Unclaimed Money New Mexico: How to Find Unclaimed Money in New Mexico
October 26, 2022
In New Mexico, unclaimed money refers to tangible and intangible properties that financial institutions hold because the rightful owners cannot locate them for a specific period.
Such funds have been abandoned by the rightful owners due to various reasons, the topmost of which is closing account balances without clearing outstanding balances.
The state of New Mexico has multiple laws and regulations governing the administration of unclaimed funds, which are provided in the NM Stat 7-8A-7 of the New Mexico statutes.
According to the state's Unclaimed Property Act, every unclaimed money held by individuals, financial institutions (such as banks and insurance companies), and other entities must be reported and turned over to the New Mexico Department of Taxation and Revenue.
Following escheatment, the state takes full custody of the funds and tries to locate and contact the rightful owners through publications, advertisements, public announcements, etc.
However, if the rightful claimant is not located within a specific period, the property or money will be auctioned off.
New Mexico currently holds over $300 million of unclaimed funds belonging to residents; every year, the state also pays over $10 million to rightful owners.
Types of Unclaimed Money and Their Dormancy Period in New Mexico
Every state has laws that regulate unclaimed properties, including dormancy periods.
The dormancy period is the time between the last activity related to the money and the period the state controls them. The following are types of unclaimed funds and dormancy periods:
* Dormant bank account: five years * Insurance policy: three years * Contents of safe deposit boxes: five years * Checks and drafts: five years * Traveler's checks: fifteen years * Retirement and IRAs funds: three years * Stocks and dividends: five years * Wages and salaries: one year * Money orders: seven years * Gift cards and gift certificates: three years * Credit memos: three years
Concerning unclaimed money belonging to deceased persons, certain persons can claim on behalf of dead owners in New Mexico. Such persons include:
* Parents of the deceased person * The surviving spouse of the deceased owner * A grandchild of the deceased person who is 18 years of age or older * Child of the deceased person who is 18 years of age or older * Siblings of the deceased person who is 18 years of age or older * Any other heir at law of the deceased individual who is 18 years of age or older
In situations where more than one person is eligible to claim abandoned funds, the funds will be divided equally among such persons.
The New Mexico Taxation and Revenue Department provides that the persons claiming on behalf of a deceased owner must support their claim with the following documents:
* Proof of substantive entitlement to the funds under the applicable heirship laws * Death certificate * Proof that the owner lived or received mail at the address listed on a bank or utility statement * Birth certificate * Court documents, especially in cases of divorce * Credit report * Marriage certificate
How to Find Unclaimed Funds in New Mexico
The Taxation and Revenue Department of New Mexico is the state's central repository of unclaimed funds. The platform provides a safe and free method for finding unclaimed funds in the state.
The department uses the MissingMoney website, a U.S-authorized search tool for finding unclaimed funds. To commence your search, you can search the MissingMoney platform through the New Mexico Taxation and Revenue Department site. To search, follow the steps below:
* Navigate to the site and enter your full name or the name of the business * Include your city, state/province, and name again to help filter your search * Click on "Search"
The platform will provide you with a list of unclaimed funds matching your details. Click on the "Claim" button to file your claim.
You will be redirected to a page where you will be asked to select the type of relationship you have with the funds.
The details required to fill out the claim form include email address, first name, postal code, city, phone, and confirmed email. After that, click on "Continue" to attach supporting documents.
The type of supporting documents required differs depending on the claimant's status with the property.
Some of the required documents include:
* Proof of address provided * Legal documentation establishing power of guardianship, power of attorney, custody, or trusteeship to act on behalf of the original owner * A signed and notarized claim form * Proof of address may include details like birth or marriage certificate, bank or utility statement, court documents, credit report, and auto registration * Photo ID of both the original owner and their legal representative * Proof of social security number * Government-issued photo ID like a driver's license or passport * Notarized statement of identity from a care provider attached on company letterhead
If the claim is being made on behalf of a business, the applicant will have to provide the following:
* Proof of evidence * Government-issued ID * Signed and notarized claim form * Legal documentation of business ownership * Proof of business Federal Employee's Identification Number (FEIN)
The claim can be submitted online, through the mail, or in person at:
Department of Taxation and Revenue 1200 South St. Francis Drive Santa Fe, NM 87504 Through phone call: (866) 285-2996
The length of time the state processes applications for unclaimed funds is based on the nature of the money in question and the evidence provided. Interested parties looking for unclaimed funds can employ the technique discussed above for an effective and fast search.
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