Unclaimed money can be recovered from the government.
When you discover that you have unclaimed funds waiting for you, you can feel like you're getting free money, but in both cases the money has been rightfully yours all along and you deserve to have it.In the U.S., abandoned, forgotten, or ignored property and money is eventually sent to government treasuries for a period of safekeeping.The internet makes it easier to find money held by the government.There are a lot of companies that want to charge you to find your own money, but most of the time you can do it yourself for free.
Step 1: There are possible sources of unclaimed property.
Some $42 billion is sitting in treasuries, unclaimed by deserving Americans, because you might assume there is no way that unclaimed money is waiting for you somewhere.After a set period of time, if not already in the government's hands, unclaimed property or money is turned over to them for holding.It's like a state-level "lost and found" with a time limit.Property/money becomes unclaimed.If you were owed $100 from an insurance policy, but moved and failed to provide an updated address, that's an example.The unclaimed property in your name would be turned over to the state after the company tried to locate you.The state treasury expects you to make the effort to claim what you own.Unclaimed property, such as abandoned bank safe deposit boxes, is usually sold for cash, which is then held by the state, so most of what is unclaimed is money.Unclaimed money can be found in abandoned bank accounts, uncashed payroll, travelers checks, stocks or bonds, unclaimed money orders, insurance payments or refunds, annuities, certificates of deposit, and mineral rights royalties.You could easily be included on the list as a recipient.Keeping accurate records of all your financial, insurance, and tax accounts is one of the best ways to prevent unclaimed funds in the future.
Step 2: Search for your home state.
Most unclaimed property is directed to the last known home state of the person.It makes sense to begin your search for unclaimed money in the state you currently reside in or the one you have lived in longest.The National Association of Unclaimed Property Administrators offers a free way to search unclaimed property records in the US and Canada.Your initial search will lead you to the official site of your state of choice, even though the website is not government-affiliated.To begin the search, you need to enter a name and state.
Step 3: You can search for other states.
If you can't find anything in your home state, look for other places in which you have lived or worked.Even if you don't have a direct connection to other states, it's worth taking a look at it.One NAUPA-affiliated site supports searches of multiple states at the same time.You can search the records of 37 U.S. states at once, but not every state supports this function.The 13 remaining states can be searched individually with just a name.
Step 4: You can search for local governments.
Unclaimed funds are usually held at the state level, but different states have different rules on what can and cannot be held.There isn't a way to find unclaimed property at the local level.Pick up the phone and call the treasurer's office in your locality of interest.If they hold unclaimed property, ask if they have procedures in place.
Step 5: You should file your claim.
Follow the directions on the relevant state website if you find a match for unclaimed property in your name.Expect the process to take some time and require proof of your identity and that the money is yours.To file a claim in Pennsylvania, you need to conduct a name search on the state Treasury website.The Request Claim Form can be found on the results screen.Print and sign the form and mail it to the Bureau of Unclaimed Property.Don't be surprised if you have to provide additional documentation.
Step 6: The net should be wide.
There are so many federal agencies that it can be difficult to find information about unclaimed property.Unclaimed property is most often held at the state level in the U.S., yet unclaimed funds range from tax refunds to mortgage over payments or O.P.It can be kept within federal agencies.Key agencies to consider when searching for unclaimed cash are covered in the following steps.
Step 7: You can find funds in the Treasury Department.
It makes sense that this agency might hold money for you.Unclaimed U.S. savings bonds are held by the Bureau of Public Debt.Savings bonds that have been lost, destroyed, or forgotten can be found through an online search on the bureau's site.If the person who gifted you a savings bond did not include yours, you will need to provide a Social Security number.If you think you have tracked down a bond, download and submit the relevant form on the site.
Step 8: You can check for IOUs.
During the Great Depression, the Federal Deposit Insurance Corporation guaranteed deposits up to $250,000.Deposits in credit unions are insured by the National Credit Union Association.The insured funds of customers are held by the relevant agency if a bank or credit union fails.The process of searching by name and filing a claim is the same for each agency.
Step 9: Recover what you owe the IRS.
You might think that no one would ever forget about a federal tax refund, but the Internal Revenue Service retains large numbers of unclaimed refunds each year.You need more than your name, Social Security number, and filing status to conduct the online search.The process of acquiring money you know is owed to you is more important than discovering new funds you forgot.This is the way to get your money back if you never got a refund in the first place.
Step 10: Take a look at the other agencies.
The list of other agencies you can try is endless if none of the most common federal repositories have anything for you.Some others should be mentioned in particular.The refunds are held by the Federal Housing Administration.You will need your case number to conduct the search if you have such a mortgage.The funds must be held by the FHA for six years.The funds for pension plans that have gone under are held by the Pension Benefit Guarantee Corporation.If you had a pension plan with a company that ceased to be, you may want to look here.The Employee Benefits Security Administration works to recover misappropriated funds.This is the place to look if you think your employer misappropriated your retirement money.