Unclaimed funds may be waiting for you to be discovered, which can help you achieve your financial goals.
Unclaimed money or assets may include sums you have yet to receive from various sources, including tax refunds, previous paychecks, or money from bankruptcies. These funds, which might be cash, checks, security deposits, and more, often go undetected until they reach a dormant stage, at which point the government could claim ownership.
A well-known consumer technology specialist, Kim Komando, emphasizes that the US Treasury Department must help people claim lost money. You can reclaim old bank accounts, safe deposit box contents, uncashed checks, insurance policies, CDs, trust funds, utility deposits, stocks and bonds, wages, and escrow accounts, whether yours or a deceased relative's.
Fortunately, these unclaimed funds can be accessed without using shady services or shelling out cash. Avoid anyone who demands money in exchange for their assistance in finding unclaimed property. You may search and claim for free.
Here are some tips to help you retrieve unclaimed funds that may help you reach your financial objectives:
Start with Your State Treasury
The best place to look for unclaimed money is the state's treasury website. Each state's treasury website has a specialized unpaid dues search tool. Find the link to your state's treasury website on the National Association of Unclaimed Property website, then adhere to their step-by-step instructions, per USA Today. Also, avoid Google and other broad search engines to avoid scams.
Be careful to look for several spellings, monikers, and previous identities for your name while looking for unclaimed money. Expanding your search might boost your chances of discovering money that is entitled to you since unclaimed cash databases sometimes depend on precise identification.
Former Pension and Retirement Plans
Visit Pbgc.gov/search-Unclaimed-Pensions, a Pension Benefit Guaranty Corporation website, to find an unclaimed pension from a prior employer. PenChecks Trust also maintains a record of unclaimed retirement benefits. Both companies and workers may use this tool to find unclaimed retirement funds.
Life Insurance Policies: If you believe you may be entitled to an unclaimed life insurance policy payout, visit the US Department of Veterans Affairs insurance.va.gov/UnclaimedFunds website. Search for unclaimed life insurance money at eapps.naic.org/life-policy-locator, operated by the National Association of Insurance Commissioners.
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Old Bank Accounts & Investments
Check the Federal Deposit Insurance Corporation (FDIC) or credit union failures for unclaimed funds from bankrupt banks. To find unclaimed money in banks, go to MissingMoney.com or Unclaimed.org, which the National Association of Unclaimed Property Administrators runs, per CNBC.
The Securities and Exchange Commission (SEC) lists investor debt lawsuits involving businesses or people. Additionally, you may search for matured savings bonds on TreasuryHunt.gov and get details on replacing lost or damaged savings bonds there.
Federal Tax Returns
Use the IRS-run "Where's My Refund" website to determine whether you're due a refund if you think the IRS owes you one. Remember that the IRS refund claim period is limited to three years. To prevent undeliverable checks, file your taxes at the correct address, per US News.
Refrain from letting your laboriously earned money go unclaimed. Take aggressive measures to locate and recover unclaimed funds that are legitimately yours.
Search for pension, life insurance, bank account, investment, and IRS refund databases on your state treasury website. You may find hidden treasures that might change your financial path by tracking these unclaimed funds.
