Have you ever wondered if you have some assets or cash that you are not aware of? It’s quite possible! According to data from the National Association of Unclaimed Property Administrators in the United States, about one in every seven people possesses unclaimed property.
To find out if you are one of them, there are organizations that can help you conduct searches to determine if there is cash or assets waiting to be claimed.
Today, with more frequent relocations, some individuals may leave inactive bank accounts in different states. Financial institutions transfer funds from dormant accounts to state governments until the rightful owners claim them. In most cases, these institutions do not proactively notify you, so you need to initiate the search yourself.
The same scenario applies to 401(k) retirement accounts; many people leave these accounts with their former employers when they change jobs. The money remains untouched there until claimed.
Sources of unclaimed funds may include insurance claims, state government agencies, former employers, unclaimed utility deposits, banks, or credit unions. These organizations usually transfer unclaimed funds to state treasuries or commerce departments when an account remains inactive for a period, and they cannot reach the rightful owners directly.
The federal government does not have a centralized platform for managing unclaimed funds or other assets. However, you can use databases to search for unclaimed funds. Some of these platforms include the U.S. Department of Labor (unpaid wages), Department of Veterans Affairs (life insurance funds), and Securities Exchange Commission (funds related to investment enforcement cases). Each federal department has a database where you can search by entering your name.
If you suspect you hold U.S. savings bonds or have unclaimed interest, you can utilize Treasury Hunt. It’s an online tool to query records of savings bonds and securities to help you recover unredeemed or lost paper savings bonds and securities.
Federal courts safeguard unclaimed funds from bankruptcy settlements, which anyone can claim at any time. If you believe you are the rightful owner of these funds, you can use the Unclaimed Funds Locator for bankruptcies in the United States.
Have you lived in different states? Each state provides a platform for searching unclaimed funds. Visit the state’s treasury or commerce department website for unclaimed funds queries. For example, in California, you can find “unclaimed property” information on the State Controller’s Office website, while in Florida, you can visit the Department of Financial Services website. Each state has official websites dedicated to tracking unclaimed funds.
To facilitate searches, the National Association of Unclaimed Property Administrators offers an interactive map for seekers. Founded by the National Association of State Treasurers, you can select the relevant state on the map and be directed to the state’s official unclaimed funds website.
The sources of these funds vary. For instance, a woman found $2,300 in an old insurance claim she had forgotten from her youth. Out of curiosity, she visited the official website of the states she had lived in previously and discovered this money. Without her search, she might never have known about it.
Companies that possess unclaimed funds, such as insurance companies and utility companies, must surrender these funds to state governments for safekeeping until claimed by the rightful owners. The National Credit Union Administration (NCUA) oversees and manages unclaimed deposits. If a credit union is liquidated, excess funds are distributed to shareholders, and funds belonging to unlocated members are kept until they are found.
Some paid services, known as “locator services” or “finders,” can assist in reclaiming unclaimed property. These companies typically charge a certain percentage of the asset value as a service fee. If you opt for such services, ensure to conduct thorough research and compare multiple companies, considering factors such as fees, transparency, reputation, and customer service.
It’s essential to avoid companies that request upfront payments or extensive authorization agreements. Amounts retrieved should be paid directly to the claimant, and fees should only be paid after successful asset recovery.
There are numerous avenues to help you locate potential unclaimed assets belonging to you. These government websites are free, quick, and easy to use, requiring mainly your name and state information.
While hiring finder services is an option, conducting the search yourself is usually simpler and cost-free.