Unclaimed Monday: The United States currently has $42 trillion in unclaimed property. This means that each state holds money that is rightfully theirs, but no one has yet claimed it. The State Treasurer’s Office of South Carolina has more than $550,000,000 of unclaimed funds.
You can claim unclaimed money if you are one of the many Americans who are entitled to it. How do you find out how to claim money that is owed to you? It is important to understand what unclaimed money looks like and where you can find it.
What is Unclaimed Money?
Unclaimed money is also known as unclaimed money or unclaimed property. It’s money that has been unclaimed by financial institutions or companies for at least one year and not received by their rightful owners.
These are the most popular forms of unfound cash:
- Checking and saving accounts
- Deposits in security
- IRS refunds
- Uncashed dividends
- Payroll checks
- Traveler’s checks
- Trust distributions
- Gift certificates or money orders
- Life insurance policies and insurance payouts
- Mineral royalty payments
- Safe deposit box contents
Although this isn’t an exhaustive list, it will give you an idea of the many ways money can be lost or forgotten.
Where to find unclaimed money?
There are many places where you can find unclaimed funds. If you suspect that you may be the owner of unclaimed money, there are many institutions and places to look.
The Internal Revenues Service (IRS).
It is very common for taxpayers, before receiving their income tax refund checks, to move or even to provide incorrect addresses to the IRS. Contact the IRS if this sounds familiar.
State Tax Departments
You may not be eligible for your state’s income tax check if you have changed your name, moved, or provided incorrect addresses. To search every state in which you have registered an address, use services such as unclaimed.org.
Plan for Employee Retirement
You may have funds from your former employer’s retirement plan if you recently switched jobs. The National Registry can help you determine if this is the case.
Failed Pension Plans
You can check with the Pension Benefit Guaranty Corporation if you were enrolled in a plan that provided pension benefits for an employer that has failed to pay you. Although it might not be the entire amount you paid, it could be a guarantee.
There may be unclaimed funds in your checking or savings accounts. You could have funds from insurance refunds, utility deposits, or dividend earnings.
Life Insurance Policies
Consumer Reports found that at least $ 1 billion in benefits are not claimed from policies of life insurance that have been lost or misplaced. Either you are the beneficiary, or you may owe money to a demutualized life insurance carrier. To begin your search, visit the Demutualization Claims website.
Since paper savings bonds no longer exist through financial institutions, you must purchase electronic savings bonds directly from the U.S. Treasury. The Treasury holds billions in unclaimed bonds. The Bureau of Fiscal Service has a website that will help you determine if you are owed money in savings bonds.
There are other ways to find out if you have unclaimed money.
There are many places where you can check for funds that have not been claimed. Public services make it easier to locate unclaimed funds. Below are three simple ways to locate any unclaimed funds.
Online Services: Take Advantage
Websites such as missingmoney.com or unclaimed.org give access to unclaimed property records in the state. For a quick search of unclaimed money in any state where you have lived, you can search the entire list.
Perform Free Searches
You can also search Google for your state. You can search Google by the state to get the best results. Most likely, you’ll find a Comptroller of State or Treasurer-of-State site where unclaimed money can be searched with your first and last names. Check all your addresses before you start a search. To ensure that you find all information, make sure you check your maiden name.
Use a third-party service
You can also use third-party services to locate your property. They can usually locate your property and return it within a short time. These services are not expensive, but you should be careful. You should thoroughly research the service and any testimonials online before you pay.
How to claim unfound money
You must verify your identity if you find money unclaimed that belongs to you. While requirements vary from one state to the next, there are certain documents that you will need regardless of whether your state has a law.
- A valid form of i.d.s such as a passport, driver’s license, or another identification document.
- Your Social Security Number
- You will need proof of your address, such as a utility bill.
- You must provide proof of your current address.
After you have provided all documentation, you will need to file a claim. You will need to follow the instructions given depending on where you live and what service you use. You may be able to file online in some cases. You can also mail in a claim form along with all other documentation if you are unable to file online.
Once you have filed your claim successfully, you will need to wait for your check. Depending on the circumstances, this can take up to six months. It’s over; the good news is!
It is very common to have unclaimed money. Make sure you take advantage of financial services, so you don’t lose money.