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Unclaimed money where to find?
What if you found some money while taking a walk down the street, would you pick it up? I mean, really, would you pick up a five-dollar bill off the ground? I believe most of us would. However, It doesn’t mean that without the five dollars you would stay hungry, but we’ll pick it up because we all know that a five-dollar bill represents something of value. For most of us, it is in our nature to do something useful with something of value rather than simply pass by and let it blow off into the wind. There are ways to know How to find unclaimed money?
Now, consider finding something with greater value that actually belongs to you. That would be a sweet deal, right? Well, actually you may be able to claim money that belongs to you that you may not even know exists. I am talking about unclaimed money that is left behind by you or a family member sometime in your past.
Show Me The Unclaimed Money
We all know that there is no more beautiful phrase than, “Free Money!” but when most of us hear that, our minds automatically think, “It’s a scam.” And I can’t blame you. I would think the same if I didn’t know the ins and outs of the overage business. But it is not a scam and a lot of money is left unclaimed because people may not even know they are owed money.
Before I go further, you need to understand that unclaimed property typically refers to intangible goods and includes abandoned bank accounts, uncashed checks, stocks, unused gift cards, and unredeemed insurance policies. All of these make up a huge sum of money that is basically “still left on the table.”
Currently, according to the National Association of Unclaimed Property Administrators (NAUPA), there is over $60 billion of unclaimed property in the US, and within the US, all states have unclaimed property laws that date back to the 1950s. Many of these laws state that if the money (or property) is not claimed within three to five years, it all goes to that state. But all is not completely lost.
The good news is that, in some cases, the money can’t escheat, (a term that means reverting of property to the state or some agency of the state, or, as in England, to the lord of the fee or to the crown), to the government. What this means is that even after 10 years, you are legally entitled to the unclaimed money. By law, the government cannot spend this money, it has to be properly reported and audited.
Finding Your Unclaimed Money
You can conduct a search right now to find out if there is any money that belongs to you. Thankfully, technology has made it easier for people to discover forgotten wealth. However, it is not as easy when it comes to recovering that wealth. One of the things that makes it difficult is that there is no central database for all unclaimed assets in every state. This means that although you may find you have unclaimed property that belongs to you, you may need to look in multiple places to track it all down and recover it.
For example, if you were to visit NAUPA, you will find that there are listings from 41 states on the website MissingMoney.com. But unfortunately, that site does not yet include data from several states, many with large inventories such as California, which has over $9.3 billion in unclaimed assets, and Pennsylvania, with $3.5 billion. Even after finding that you are owed money, the hunt is just beginning. You’ll now have to search some state’s websites separately as well as federal agency sites to learn how you can even begin to get your unclaimed money.
These federal agency sites include:
Treasury Department (currently holding $25.5 billion in matured savings bonds)
If in your initial search you find unclaimed money that matches your name and current address, you can then go to the state website to begin the process of claiming the money on your own. In most cases, if the claim is under $1,000, you can file the claim online to reclaim it yourself.
However, if the unclaimed amount is over $1,000, you will be required to have additional paperwork that needs to be mailed in. Also, depending on the claim, there may be requirements of additional paperwork that are cumbersome and time-consuming. This is where the help of someone with experience in hunting down the claim and correctly filling out the necessary paperwork comes in. You can do it yourself if you have the patience and time, but as with most things in life, you may be better off using a professional.
I hope you find some forgotten treasure or unclaimed money you didn’t know you had, and that you gain access to what is rightfully yours.