Find Your Missing Money! Unclaimed Funds Waiting For You
(DailyVibe.com) – You might think you know the location of all your money, but here’s an exciting and alarming surprise: you could be wrong! In fact, 10 percent of all Americans have lost track of some money: usually money they forgot they had, or money they were entitled to and never claimed! This can include money that you were never paid or money that you left in a bank account before moving out of state.
Great news: if you or someone close to you has unclaimed money, there are options for getting that money back.
Unclaimed Money: What Is It?
Most people have moved from state to state, have multiple bank accounts and bank account types, and have to manage all sorts of bills, including utilities and insurance, which often provide refunds. Many credit unions, banks, and other financial institutions have a dormancy policy.
These policies typically state that if the account has been dormant for one year, the financial institution can’t determine whether you are still alive and/or the account owner. When that happens, the institution can hold your assets; it’s kind of like when a storage unit renter can’t be reached and the property management company claims their belongings.
Different Types of Unclaimed Money
There are several varieties of unclaimed money, ranging from unclaimed pensions and wages to forgotten security deposits and accounts. You might forget you’ve got an account, forget that you haven’t received a tax refund, go without a final paycheck, or fail to claim insurance benefits. Most of the time, people aren’t aware that they have money waiting for them; the money might result from a bankruptcy or a source like a foreign government.
While finding and claiming unclaimed money is largely one process, it’s important to know what you might uncover when you start looking.
How to Find Your Unclaimed Money
If you find a discrepancy in your records or if you’re just curious about whether you could get some unclaimed money, know that the process can be a hassle — unless you check out the National Association of Unclaimed Property Administrators (NAUPA). NAUPA is administered by the National Association of State Treasurers, and thanks to the internet and this centralized website, it’s not tough to find and claim your missing money.
Begin your journey by accessing the NAUPA website and searching for yourself. This website will give you some possible hits on unclaimed money, but to investigate further, you’ll have to look state by state. If you’ve lived in another state before or even just used someone else’s address briefly as a residence, you’ll want to check all of those states in addition to the state you live in now. To search, you’ll need your name or business name, or the Tax ID/Social Security Number.
What Happens If You Find Unclaimed Money via NAUPA?
If you do locate unclaimed money, you have to file a claim. You may be asked to provide proof of ownership. There’s over $3 billion in unclaimed money! For complex transactions and proof of ownership, it may be in your best interest to seek legal counsel.
When your claim is verified, you will typically receive funds via check. They may come from a state treasury.
While it’s regrettable that so many people lose money, it’s great that there’s a system for claiming it. You might initially have feelings about all the times over the years you could have used that unclaimed money. It’s sad you didn’t have it — but the second best time to claim it is now. Make things a bit easier on yourself by locating unclaimed money and getting it into your bank account today!
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