Funds that have ended up in the state’s possession because the rightful owner could not be found are referred to as unclaimed money. This can occur for various reasons, such as moving without updating your address with your bank or a distant relative leaving you money that you never knew about. Laws mandate that businesses and financial institutions turn over unclaimed assets to the state, where they are stored until the rightful owner makes a claim. One can find unclaimed insurance benefits, uncashed checks, forgotten assets from dormant bank accounts, and more by searching for unclaimed money.
What is Unclaimed Money?
What precisely is unclaimed money? To put it briefly, it’s money that has fallen into state hands because it’s true owner is nowhere to be found. There are several possible causes for this. It’s possible that you moved and neglected to notify your bank or previous employer of your new address. Or perhaps a distant relative left you money in their will, but the executor couldn’t track you down.
When financial institutions or companies can’t find the owner of an account or asset, they’re required by law to turn it over to the state. The state then holds onto this money indefinitely, waiting for the owner or their heirs to claim it. Unclaimed money can come from a wide range of sources. Some common examples include:
- Dormant bank accounts
- Uncashed checks (including paychecks)
- Forgotten utility deposits
- Unclaimed life insurance benefits
- Abandoned safe deposit box contents
- Unclaimed pension benefits
How to Search for Unclaimed Money
Ready to start your treasure hunt? The process to find unclaimed money is actually quite simple. You can start by visiting your state’s unclaimed property website. Each state maintains its own database of unclaimed assets. You can usually search these databases for free by entering your name and possibly a past address.
But don’t stop with just your current state of residence. Be sure to check every state where you’ve lived or done business. You should also search under any names you’ve used in the past, including maiden names or business names. It’s not uncommon for people to find money in states they moved away from years ago.
Search Nationally
In addition to searching state by state, you can also search nationwide. There are websites that allow you to search records from most states in one place. It’s a good starting point, but for the most thorough search, it’s still best to check with each state individually.
Don’t Forget Federal Agencies
States aren’t the only ones holding onto unclaimed cash. Some federal agencies also have money waiting to be claimed. For example, the Pension Benefit Guaranty Corporation has a database of unclaimed pension benefits. If you think you might be owed a pension from a former employer, it’s worth checking their website.
Claiming Your Money
If your search turns up some unclaimed money in your name, congrats. The next step is to file a claim to get your money back. This process varies a bit from state to state, but generally, you’ll need to submit a claim form along with proof of your identity and your right to the funds. This might include a copy of your driver’s license, social security card, or documentation linking you to a past address.
One important thing to note: you should never have to pay to claim your own money. Be wary of any companies that offer to find unclaimed money for you for a fee. These are often scams. The process to find and claim your money is something you can do yourself for free.
Protecting Yourself in the Future
While it’s great to find forgotten money, it’s even better to prevent your assets from becoming unclaimed in the first place. Be diligent about keeping track of your accounts and updating your address when you move. If you have old bank accounts or investments you’re no longer using, consider closing them out properly rather than just letting them go dormant. And if you’re named as a beneficiary in someone’s will, make sure the executor has your current contact information.
Conclusion
In conclusion, unclaimed money represents a unique opportunity to recover funds that rightfully belong to you but have been lost due to various reasons. By taking a few simple steps, such as searching state and national databases, you can potentially find and claim these forgotten assets. It’s important to stay vigilant about keeping your financial information up to date to prevent future unclaimed money situations. Remember, the process to find and claim your unclaimed money is straightforward and free, so there’s no need to pay for these services. Taking a little time to search could lead to a rewarding discovery. So, take charge of your financial assets today and see if you have any unclaimed money waiting for you. It’s worth the effort to reclaim what is rightfully yours and ensure your financial well-being.
