Unclaimed Money in FL: Many Americans are struggling to make ends meet due to the economic effects of the coronavirus. It would help if you considered claiming any unclaimed money you have. Florida currently has $2 billion in unclaimed funds that its owners can claim at any time.
Continue reading to learn how you can file a claim for unclaimed funds.
What is considered unclaimed money in Florida?
Unclaimed money is financial assets that are not claimed or abandoned by their owners. A bank, financial institution or business typically holds the funds on behalf of the owner. To be considered unclaimed money, the bank, financial institution, or business carrying the funds must have been inaccessible to the owner for at least one year.
After this time, the state government takes the money and keeps it safe. Unclaimed assets in Florida are often sent to the state school fund to be used for public education. Unclaimed money is not subject to a statute of limitations, so owners have the right to claim their assets at any time and without cost.
Types of unclaimed money in Florida
These are some common assets that you can consider unclaimed in Florida.
- Savings accounts
- Accounts for checking
- Dividend checks not cashed
- Refunds for state taxes
- Insurance policies that are not paid
- IRS refunds
Florida has tangible unclaimed cash in addition to these intangible assets. It also collects jewellery, stamps and historical items.
Florida: How much-unclaimed money is there?
Florida’s Chief Financial Officer currently holds unclaimed property worth $2 billion. Most of the unclaimed property comes from dormant funds, securities, trust funds, or insurance companies. Some of this unclaimed property includes tangible assets such as jewellery and watches.
Unclaimed assets in Florida, such as financial assets, are typically deposited in the state fund and used to support public education until their owners claim them. Individuals can claim unclaimed money at any time.
However, tangible assets are held by the state only for two years. After that time, they are sold at an auction. The proceeds of the sale are then deposited in the owner’s account, where they can be claimed at any time.
How to find unclaimed money in Fl (Florida)
Before you start your search for unclaimed funds, it is essential to decide if you are searching for money for yourself or for someone else. It is recommended that you also search for relatives or family members who might have left money if you are searching for unclaimed property.
Whatever the situation, it is important to have information about the fund owner to facilitate your search. You will need information about employers, unions, or other institutions that might have funds for you, as well as basic details like your name, address, and social insurance number. You must also provide documentation if you want to claim unclaimed money for a deceased person.
It is a good idea to search both state and national databases when searching for unclaimed money. State treasury websites can help you find unclaimed property databases. The website could be called treasury or comptroller, depending on where you live. The main database for unclaimed funds in Florida can be found at https://www.fltreasurehunt.gov/.
Unclaimed funds at a national level can be in the form of pensions, IRS refunds and treasury bonds. It is a smart idea to search the databases of the IRS, U.S Treasury, and Pension Benefit Guaranty Corporation when conducting a national unclaimed funds search.
When you conduct an unclaimed money search, ensure you check all possible names of you or the deceased. You can search by first, last, married names and maiden names. You can also enlist the help of a third-party agency if you don’t have the time. You should remember that you will be charged a percentage of any funds they recover.
How do I claim unclaimed money in Florida?
Searching the interactive state treasurer website is the first step in claiming unclaimed Florida money. You can access this official page 24/7, and it is totally free. To claim your assets, you will need to fill out a claim form once you have located the property.
Each claim form outlines the documentation that a claimant must submit to show they have the right to the unclaimed property. These documents include an I.D., current mailing address and driver’s licence. You must provide the death certificate for the owner and the signed claim forms to all heirs if you are filing a claim on behalf of a relative who has died.
You can wait up to 90 days for a decision after you submit the claim form to the Department. However, you can track the status of your claim at https://www.fltreasurehunt.gov/
How can I prevent my money from going unclaimed?
Although unclaimed property can still be claimed by the owner at any time, it can take a lot of time to search for and file claims. It is important to take steps to ensure your property is not lost or unclaimed. You can take the following steps to make sure you always have access to your money:
- Keep track of any financial transactions that may lead to unclaimed funds, including bank accounts, security deposits, and utility payments.
- When you move, inform financial institutions about new addresses.
- All negotiable instruments, such as stocks or treasury bonds, must be paid in cash.
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