With the economic aftermath of the pandemic leaving millions of Americans struggling financially, it's more important than ever to take advantage of every opportunity to find any extra cash owed to you. One way to do this is by searching for unclaimed money that could be waiting for you.
This isn't about scouring your couch cushions for spare change or relying on luck to find a forgotten $20 bill in your coat pocket. It’s about discovering lost money by conducting an online search. There may be a significant amount of money out there with your name on it.
What Does Unclaimed Money Mean?
In most US states, the law mandates financial institutions to hand over inactive accounts to their state government. Such institutions include:
- Banks
- Utilities
- Investment firms
- Insurance companies
Inactive accounts are typically considered "unclaimed," "lost," or "abandoned." In some cases, these accounts contain unclaimed funds. If you have multiple accounts with various financial institutions, keeping track of each of them can be challenging.
According to the National Association of Unclaimed Property Administrators (NAUPA), 1 in every 10 Americans has unclaimed money or property somewhere.In cases where a property has been deemed "abandoned" according to the law, it’s transferred to the government. The government serves as a temporary custodian until the rightful owner claims it.
In the meantime, many states will use the proceeds from the unclaimed property to support their own operations. However, if you can prove that you are the rightful owner of a specific abandoned asset, you can reclaim it at no cost.
Types of Unclaimed Money
Keeping track of your finances lets you determine areas that are the most likely sources of unclaimed money and narrow your search accordingly. Here are the different types of unclaimed money that you should be aware of:
- Forgotten accounts: Forgotten or overlooked include bank accounts, savings bonds, and safe deposit boxes.
- Security deposits: If you left a security deposit when you moved out of a rental property or closed a utility account, you could claim it.
- Tax refunds: If your tax refund wasn't received, it could be because it got lost or returned due to an incorrect address or other issues.
- Insurance benefits: You might have benefited from insurance policies you forgot or didn't know about.
- Unpaid wages and pensions: If your employer did not provide your final paycheck or pension after you changed jobs or moved, they might still owe you that money.
- Other sources: You could be owed unclaimed money from a bankruptcy, foreign government, or other sources that you're not aware of.
Note: Governments and agencies don't charge any fee to help you reclaim your unclaimed money. Although some companies may offer to act as intermediaries, remember that you can locate and retrieve your unclaimed money without their help.
How to Find What’s Is Owed to You
If you notice discrepancies in your financial records or can’t remember if you received an old security deposit, you can search for unclaimed money on NAUPA's website. The process may vary by state but typically starts with entering your name, tax ID number, or business name. If there are any matches, you will have to submit a claim and present evidence of ownership.
Below are other government sources where you can find your lost money:
- The IRS for undelivered tax refunds
- The Treasury Hunt for unclaimed treasury bonds, saving bonds, or treasury notes.
- The Pension Benefit Guaranty Corporation for unclaimed pension money
Start Searching
Conducting a NAUPA search is the quickest way to determine if you or someone you know has unclaimed money and begin the process of reclaiming it. It’s a simple and easy process that can potentially lead to a significant financial windfall.
0 Comments