Unclaimed money in the amount of billions of dollars are out there waiting to be claimed – everything from dormant savings or checking accounts and safe deposit boxes to unredeemed stocks, payroll checks, money orders, insurance payments, and annuities.
Just for US savings bonds, the Treasury Department each year has 25,000 interest payments returned as undeliverable.
So it’s possible there’s a chunk of money waiting out there for you. Just one caution: If you do go looking for for it, start out on your own. Be cautious by companies that assurance to do the search for you, because their fees could eat up your gains.
The main two places to look for unclaimed money are as well the easiest: The US Treasury and the National Connection of Unclaimed Property Administrators (NAUPA) have both set up websites where you can search for forgotten savings bonds and property held by states. Treasury’s site is Treasury Hunt. The states’ website is www.unclaimed.org.
Beyond that, there are specialized sites to look for unclaimed insurance benefits, funds from failed banks, and unredeemed 401(k) plans. Some of the searches involve paying a business to do the search. To find lost life insurance policies, for example, MIB Solutions charges $75 to search. But be diligent in regards to fees, in particular if you find the lost property through a business that contacts you directly. A number of firms use the states’ freedom of information acts to get information roughly owners of missing property, then notify them they’ll do the search for a fee.
“The majority of firms that accommodate these services work within the law, but there are as well a myriad of unclaimed property scams across the United States,” warns the NAUPA on its website. “Before signing any contract from a firm of this type, we recommend that you be cautious and contact the unclaimed property office in your state for more information.”
Unclaimed Property
You can do an unclaimed property search online at the California State Controller’s secure website and find out if you have unclaimed money right there in real time. You’ll need to supply your social security number and the system searches thru all records. If there is a match, you can print out the necessary online forms and get your re-claimed money in about 3 – 6 months.
Federal Tax Refunds
Check the IRS’s Where’s My Refund? Simply enter your Social Security Number, your Filing Status, the refund amount as shown on your tax return and you’re on you’re way.
Failed Bank Accounts
Visit the FDIC. The database for this site contains unclaimed funds for either unclaimed insured deposits (for receiverships established between January 1, 1989 and June 28, 1993), or for dividend checks issued which were undeliverable or never cashed.
Lost Life Insurance Policies
If you suspect you are the beneficiary of a loved one’s lost life insurance policy, you can hire a company called MIB Solutions to search for you.
Misplaced Pensions
If you are owed a pension from a company that went under, simple, there is a Federal agency that safeguards private pensions go to the Pension Benefit Guaranty Corporations website.
Lost 401(k)s
The National Registry website is designed to help match employers with abandoned or forgotten employee retirement account balances with the former employees who they rightfully belong to.
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