When the money is turned over, it sits, waiting for its owner to file a claim to get it back.

ATLANTA — Many residents have money sitting in the state's bank, ready to be claimed, but some might not even know it. Have you ever received a letter stating that Georgia has unclaimed property that belongs to you? 

Yes. No. Maybe so, anyway, it couldn't hurt to check.

What is Unclaimed Property 

Unclaimed property is a catch-all term for unclaimed money, uncashed checks, security deposits, overpayments and more in Georgia. According to the Georgia Department of Revenue's website, all private companies are required to turn over all owned money so residents "may be reunited with their property."

When the money is turned over, it sits, waiting for its owner to file a claim to get it back. Here are some other things to know about unclaimed property in Georgia: 

• Time limits to claim the property only apply to excess funds from the sale of an abandoned motor vehicle which is limited to one year.
• It's free and safe to check through the state's website.
• Claims can only be paid by paper check.

Unclaimed Property in Georgia 

The state of Georgia has a secure and safe website dedicated to tracking, filing and paying out claims. The only information residents need is their name and city.

If there's money to be claimed, add it to the cart and check out. Residents will be asked to fill out a claim form sent to their email addresses. Once completed, residents are asked to wait 30 to 90 days for their payment by mail.

Residents should be aware of fraudulent websites pretending they can pay back unclaimed property. For more answers to unclaimed property questions, head to the Georgia Department of Revenue website.