Unclaimed Money Could be Waiting for You

 Remember the day you were laid off and it seemed that nothing was going right and then you went out to buy some milk and doughnuts with the little money you had left and as you walked into the store, there on the ground was a twenty-dollar bill? It was like a sign, that things were not so bad. It’s hard to forget that great feeling of having found some money. Here is a chance to re-capture that feeling, as there is a good chance that there is some unclaimed money, hundreds or even perhaps thousands of dollars with your name as the owner of an unclaimed property.

Throughout the country there are literally billions of dollars in unclaimed property. There are refund checks from the Internal Revenue Service approaching the total of $25.6 million dollars alone that have never been claimed or cashed. It’s difficult to fathom that anyone might have overlooked such things. Yet these things happen every day to the tune of an estimated one in four to one in eight Americans having no idea this is the case. Unclaimed fortunes lay waiting for many. I’ve heard of even the most debt-ridden people finding $300 in a pocket when going through clothes to give to good will. You just never know until you go out there and check.

Examples of unclaimed property: 

• Unpaid insurance policies 
• Tax returns 
• Inheritances 
• Stocks and bonds 
• Credit balances 
• Pension benefits 

Could anyone abandon property or leave money unclaimed?

When you think about it, it is not that hard to see that when someone moves or dies, not all details about their personal finances are documented carefully, if even at all. There could easily be lost money in accounts with banks, investment firms, or insurance policies. When someone divorces and moves and then changes address, this can also create a situation with unclaimed money. People under stress forget about things. Sometimes it’s just a matter of meaning to follow up and never doing it…just like you and your potential unclaimed property.

So then where does all of unclaimed money or property end up? 

After a while, normally three to five years, the entity that holds the money must report it to the state of residence of the owner’s last known address. The unclaimed property stays in the hands of that state until the legal name on that property or lost money surfaces to take ownership of it again. It’s hard to imagine but there are unclaimed items of this type dating back to the 1800s!

So what do you do if you think you might have unclaimed property or money and you don’t even really know how to find it? The good news is that all states now have their own web site with instructions on how to find such lost or abandoned property. Over half of these state sponsored web sites also have databases with search engines that can give you the opportunity to instantly find out by simply entering your name. There are also some web sites that will offer you this service, but they will charge you a fee if you do find the money or property in your name. Some states limit how much they can charge to ten percent. But why pay for something you can easily do on your own?

Although there are many legitimate companies offering finding services for unclaimed money or property, there are also many scams out there. Don’t sign any contract from a firm claiming it has lost money for you until you content the unclaimed property office in your state. 

To find unclaimed money, you should go to the state websites in any places you have lived in your lifetime. You can also do this for the estate of a loved one who has passed away. Look up the page of the comptroller. You may also find the unclaimed money services under the state treasurer’s office. There you will see the instructions on how to search for unclaimed property. 

Other sources for unclaimed property include:

• IRS - Undeliverable U.S. Federal Tax refund checks
• Pension Benefit Guaranty Corp.
• Federal Deposit Insurance Corporation (FDIC)
• U.S. Federal Investments
• Missing U.S. Federal Savings Bonds
• U.S. Department of Housing and Urban Development (HUD/FHA)
• Veterans Administration Benefits (VA)
• U.S. Railroad Retirement Board
• Swiss Bankers Association
• Frozen Swiss Accounts Database Search Form
• Holocaust Claims Processing Office of the New York State Banking Department
• The International Commission on Holocaust Era Insurance Claims 

Don’t delay checking for your unclaimed money. The longer you wait, the greater the chance you’ll forget about it.

Jessica Bosari is an Internet copywriter and blogger for various publications and her own blog. You can read more of Jessica's work here.