What is Unclaimed Money?
Unclaimed money is a term used to refer to any money owed to an individual that has not been claimed yet. This money could be owed to you in the form of an old workplace retirement plan, an uncashed check, an insurance policy, an inheritance, or even a forgotten bank account. Lastly, unclaimed money does not just mean cash; it includes stocks, bonds, security deposits, and refunds, just to name a few non-cash forms.
How to Find Unclaimed Money
Finding unclaimed money can be a complicated task, but if you are willing to devote some time and effort, you can be well on your way to claiming your rightful money. Here is a step-by-step guide on how to find unclaimed money:
Step 1: Check State and Federal Databases
The first step to finding unclaimed money is to check for unclaimed money databases. These databases are available at both the federal level and at the state level. It is important to check both levels to make sure you do not miss out on any potential unclaimed money.
At the federal level, there are two main sources you can turn to: the National Association of Unclaimed Property Administrators (NAUPA) and the U.S. Department of Treasury’s Bureau of the Fiscal Service.
The NAUPA is a non-profit organization that compiles data from all 50 state governments and Puerto Rico in order to provide its members with access to the most up-to-date information on unclaimed property. The Bureau of the Fiscal Service, on the other hand, is the federal agency responsible for managing unclaimed federal funds.
At the state level, you can visit the website of your state’s unclaimed property program to search for any unclaimed money. To learn more about the exact website you will need to visit, you can use NAUPA’s website, which provides a link to every state’s unclaimed property website.
Step 2: Search For Unclaimed Money from Former Employers
Next, you should search for unclaimed money from former employers. This includes forgotten wages or workplace retirement accounts that have gone unclaimed for an extended period of time. You can use the Department of Labor’s free “Lost Wages” search tool to search for forgotten wages or other unclaimed benefits and retirement accounts.
Step 3: Search for Other Sources of Unclaimed Money
Once you have checked the federal and state databases, you should also search for other sources of unclaimed money. These might include forgotten bank accounts, insurance policies, refunds, stocks or bonds, security deposits, and other overlooked sources.
You can search for lost bank accounts through the Federal Deposit Insurance Corporation (FDIC). You can also search the websites of insurance companies and other financial institutions to see if they owe you any money. Additionally, you can contact your county clerk’s office to see if they might have a record of any unclaimed property you may be owed.
Finally, you can use online search tools, such as MissingMoney.com, to search for property held by states and other jurisdictions.
Step 4: File a Claim
If you have found any unclaimed money, the next step is to file a claim to receive it. This process may require you to provide certain documents, such as a driver’s license or other proof of your identity. It is important that you follow the instructions provided carefully to ensure that your claim is processed properly.
Types of Unclaimed Money
Now that you know how to search for unclaimed money, here is a closer look at some of the types of money that you may be able to reclaim:
- Bank Accounts: This includes forgotten savings or checking accounts, or accounts that have been inactive for a long period of time.
- Investment Accounts: In addition to forgotten bank accounts, you can also search for forgotten investment accounts, such as mutual funds or stocks.
- Insurance Policies: This may include unclaimed life insurance benefits, unpaid life insurance claims, or uncollected dividends on investments.
- Refunds: This could be a refund of overpayment on taxes, loans, or other payments.
- Security Deposits: These could be security deposits on rental agreements or security deposits on utility services.
- Wages: This includes unpaid wages or unpaid retirement accounts.
- Tax Refunds: In some cases, you may be able to reclaim money from an old tax refund.
Unclaimed money is money that is owed to you, but you may not even know it exists. Fortunately, you can use the above strategies to search for and reclaim any unclaimed money. Taking the time to do this can make a huge difference to your finances and give you much-needed financial peace of mind.