News Summary
Residents of Shelby County, Tennessee, are collectively owed over $133 million in unclaimed funds. The Tennessee Department of Treasury encourages individuals to participate in tent events at local festivals to learn more about recovering lost assets. With nearly $1 billion statewide, many could benefit from checking eligibility for potential claims. The outreach initiative aims to help residents connect with agency representatives to navigate the process of searching for unclaimed property.
Shelby County, Tennessee – Residents of Shelby County are collectively owed over $133 million in unclaimed money, according to the Tennessee Department of Treasury’s Unclaimed Property Division. The reported total amount of unclaimed funds stands at $133,919,410, revealing a significant opportunity for residents to recover lost assets.
The concept of unclaimed money arises when businesses or organizations are unable to locate individuals to whom they owe money. In such cases, if the individuals cannot be located after a certain period, these funds are turned over to the state, which holds them until the rightful owners can be identified.
To assist residents in locating potential missing money, the Unclaimed Property Division is hosting tent events at various festivals across the state. These outreach efforts allow residents to connect with agency representatives and receive guidance on how to search for and claim any unclaimed money they may be entitled to.
Upcoming events where residents can find more information include:
- Exit 56 Blues Festival on May 24-25 in Brownsville, Tennessee.
- Sundrop Fest on June 24 in Pulaski, Tennessee.
- Berry Festival on July 19 in Murfreesboro, Tennessee.
- Scott Heritage Festival on September 27 in Huntsville, Tennessee.
Currently, there is nearly $1 billion in unclaimed money held by the Tennessee Department of Treasury. Notably, one individual in Shelby County is owed as much as $390,000, and there are seven others in the county owed more than $200,000 each. These figures demonstrate the potential for significant recoveries for many Shelby County residents.
Unclaimed property generally consists of funds such as uncashed checks, insurance payouts, or inactive savings accounts that were never claimed. It is estimated that approximately one in six Tennessee residents has some form of unclaimed money waiting to be recovered, with the average claim amount being around $1,000, although claims can be as low as $15.
In a recent example, a resident discovered they were owed $355, highlighting the importance of checking for unclaimed funds. Individuals can search for their potential unclaimed money through a state-managed database at any time, free of charge. Residents are encouraged to take advantage of this service without any fear of incurring costs.
Importantly, there is no time limit to claim unclaimed money in Tennessee, which means that heirs can also claim funds owed to deceased relatives, ensuring that families have the opportunity to recover assets that belong to them.
The Unclaimed Property service operated by the Tennessee Department of Treasury is entirely free, and individuals are advised to use official state websites to avoid potential scams. By doing so, residents can ensure that they are protected while they search for missing funds.
With significant amounts of unclaimed money available in Shelby County, residents are encouraged to check their eligibility and take action to reclaim funds that rightfully belong to them. The outreach events this summer present a unique opportunity for community members to gain insights and support in their pursuit of unclaimed property.
Deeper Dive: News & Info About This Topic
HERE Resources
Sunny Days and Unclaimed Treasures: Memphis Discovers $80,000 and Faces Community Challenges
Additional Resources
- Fox13 Memphis: Missing Money in Shelby County
- Wikipedia: Unclaimed Property
- Commercial Appeal: Memphis Tax Dollars Lost
- Google Search: Unclaimed Money Tennessee
- Local Memphis: Reclaim Missing Money in Tennessee
- Encyclopedia Britannica: Money
- Fox13 Memphis: Unclaimed Property Division Coming to Mid-South
- Google News: Unclaimed Property Tennessee
