Unclaimed Money Paypal: PayPal is used by millions of people to transfer money online. However, many PayPal users find that their funds can sometimes remain in limbo. Learn how to claim any unclaimed funds from PayPal if you see them marked as unclaimed.
If you’re unsure if you have any rights to unclaimed assets, you can find out which types of unclaimed money are available.
What is Unclaimed Money on PayPal
PayPal payments can go unclaimed if the recipient has not received the money:
- You have created a PayPal account
- Accepted the payment already
- Confirmed the bank account
- Add the email address and phone number to which you sent the money.
There are several ways to claim unclaimed PayPal money
You might be able to cancel your payment if your payment is in a pending state. To cancel your order, contact the seller and request a PayPal return. These steps will allow you to cancel your PayPal payment.
- Register to PayPal
- Go to your Activity page
- When you see the pending payment, click on Cancel
- Click Cancel to Pay
You can expect your refund to be sent to your credit card if you used your card to send the money. If you use PayPal or your bank account, your money will go to your PayPal balance.
If your payment status remains unclaimed for more than 30 days, you will automatically get your money back. You don’t need to cancel your payment in this instance.
Other types of unclaimed money
You will be notified if you have any unclaimed funds on PayPal. It is easy to get it back. You might have access to unclaimed funds you didn’t know existed. These are just a few of the unclaimed assets you might be eligible for:
- Forgotten stocks
- Life insurance
- Bank accounts from the past
- Inheritance money
- Safe-deposit boxes contain contents
- Credit memos
- Certificates of Deposit
- Traveler’s checks
- Mutual funds
- Scholarship money
- Forgotten refunds
Keep in mind that real estate, land, and motor vehicles cannot be lost.
How does money become unclaimed?
People forget to claim the money. This is the most common reason money goes unclaimed. Many people forget about uncashed refunds or insurance policies.
Sometimes, people may not know they have the right to receive money from someone else.
Banks and other institutions may not be able to contact people who have changed their addresses. In such cases, institutions might declare that money left in accounts is unclaimed.
Where is the Lost Money Storing?
Banks and other financial institutions will declare an asset dormant if they notice that the asset is not being used for some time or are unable to reach the owner. The institutions will turn over unclaimed property to the government after the period of dormancy.
The money may be kept in state Treasurys for many decades until it is claimed by the rightful owner. The National Association of Unclaimed Property Administrators (NAUPA) states returns more than three billion dollars of unclaimed cash each year.
How to Find Unclaimed Money On Your Own
You can visit:
- Website of the National Association of Unclaimed Property Administrators (NAUPA).
- MissingMoney.com Website
NAUPA – Search for unclaimed assets
NAUPA encourages and leads collaboration among unclaimed property managers from:
- All U.S. States
- District of Columbia
- A few Canadian provinces
- The Commonwealth of Puerto Rico
To search for unclaimed property that is not in your name, you can visit the NAUPA website. Here’s how you do it.
- Search for the organization
- Choose the state whose unclaimed property treasure you wish to verify
- Follow the instructions provided on the website for the state treasurer you have chosen
- Complete any necessary forms
- Send your request to the final stage
MissingMoney Website: Looking for Unclaimed Property
NAUPA sponsors MissingMoney.com, which can help you in your search to find unclaimed assets.
You can simply enter your name and see the results for all states in the database. This is a great way to save time as you don’t need to look at each state’s treasuries individually. You can also narrow your search by adding a city and state. MissingMoney.com does not have a complete database of unclaimed funds in every state.