How To Obtain Unclaimed Money New Mexico Holds for You
In 2019, the Treasury Department of New Mexico reported around $268 million in unclaimed money—a figure unimaginable to many. Every single penny of this sum belongs to the current or former residents of New Mexico, so some of it may be yours.
You might be unaware of unclaimed insurance money or inheritance from a deceased relative. If you think there is even the slightest possibility that there are abandoned assets under your name, we recommend starting the search now!
What Does Unclaimed Money Mean?
Unclaimed money refers to tangible or intangible property that financial institutions hold because the rightful owners couldn’t be located for a certain period. Every state has its laws that regulate unclaimed property issues, including the dormancy period.
The dormancy period is the time between the last activity related to particular funds and the moment the state takes control of them. It usually lasts for five years.
Here are the most common types of unclaimed property in New Mexico with their respective dormancy periods:
|Type of Unclaimed Property||Dormancy Period|
|Bank Account||Five years|
|Insurance Policy||Three years|
|Safe Deposit Boxes||Five years|
|Checks or Drafts||Five years|
|IRAs and Retirement Funds||Three years|
|Traveler’s Checks||15 years|
|Wages and Salaries||One year|
|Stocks and Dividends||Five years|
|Money Orders||Seven years|
|Gift Certificates, Gift Cards, and Credit Memos||Three years|
There are certain items, usually in a tangible form, that cannot become unclaimed property:
- Real estate
Where Does All the Unclaimed Money in New Mexico Come From?
Keeping in mind the amount of unclaimed money that the state of New Mexico is sitting on, one might wonder how hundreds of millions of dollars become unclaimed. Reasons are numerous as people tend to forget about or leave behind various assets quite often. Here are some examples:
- Failing to collect utility deposit checks
- Forgetting to claim a refund for a purchase
- Passing away before writing the will
- Leaving funds in banks uncollected
- Ignoring last paychecks from previous jobs
- Changing the address without updating the information, so possible checks, funds, gift certificates get lost in the mail
If you want to check whether you have some unclaimed money in your name, we will guide you through the process.
New Mexico Lost Money—Find and Claim It With the Taxation and Revenue Department
Whether you lived, currently live, or are merely looking for unclaimed property in New Mexico on someone’s behalf, the process is similar.
The Taxation and Revenue Department of New Mexico provides a safe and free method for searching national and federal databases. They use the MissingMoney website, which is the U.S.-authorized search tool for unclaimed money in all states.
You can access the Missing Money website from the New Mexico Taxation and Revenue Department website and start your search. Here is what you need to do:
- Enter your full name or the name of the business
- Add city, province/state, and name again to narrow down the search
- Hit Search
If you find your property in the search results, you can proceed to claim it. To do that, click on the Claim button, and after being redirected to a new page, select the type of relationship you have to that property. Take a look at the list of the mandatory information you have to provide to complete the form:
- First name
- Postal code
- Confirmed email
After you fill all the mandatory fields, press Continue and add the required documentation.
The process is quite confusing and time-consuming, so it may discourage those who don’t have large sums of unclaimed money as they may think it is not worth the trouble. Thankfully, there is an easier way—DoNotPay’s Missing Money feature.
New Mexico Unclaimed Money Search—The Required Documentation
You don’t need any documentation for the actual search. But, to claim your property, you will have to provide the following:
- A signed and notarized claim form
- A copy of the government-issued photo ID
- Proof of Social Security number
- Proof that you lived and received mail at the address related to the property in question
If you are claiming property on someone else’s behalf, there is additional documentation you need to submit.
Here’s How To Find Unclaimed Money in New Mexico With DoNotPay
DoNotPay developed the Missing Money feature to help you find and claim your lost property without going through the trouble of filing the claim yourself.
All you have to do is open DoNotPay in your preferred web browser and take these steps:
- Choose the Missing Money feature
- Enter your first, last, and middle name
- Provide your current and previous addresses
- Select Claim Property
DoNotPay will file your claim instantly! We offer a first-rate search system that includes both federal and state databases. It is a cost-effective, trouble-free solution for claiming property with the necessary work cut down to a bare minimum. One of the benefits of this feature is that it requires only basic information. You don’t even have to reveal your Social Security number.
Mind the Unclaimed Money Scams
There are two types of scams related to unclaimed property. Here is how to recognize them and successfully protect yourself and your property:
- Identity theft scam—This is the most harmful type as scammers can trick you into revealing personal and financial information, including SSN and credit card numbers. This information is used in fraudulent activities. They draw you in by claiming they found property under your name, but to help you obtain it, they need your personal details
- Telephone scam—It is the most common type of scam. Fraudsters typically send you an email saying that they found your unclaimed money and ask you to call the number they provide. If you do, they put you on hold and charge by the minute
It is paramount to get acquainted with potential scams, so you can avoid them and prevent any damages to yourself and your assets.
Save Money and Time—Get DoNotPay To Do Mundane Work for You!
You don’t have to break bad to have your swimming pool full of money. Use DoNotPay to get it!
Sign in to our app from your web browser and use our help to:
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