Unclaimed assets can be a hidden treasure waiting for you to discover.
These assets include money or property owed to you by businesses, financial institutions, or government agencies that you have not collected. This article will guide you on how to know if you have unclaimed assets, the steps to find them, and how to claim what is rightfully yours.
What is Unclaimed Money?
Unclaimed money, also known as unclaimed property, refers to financial assets that have not been collected by their rightful owner. This can happen for various reasons, such as moving without updating your address, forgetting about an old bank account, or not cashing a check. You may also be entitled to unclaimed money owed to a deceased relative if you are their legal heir.
How to Find Unclaimed Money
Finding unclaimed money involves searching through various databases. Since there is no single national database for all unclaimed money, you need to check multiple sources. Here’s how you can start your search:
Search by State
Most unclaimed money is held by state governments. Each state has an unclaimed property office or website where you can search for assets. If you have lived in multiple states, make sure to check the unclaimed property offices of all those states.
- Visit the National Association of Unclaimed Property Administrators (NAUPA) website for links to each state’s unclaimed property database.
- Use your state’s official unclaimed property website to conduct a search.
Search Other Databases
Besides state databases, there are specific federal databases you should check based on the type of unclaimed asset:
Employers
- Unpaid wages: The Department of Labor’s database can help you find back pay owed by an employer.
- Pensions: Use the Pension Benefit Guaranty Corporation (PBGC) search tool to locate unclaimed pensions from former employers.
Unclaimed Insurance
- VA life insurance funds: The U.S. Department of Veterans Affairs (VA) database lists unclaimed insurance funds for veterans.
- FHA insurance refunds: If you had a mortgage insured by the Federal Housing Administration (FHA), check the HUD database to see if you are eligible for a refund.
Taxes
- Tax refunds: Use the IRS’s “Where’s My Refund?” tool to locate your tax refund.
- Stimulus checks: If you missed an Economic Impact Payment, check the IRS guidelines for claiming a recovery rebate credit.
Investments
- SEC enforcement funds: The Securities and Exchange Commission (SEC) database lists money from investment enforcement cases.
Bank Failures
- Bank failures: The FDIC database can help you find unclaimed funds from closed financial institutions.
- Credit union failures: Search for unclaimed deposits from closed credit unions.
Savings Bonds
- Use TreasuryHunt.gov to find matured savings bonds that have stopped earning interest. You can also learn how to replace lost or destroyed savings bonds.
Bankruptcies
- Use the U.S. Courts Unclaimed Funds Locator to search for money owed to you after a person or business declared bankruptcy.
Individual Indian Money (IIM) Accounts
- The Department of the Interior’s Bureau of Trust Funds Administration (BTFA) manages IIM accounts for Native American and Alaska Native beneficiaries. Check the Whereabouts Unknown search tool to see if you have an unclaimed account.
Why You Might Have Unclaimed Assets
There are various reasons why assets go unclaimed. Some common scenarios include:
- Moving to a new address and not updating contact information with banks or other institutions
- Forgetting about old bank accounts or safe deposit boxes
- Failing to cash checks, such as payroll or dividend checks
- Not being aware of insurance benefits or refunds owed to you
- Heirs not knowing about the assets of a deceased relative
Steps to Claim Unclaimed Assets
Once you find unclaimed assets, the next step is to claim them. Here’s how:
- Verify Your Identity: Gather documents that prove your identity and your right to the property. This may include government-issued IDs, proof of address, and documents linking you to the asset.
- Submit a Claim: File a claim with the appropriate state or federal agency. Most agencies allow you to do this online through their official websites.
- Provide Documentation: Submit the necessary documents to support your claim. This may include forms of identification, proof of ownership, and any other relevant documentation.
- Wait for Processing: Claims can take several weeks or months to process, depending on the complexity of the claim and the agency’s workload. Be patient and check the status of your claim periodically.
- Receive Your Property: Once your claim is approved, you will receive the unclaimed assets, typically via check or direct deposit.
For more detailed information on unclaimed property and how to navigate the process, check out these helpful articles:
- Is Unclaimed Property a Trap?
- Is Unclaimed Property Legit?
- How to Claim Unclaimed Property
- Who Can Claim Unclaimed Money from Deceased Relatives?
Discovering and claiming unclaimed assets can be a rewarding process. By utilizing the resources and steps outlined in this article, you can identify any unclaimed property that belongs to you or your family. Regularly checking state and federal databases, and understanding the claim process, will help ensure that no assets are left unclaimed. Start your search today and reclaim what is rightfully yours.