Federal and state institutions currently hold $58 billion worth of unclaimed money. One in ten Americans has money they have never claimed, and most claims are over $100. Individuals have claimed millions of dollars! Most likely, you have unclaimed funds to which you are entitled!
What is Unclaimed Money in Hawaii?
Unclaimed money is any asset the Owner has not claimed. Unclaimed money is any asset the Owner has not requested within a specified time. The type of asset and state where the money is located will determine the time limit.
The government holds more than $150,000,000 in unclaimed funds in Hawaii. Unclaimed funds are sometimes called ‘lost money’ or ‘found money. Each state has its own rules for claiming assets. The Department of Budget and Finance holds any property that is not claimed in Hawaii.
Types of Hawaii Unclaimed Money
There are many types of unclaimed funds. These are the types of unclaimed money that you can search for if you’re looking into funds, you don’t know about:
|Types of Unclaimed Money||Description|
|Unclaimed wages||Funds that you earned on your job but never picked up after quitting|
|Checking and savings accounts||A positive balance in an old bank account that you have forgotten about|
|Uncashed checks||A check that someone used to pay you, made out in your name that you’ve never cashed|
|Certificate of deposit||A type of investment with a fixed term and interest rate|
|Bonds||Money that a company or a government department owe you|
|Stocks||Shares of the company that belong to you. In return for your investment in the company, you’re entitled to share in the profits, referred to as dividends|
|Money order||An order of payment for a specified amount|
|Insurance proceeds||Money from an insurance claim|
|Refunds||Funds that you never claimed from a company for services not rendered, or defective goods|
Why don’t rightful owners claim money?
There are several reasons people might not take possession of the assets they are entitled.
The rightful Owner
- Are you unaware of the help available for a claim?
- Has passed away without heirs or could not find heirs
- Is the amount insignificant?
- Are you not familiar with how to claim assets?
The Owner Does Not Know There Are Assets to Claim
This is often the case when the Owner moves or changes their phone number. The entity owing them money has difficulty reaching the owners. This is often the case with unclaimed wages, checking and savings accounts, and other types of unclaimed wages.
The Assets’ Rightful Owner Is Disowned
If the government or company has not contacted the deceased Owner of the assets, the money could be lost.
The recipient believes that the amount is insignificant.
If the rightful Owner receives the notification of assets in their name but is not satisfied with the amount, they might decide to file a claim.
The Owner doesn’t know how to claim the assets.
The recipient may think that filing a claim for assets is complicated and the money will not be claimed. It cannot be easy to navigate the process, especially when so many sites offer money-retrieval services.
How can you find unclaimed money from Hawaii?
Each state has its own rules about unclaimed money. No national database allows you to search for unclaimed assets in the name of your condition. Unclaimed funds less than $100 in Hawaii will automatically be given to the government.
Here’s how you can start a search to find funds in your name.
- Visit the Department of Budget and Finance
- To request a name search, call 974-4000
When you call the hotline to request a name search, be sure to tell them why. If you have not received any funds, please ask for additional instructions.
A few agencies can also help you locate unclaimed assets. These agencies will charge a fee to help you recover unclaimed funds and require personal information such as your Social Security Number.
Is there a time limit on unclaimed money in Hawaii?
The government will not keep any unclaimed funds indefinitely. If you know of unclaimed funds in Hawaii, you can file a claim, and the government will release those funds if you are the rightful Owner.
Protect Yourself Against Unclaimed Funds Scams
Unclaimed assets were the subject of an email scam reported in Hawaii. It appeared that an email was sent by the Hawaii Unclaimed Property Branch of the Department of Budget and Finance to people.
The Department said it would not send an email to inform the public about unclaimed funds. It would be best to consider these things to ensure you don’t fall for a scam.
- Do not pay for the money. Agency staff will often take a percentage of any assets that are recovered. If the agency requests payment upfront, it’s easy for scammers to be identified.
- Expect state agencies not to reach out to you. It’s rare for any state agency in the country to trace you down for unclaimed funds. You must initiate the search
- Do not give your personal information to unknown third parties. This is especially important if you are contacted by an agency and asked for it.
- Do your research. If private agency contact you to tell you that you have unclaimed funds, do your research before you trust the information. An agency that works for attorneys must be registered.
Learn how to claim an inheritance and how long you can wait before receiving the money. This app provides tips and tricks to help you find unclaimed money at specific banks such as Bank of America and Western Union.