State Treasurer Young Boozer has declared Feb. 1 as National Unclaimed Property Day in a news release today.

National Unclaimed Property Day is set to shed light on the prevalence of unclaimed financial assets and valuables across the United States. Statistics reveal that one in every seven citizens in the country possesses what is classified as "unclaimed property" — financial accounts or items of value where the owner has shown no activity for an extended period.

Common examples of unclaimed property include unpaid life insurance benefits, forgotten bank accounts, payroll and account deposits from utility companies. When companies cannot locate the owners, the funds or properties are turned over to the state. In 2023, states across the nation returned over $5 billion to citizens with successful claims.

State Treasurer Boozer expressed enthusiasm about reuniting people with their unclaimed funds. He encouraged citizens to check the Alabama State Treasurer's website annually as funds are turned over to the state each year.

“Nothing gives us greater pleasure than reuniting people with their money! As funds are turned over to us once a year, I like to remind folks to check our website, treasury.alabama.gov, every year on their birthday. That’s an easy way to remember, and we might just be holding a present for you in the way of unclaimed property funds,” Treasurer Boozer said in the release. “Unclaimed Property returned $50.7 million to Alabama citizens in 2023.”

Administered by the State Treasurer's office, Alabama Unclaimed Property aims to return these funds to rightful owners at no charge. The state currently holds over $1 billion in unclaimed funds, which shoudl encourage individuals to visit the website and search for their name, the name of a business or family members. Every search on the website is free of charge.

For more information, individuals can contact the Alabama State Treasurer's Office at (334) 242-7501.