Want Extra Money? Find Out If You Are Owed Unclaimed Cash
(USNewsbreak.com) – Do you remember where all of your money is? It seems like a ridiculous question, but roughly one in ten people have lost money they either never received or forgot about. Funds left in an account you forgot you had, that one refund you never claimed, or money you were owed that you never received can be stuck in no-man’s land. If you or someone in your life thinks you may have some unclaimed money, don’t despair. There are options for finding it and getting it back.
What is Unclaimed Money?
It can be more complicated than one might think to keep track of where all of your money is, especially for those who have multiple accounts at different financial institutions. It is common for people to open several accounts, making it easy to forget about one or two and let those accounts become inactive.
Most financial institutions, such as banks and credit unions, have a “dormancy period” of roughly one year where an account can be left inactive. Once this deadline is reached, you can be locked out of the account and inadvertently lose access to the funds within. This is especially true if the institution can not determine if you are the owner or even still alive. When this happens, the institution might take control of the money or other assets contained within. Confusing, yes, but think of it like when a person abandons a storage unit, and the storage company seizes and sells off the property within.
Understanding Different Types of Unclaimed Money
Unclaimed money can range from forgotten accounts and security deposits to pensions, unclaimed refunds, or even unpaid wages. It is far too easy for owners to forget about the money they left in an untouched account, insurance benefits they are owed, a missing final paycheck from an old job, or realize that they never received their income tax refund. Additionally, you could be owed unclaimed money from bankruptcy or even a foreign government. There are many different sources of unclaimed funds. Luckily the process for finding and claiming most types of unclaimed money works similarly. The most important thing to remember is to keep careful track of your finances so you can easily determine sources of unclaimed money that may be waiting for you.
Locating Your Unclaimed Money
Attempting to find your unclaimed money can be a hassle. Fortunately, the National Association of Unclaimed Property Administrators (NAUPA) has created a program that makes this process significantly more accessible than it was in the past. If you notice discrepancies in your financial records, think you may be owed an old security deposit, or remember that old untouched account you no longer have access to, you can search for your unclaimed money here.
Depending on your state, there may be slightly different processes to follow when finding unclaimed money, especially if you might be owed money from a state you do not reside in. Generally, you will begin by entering your name, tax ID number, or business name. If you get results, you will then need to file a claim and provide proof of ownership to get your money. People have reclaimed over $3 billion in unclaimed money using this search.
Losing access to your own money can be infuriating, but knowing what to look for is the first step in reclaiming the money that you are owed. Performing a NAUPA search is the fastest and easiest way to determine if you or someone you know is owed unclaimed money and begin taking steps to get it back.
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