When most people hear about unclaimed funds, they think of lost money or forgotten bank accounts.

However, there are many other unclaimed funds.

People don't realize that they may be entitled to some of this money and property.

That's why it's best to understand the different types of unclaimed funds and the search process.

 

Understanding Unclaimed Funds and Property

Unclaimed funds consist of:

• financial assets (bank accounts, stocks, bonds, and mutual funds)
• property (jewelry, art, antiques, and more)
• benefits
• refunds
• life insurance payouts

Benefits and refunds can come from overpaid taxes or unused gift cards.

However, beneficiaries of life insurance payouts receive payments after the policy-holder dies.

 

Conducting the Unclaimed Property Search

To search for your unclaimed funds, you can try the following:

• Checking with your state's unclaimed property office. (Check for state-specific rules and processes for claiming property)
• Search for unclaimed funds online through the NAUPA website.
• Check with the Internal Revenue Service (IRS) for any refunds.
• Contact the National Association of Insurance Commissioners for possible unclaimed life insurance benefits.

Follow the specific instructions on how to run a search from the areas mentioned above.

Remember to have all the necessary information and any supporting documentation for the search on hand.

If you fail, move on until you exhaust the options.

Remember: The process can take some time, and there is no guarantee that you will find anything. But it's always worth a shot.

 

Why Is There So Much Unclaimed Money In Various States?

 

1. Continuous Relocations

When people move, they often fail to update their address with their bank. 

This results in forgotten accounts and unclaimed money.

Then there are those who forget about safe deposit boxes and abandon them.

The forgotten content of these also become unclaimed money.
 

2. Companies Fail To Relocate Former Employees

Companies often have difficulty locating the rightful owners of property or money.

Take for example life insurance benefits after a policyholder dies.

If the company can't locate the beneficiary/ies, the money goes unclaimed.

Companies won't try very hard to search for the rightful owners of these unclaimed assets.

The same applies for:

• final paychecks uncashed and forgotten by ex-employees
• refunds or rebates

 

3. Death of a Family Member

After the death of a relative, family members often have difficulty locating all the assets of the deceased person.

The failure can result in unclaimed money or property.

 

The Difficulty in the Claiming Procedure

The claim process for unclaimed money or property can be complicated and time-consuming.

This is why people abandon the process halfway.

The claimants have to go through:

• overwhelming paperwork and providing various documents
• complex claiming processes

Despite these challenges, you should never have to pay a fee to claim your unclaimed money or property!

Do your research and only claim money from reputable sources.

 

Protecting Yourself from Unclaimed Money Scams

Unfortunately, there are many scams related to unclaimed money.

As mentioned above, you should never have to pay a fee to claim your funds.

Additionally, be wary of anyone who asks for personal information, such as your Social Security number or bank account number.

These scams steal your identity or your money.

If you're ever unsure about a claim, you can always contact your state's unclaimed property office to verify the claim.

Verify the treasury's contact information on their website before calling to avoid any scams.

Remember, call for verification, and don't provide any personal information.




Unclaimed money is a real thing, and there's a lot of it.

While the process of claiming your money can be complicated and time-consuming, it's worth it if you're able to get your hands on some extra cash.