Do you have any assets or cash that you don’t know about? You might! According to the National Association of Unclaimed Property Administrators, approximately one in seven people has unclaimed property. It’s just sitting there.
Why Are Cash and Assets Unclaimed?
People move more than they used to. Some have left bank accounts open in various states. These financial institutions turn over the funds to state governments to be held until the rightful owner finds them. They don’t go searching for you. It’s up to you to find them.The same goes for 401(k)s; many were left behind when the employees left their jobs. That money just sits until someone claims it.
- insurance claims
- state agencies
- former employers
- unclaimed utility deposits
- banks or credit unions
Unclaimed Money From the Federal Government
There isn’t a centralized source for unclaimed money or other assets for the federal government. But there are databases you can search to find unclaimed money.- Department of Labor (unpaid wages)
- Department of Veterans Affairs (life insurance funds)
- Securities Exchange Commission (for money from an investment enforcement case)
Treasury Hunt for Securities and Undeliverable Payments
If you think you have Treasury securities or are missing interest, use Treasury Hunt. It’s an online tool that searches Treasury securities records. It’s used to help you reclaim unredeemed or lost paper savings bonds and securities.You can also use it if you think you are the beneficiary of Treasury securities that haven’t been paid to you.
Enter the following information: Social Security number or employee identification number; first, middle, and last name; and state.
Unclaimed Funds in Bankruptcy Held by Federal Courts
A federal court holds unclaimed funds for someone who is entitled to funds but who has failed to claim them. These funds can be claimed at any time. Search the U.S. Bankruptcy Unclaimed Funds Locator if you think you are owed funds.State Governments Hold Unclaimed Funds
Have you lived in various states? Each state can help you find unclaimed funds. Go to the state’s Treasury department or commerce website and look for unclaimed funds.Funds can come from anywhere. For example, one woman found $2,300 from an old insurance claim she had forgotten about when she was younger. Out of curiosity, she had gone to a website of a state where she had once lived and found out that she was due the money. Had she not checked, she never would have known.
Unclaimed Shares From Credit Unions
The National Credit Union Administration (NCUA) regulates and manages unclaimed deposits. The NCUA holds monies for claimants. It could be unclaimed money from old accounts or uncashed checks.Paid Unclaimed-Property Finders
Paid services, also known as “locator services” or “finders,” are available. These companies charge a fee for their services. Typically, it’s a percentage of the value of the property.If you choose to use a recovery firm, it’s crucial to research and compare multiple companies. Look at their fees, transparency, reputation, and customer service.
Unclaimed Property May Be Waiting for You
There are many vehicles for finding any unclaimed property that may be waiting for you. These government websites are free, quick, and easy to use. Most of them only need your first and last name, along with the state.The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. NTD does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. NTD holds no liability for the accuracy or timeliness of the information provided.
From The Epoch Times