LANSING, Mich. — The Michigan Department of Treasury is holding hundreds of millions of dollars in unclaimed property and is asking residents to check if some of it belongs to them.
- The state doled out a record $150 million in unclaimed property claims in fiscal year 2024
- The Dept. of Treasury revealed a revamped unclaimed properties website on Tuesday
- Watch the video to watch a treasury worker explaining what unclaimed properties are while one man searches through the state's database
WATCH: MICHIGAN TREASURY RETURNS RECORD $150M IN UNCLAIMED MONEY - HOW TO CHECK IF SOME IS YOURS
The department unveiled a revamped website on Tuesday designed to help simplify the claims process for residents.
"We take in somewhere between $250 million to $350 million each year," said Terry Stanton, who manages unclaimed property for the Michigan Department of Treasury.
The unclaimed property isn't limited to physical items like houses or cars. It includes financial assets that people may have forgotten about.
"A lot of stocks. Life insurance policies. Bank accounts. If you didn't cash your last check at a job that you left three years ago then that would be reported to us as unclaimed property," Stanton said.
The treasury department distributed a record $150 million in unclaimed property during the last fiscal year, putting money back into Michiganders' pockets during challenging economic times.
WATCH: DEMONSTRATION ON HOW TO SEARCH FOR UNCLAIMED PROPERTY IN MICHIGAN
"Someone can file a claim and they may have a check in hand within two or three weeks," Stanton said. "We feel good about the fact that we're putting money right back into people's pockets."
For residents like Matt Vanzwoll, who I met at the Lansing Shuffle enjoying the weather with some geese, extra cash would be welcome. When asked what he'd do with unexpected money, Vanzwoll said he'd buy gifts for family and then go on vacation.
"Florida sounds like a good place," Vanzwoll said.
While Vanzwoll didn't have any unclaimed property when we checked the website together, he discovered something interesting.
"Three of my cousins it looks like they have unclaimed property," Vanzwoll said.
Because the treasury department receives thousands of unclaimed properties each month, Stanton recommends checking the website regularly.
"It's kind of like spring cleaning. You want to do that once in a while," Stanton said.
The unclaimed properties never expire, so residents can claim their money at any time. To check if you have unclaimed property, visit the Michigan Department of Treasury's website.
"Its definitely good to know that they can find something out there," Vanzwoll said.
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