My sister once sent an urgent email with the subject “Found Money” She explained that, on a whim, she decided to search the internet for databases with lists of individuals owed money due to various circumstances, such as unclaimed money new mexico.
Surprisingly and unexpectedly, she discovered an astonishing sum owed from our deceased grandmother’s estate after her passing in 1976 to us as sole heirs of her estate. Claims were submitted and funds arrived within months. Furthermore, a quick search revealed three additional unclaimed amounts under $100.00 which needed claiming.
Unclaimed funds refers to money and assets whose rightful owner cannot be identified, typically turning over to the government after an inactive period – most states mandate 5 years before turning assets over again. Claims processes may take some time but are easy and free – step one involves finding unclaimed funds; step two completes any steps required for claiming money or assets.
Unclaimed money come in many forms. These can include abandoned or dormant accounts, abandoned safety deposit boxes, unclaimed state and federal tax refunds, life insurance payouts, money owed to bankruptcy creditors, FHA mortgage insurance refunds left on gift cards and many other sources of unclaimed money.
Unclaimed funds in New Mexico are held by the New Mexico Taxation and Revenue Department, making claiming funds easy: just visit https://tax.newmexico.gov/, open “Individuals”, select “Unclaimed Property”, and follow their instructions. As of June 30th 2023, their Unclaimed Property Unit had over $340 Million unclaimed funds on deposit with them – with 6,978 claims totalling over $11,821,715.54 being processed over that same timeframe.
The National Association of Unclaimed Property Administrators offers an easy and searchable state-by-state database available at https://unclaimed.org/ to locate unclaimed assets located anywhere within the US as well as related relatives who lived elsewhere. Additional official databases to check include:
- U.S. Treasury’s Unclaimed Fund Search Portal can be found here: https://www.usa.gov/unclaimed-money
- For FHA mortgage insurance refunds: http://entp.hud.gov/dsrs/refunds/
- Visit National Credit Union Association for more information regarding unclaimed deposits: https://ncua.gov/support-services/conservatorships-liquidations/unclaimed-deposits
- United States Bankruptcy Court http://uscourts.gov/services-forms/bankruptcy/unclaimed-funds-bankruptcy
- For information regarding closed banks insured by the Federal Deposit Insurance Corporation (FDIC), visit closedbanks.fdic.gov/funds.
- Visit USA.gov/unclaimed-money to locate funds belonging to them that remain unclaimed.
Search the web to uncover more opportunities, but make sure they are legitimate before providing personal details on any shady sites.
Gary Sandler is a full-time realtor and president of Gary Sandler Inc. Realtors in Las Cruces, New Mexico. He welcomes any inquiries and can be reached at 575-642-2292 or Gary@GarySander.com with answers to any queries that arise.