Unclaimed funds refer to money or assets that have been abandoned or forgotten by their rightful owners. This can include bank accounts, insurance policies, tax refunds, or even wages that were never collected. When these funds remain unclaimed for a certain period, they are typically turned over to the state or a designated agency for safekeeping. Individuals can often reclaim these funds by providing proof of ownership. Each state has its own process for handling unclaimed funds, and many maintain online databases where people can search for their lost assets. It's important to regularly check for unclaimed funds, as they can represent significant amounts of money.