Fortunately, government initiatives strive to raise awareness on this issue, aiming to empower more individuals to reclaim what is rightfully theirs. Here are the main sources of unclaimed funds:
1. The IRS
Have you checked to see if the IRS is holding any unclaimed funds owed to you? It's easy to do and only takes a few minutes. You can visit the IRS website and use their online tool to search for any unclaimed funds probably owed to you. All you need is your social security number and date of birth. If the IRS has unclaimed funds in your name, they will send you a notice letting you know how much money is owed to you and how to claim it.
2. The U.S. Treasury
Tens of billions of dollars in unclaimed funds are waiting for their rightful owners. The U.S. Treasury holds over $34 billion in unclaimed money, and state governments are sitting on even more. The good news is that it's relatively easy to check for unclaimed funds owed to you. The first step is to search the databases of the Treasury and your state government.You can also search private databases, such as MissingMoney.com, which consolidates data from multiple sources. If you find a match, you must provide proof of your identity and claim the funds. The process may vary depending on the source, but it is generally straightforward.
3. The Securities and Exchange Commission (SEC)
According to the Securities and Exchange Commission (SEC), over $20 billion waits for reimbursement to the owners. The money comes from various sources, including undelivered stock dividends, unpaid life insurance benefits, and even unclaimed tax refunds. You should search the SEC's database by your name or Social Security number. If you succeed, you must provide proof of identity and submit a claim form. You should receive your money within a few weeks after approval.
4. Life Insurance Companies
Did you know that there's a good chance you're owed unclaimed money from an insurance company? These companies return millions of dollars in unclaimed funds to state governments yearly, and much of it goes unclaimed. If you've ever had an insurance policy, it's worth checking to see if you have any unclaimed funds on your state's unclaimed property office website. If you find any money owed to you, the process for claiming it is simple.
5. National Registry of Unclaimed Retirement Benefits
According to various studies, approximately $33 billion in unclaimed retirement benefits is currently sitting in state treasuries across the United States. That's an alarming amount of money that could help support seniors in their golden years. The good news is that the National Registry of Unclaimed Retirement Benefits can help you locate any money that you might owe. You only need to enter your name and Social Security number into the registry, which will search for unclaimed benefits that match your information. If any are found, you can then claim them and start receiving the funds.
6. The Federal Deposit Insurance Corporation (FDIC)
Did you know that the Federal Deposit Insurance Corporation (FDIC) safeguards over $6 billion in unclaimed funds? As the institution responsible for insuring deposits at banks and credit unions, the FDIC plays a crucial role in maintaining the stability and security of the nation's financial system.
When an account becomes inactive or is closed for a specific period, the funds held in those accounts are transferred to the FDIC. This accumulated sum represents a significant pool of unclaimed assets waiting to be reunited with their rightful owners.
To see if you have unclaimed funds, visit the FDIC website, and enter your name and contact information. You can also search by city, state, or ZIP code to see if any businesses in your area have unclaimed funds. If you find a match, you must submit a claim form and provide some documentation to prove your identity.
Conclusion
Knowing where to look for something is good before you start your search. The same is true when looking for unclaimed funds. Knowing which state agency to contact and providing information can save you time and frustration. When searching for unclaimed funds, it's essential to be patient and methodical. The process can be time-consuming, but it's worth it if you can locate money that is rightfully yours.
The above are some sources that won't disappoint you in your journey of finding unclaimed money.
Related article: Is There Money Waiting for You at the Department of Treasury?
