Have you ever heard of unclaimed funds? If not, you're not alone.

Unclaimed funds are a little-known source of revenue that many people don't know.

The following information outlines what unclaimed funds are and how you can claim them in real-time:

 

What Are Unclaimed Funds?

Unclaimed funds are money or other assets abandoned or forgotten by their rightful owners.

In many cases, the owners of unclaimed funds have moved or passed away without leaving a forwarding address.

As a result, the money or assets sit in government coffers, waiting for the rightful owners to claim them.

There are billions of dollars in unclaimed funds.

For example, in the United States, there is an estimated $40 billion in unclaimed funds.

According to research, one out of every five people has unclaimed funds.

People should be aware of their unclaimed funds because:

• the money could pay debt or cover other expenses
• as the owner, they may be entitled to a tax deduction
• unclaimed funds can be an excellent source of supplemental income.

 

How to Claim Unclaimed Funds

You need to take the following steps to claim unclaimed funds from the United States:
 

1. Search for Unclaimed Funds

Check the states you lived in over the last five years.

Visit the state website to look if you left any unclaimed money.

For example, if you lived in California but moved to Texas, you would search for unclaimed funds in California.

If you were in business, check the details from the registration state.

People who changed names should also search under their previous names.

On the other hand, heirs should search under the deceased's name.
 

2. Complete the Claim Form

Once you've found out if you have any unclaimed funds, complete the claim form.

This form will ask for your:

• name
• address
• Social Security number
• other personal information

You may seek help from an attorney or other professionals if you're unsure how to complete the form.

Some websites like unclaimedmoney.com can help you find this money and fill in the claim form for you.

Remember, simple mistakes such as a missing signature can cause delays in the claim process.

Afterwards, keep a copy of the form for your records. 
 

3. Submit the Claim Form

Send a completed form to the appropriate government agency by:

• mail
• fax
• online - the quickest and most efficient way

The earlier you submit the form, the sooner you will receive your funds.
 

4. Wait for Approval

It will take a few weeks for the government to process the submitted form.

You will receive a payment from the government through mail or direct deposit after approval and disbursement.

If there are any problems with the claim, the government agency will notify you in advance.

Ensure that the contact information on the claim form is up-to-date so you can receive updates.

If there are changes, contact the government agency immediately to avoid delays.

 

Unclaimed Money Scams

Be aware of scams in which people offer to help you claim your unclaimed money in exchange for a fee.

These scammers may ask for your personal information or try to charge you a fee to process your claim.

The best way to protect yourself from scams is to only work with legitimate government agencies or verified professionals.

Report any suspicious activity to the appropriate authorities.

Never disclose your personal information to someone you don't know or to websites you haven't verified.


 

Claiming the Funds Belonging to a Relative

If you are trying to claim the funds belonging to a deceased relative, there may be additional steps.

In some cases, you will need to provide:

• a death certificate
• other documentation

This is to prove that you are the rightful heir.

 

Final Thoughts

Following the above steps can help you get your hands on unclaimed money.

So, if you have any doubts about whether you have unclaimed money waiting for you, take the time to do some research.

It could be worth a lot of money.