Billions of dollars in unclaimed property are sitting in Massachusetts accounts, and some of that cash has people’s names on it. Getting it back, though, can feel less like found money and more like a slow-motion paperwork marathon. An Amesbury couple who tracked down more than $11,000 in an old Morgan Stanley account learned that the hard way when the state insisted the brokerage certify the account before paying out. Their saga shows how a system built to reunite people with their money does not always move at the speed of real life.
An $11,000 payout that took months
Meryl Goldsmith and her husband, Scott Penoyer, filed a claim after the state alerted them to an old Morgan Stanley account holding more than $11,000. Then everything hit a wall while the Treasury waited for the brokerage to certify that the money really belonged to them. The couple says that step dragged on for nearly a year. After Goldsmith contacted WBZ’s I-Team, the station reached out to Morgan Stanley and the money was finally released to the couple. The I-Team highlighted the case as a warning about how the claim process can stall for regular people, as reported by CBS Boston.
Why claims can stall
When businesses cannot reach an owner after a dormancy period, they are required to turn the account over to the state. For many types of assets, that dormancy period is three years. The Treasury's guidance explains that some claims can be fast-tracked online, but most still need documentation and, in many cases, a certification from the institution that originally held the money. That can stretch processing times to roughly 180 days. Those safeguards are meant to stop fraud, but they also create real friction for people trying to reclaim their own assets, according to Mass.gov.
What "billions" actually means
The Treasurer’s office says its Unclaimed Property database now lists more than $3.4 billion in assets waiting for their owners. The pot ranges from forgotten checking and savings accounts to uncashed paychecks, stock dividends and the contents of safe deposit boxes. The office also reports that in 2024 it processed more than 131,000 claims and returned roughly $191 million to the rightful owners. Those numbers reflect accounts that banks and businesses handed over after the legally required dormancy period, along with a steady flow of newly reported assets that continue to roll in, according to the Office of the State Treasurer.
Officials say the system works, advocates want automation
The Unclaimed Property director told the I-Team that many claims are now paid online, and that the Treasury ranks among the highest per capita in getting money back to residents. Advocates counter that the state could still be far more proactive. "They should automatically return money without requiring claims," Ron Lizzi told WBZ, pointing out that some other states have started mailing out small, single owner amounts without any paperwork at all. The back and forth, including the Treasury's response that "we can always do better," was captured in WBZ's reporting, as reported by CBS Boston.
How to check and what to bring
The state’s starting line is FindMassMoney.gov, where residents can search for unclaimed property under their name, former names, old addresses or business names. The Treasurer’s office also runs a live help line at 888-344-MASS (6277) and recommends that claimants gather a government issued ID, proof of address and any relevant account statements or probate documents to speed verification. There is no deadline to file a claim, and the Treasury says many claims can be completed online. Details are listed in the Treasury's Unclaimed Property notices from the Office of the State Treasurer.
Bottom line: check the state database. You might have money waiting, but be ready for some paperwork if your asset needs certification. Advocates argue the Commonwealth could automatically push out more of the smaller amounts, yet for now the quickest route is still the online portal and a well organized claim file.
