Claim in the following steps:
Review the Claimed Property:
After selecting the property of interest, users will be required to indicate their ‘Relationship to Owner’ for each property being claimed. For persons who are the actual owner of the property, they may select ‘owner’. However, others will be required to indicate whether they are a direct heir, representative or relative depending on the applicable situation. This information will then provide the information required to claim the property. Click FILE CLAIM.
Enter Personal Information and Address:
The claimant will be required to provide their personal information as well as a verifiable mailing address. After submitting the requested information, the next on-screen prompt will be an address confirmation procedure.
Submit the Claim:
Claimants must then proceed to verify the information provided for accuracy and completeness. Following the submission, they will be provided a claim number which may then be used to track the status of the claim.
While each unclaimed property claim require varying kinds of documentation, most processes will demand the following:
- Signed, and notarized claim form
- Government issued photo identification
- Proof of mailing address
- Proof of connection to the property being claimed
How Long Does It Take to Get Unclaimed Money in Delaware?
The length of time it takes to get unclaimed money in Delaware depends on the type of property and the claim process. The state's escheatment laws require financial institutions and businesses to report unclaimed property to the state after a certain period of dormancy, and the state then attempts to locate the rightful owners. Claimants who are the rightful owner of unclaimed property can typically expect to receive their money within a few weeks.
Who Can Claim Unclaimed Money From Deceased Relatives in Delaware?
Interested and eligible persons may claim unclaimed money from deceased relatives in Delaware. Typically claimants will need to have some basic information about the deceased relative, such as their full name and date of death.
The following persons are typically eligible to claim unclaimed money from deceased relatives in Delaware:
- The surviving spouse or domestic partner of the deceased
- The children of the deceased
- The parents of the deceased
- The siblings of the deceased
- Other relatives of the deceased who were dependent on them for support
To claim the money, these persons will need to provide proof of their relationship to the deceased, as well as proof that they are the rightful heir or beneficiary. The Delaware Division of Unclaimed Property can help with this process.
What Happens to Delaware Unclaimed Money if No One Claims It?
In Delaware, unclaimed money is typically turned over to the state after a certain period of time, usually three to five years. The state will then hold onto the money indefinitely in case someone comes forward to claim it. There is no statute of limitations on the claim of unclaimed property or money.
