Ever move out of a place and forget about your security deposit? You’re not alone—and there may be more lost money out there than you think.
Tangela’s question is one many long-term renters can relate to: after nearly 12 years in the same apartment, she moved out and forgot to ask for her deposit back. A year later, she discovered the building had changed ownership, and the new management claimed there was no record of her payment. It’s frustrating, but unfortunately, it’s not uncommon.
The good news? That money may not be lost forever. In fact, it might be sitting in a government account waiting to be claimed – along with billions of dollars in unclaimed funds belonging to people just like Tangela.
First Stop: State-Sponsored Lost & Found
When companies owe consumers money but can't find them, they’re required to turn those funds over to the state. In Georgia, that responsibility falls to the Georgia Department of Revenue, which operates a central database for unclaimed property.
This isn’t limited to old rental deposits. Unclaimed property can include:
- Closed bank accounts
- Forgotten tax refunds
- Uncashed paychecks
- Utility refunds
- Overpayments on credit cards
To see if your name is on Georgia’s list (or any other state), visit:
- MissingMoney.com – a multi-state database used by over 40 states
- Unclaimed.org – maintained by the National Association of Unclaimed Property Administrators
Both are free to use, and you won’t need to pay a third-party service to do the legwork for you.
Proceed with Caution: Not Every Finder Is a Friend
If you’ve ever received a letter or email promising to help you recover money for a fee, your scam radar should start buzzing. While there are legitimate companies that specialize in locating unclaimed funds, they often charge a sizable percentage of your payout.
But here’s the truth: you don’t need them.
One consumer we spoke to even got a letter about an inheritance from a deceased uncle. Before handing over any fees, he checked with his state’s Department of Revenue, and sure enough, the money was real and free to claim. No middleman necessary.
If you ever receive a message like that:
- Don’t share personal information upfront
- Verify independently using state websites
- Contact your Department of Revenue directly if you’re unsure
In most cases, the search and claims process is straightforward. Just be sure to use trusted sources and never pay someone unless you’ve exhausted all free options first.
Renters: Don’t Wait Too Long
For renters specifically, security deposits are considered refundable property, and landlords are generally required to return them or give a written explanation of deductions. If your building changes hands, ask both the current and former management companies for deposit records.
If that fails, and especially if it’s been more than a year, check the unclaimed property databases. Many former renters are surprised to find old deposits quietly turned over to the state.
Final Takeaway: Check Now and Check Often
Billions of dollars in unclaimed property are just sitting there, waiting for their rightful owners. Tangela's situation is frustrating, but it’s also a wake-up call: missing money doesn’t always stay missing.
Here’s what to do:
- Search your name on MissingMoney.com and Unclaimed.org
- Look for old addresses or name variations that might match your records
- Claim your funds directly through your state’s official website
- Avoid third-party finders unless absolutely necessary—and only after confirming legitimacy
Why let the government hold onto your cash? Go get what's yours.
