As of November 2020, there was a whopping $49 billion in unclaimed funds waiting to be claimed according to SmartAsset. Due to financial woes, states are quick to disperse unclaimed money from bank accounts, insurance, policies, and other forgotten holdings. Though this concept may be foreign to you, it isn’t necessarily rare. It’s estimated that one in ten people have unclaimed cash. If you’ve never checked to see if you have any unclaimed money, this article will work to help navigate you through the process.
What is Unclaimed Money?
Unclaimed money is money that belongs to you, but the person who initially had it couldn’t contact you. When this occurs, your funds are sent to your respective states’ treasury department.
Unclaimed money can come from a variety of sources such as:
- Abandoned checking and savings accounts
- Company refunds
- Customer overpayments
- Payroll checks
- Investment accounts
- Trust distributions
- Life insurance payments
- Utility security deposits
If the payer is unable to contact you to deliver your money, your funds then enter a dormancy period. Each state has different lengths of dormancy periods based on the type of property. However, once that dormancy period exceeds a specific amount of time, the money then must be turned over to the state treasury department.
How to Find Unclaimed Money
By clicking on this link, you will be able to click on your state and then be transferred to your state’s treasury website. Once you review the site, you will be able to search for your unclaimed money. If you have lived in different states, it will be beneficial for you to click on those states as well. Similarly, if you have previously gone by a different name, you should search for records under those names.
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How to Claim Your Cash
Claiming your cash is actually quite simple. If you are able to find unclaimed funds, you should follow the state’s specific filing procedures on this website.
Of course, to avoid fraudulent claims, you must be able to verify your identity by giving your Social Security number and state whether you are claiming this money for yourself or a deceased relative. After you have done this, you will fill out your contact information and the state will verify this information to determine if you are eligible to receive your unclaimed funds. If everything is approved, your money will be mailed directly to you.