Many states have online databases that make locating unclaimed money or assets easy. You should also check with the Internal Revenue Service (IRS) and Social Security Administration (SSA). Additionally, you can contact financial institutions such as banks, credit unions, and brokerages. It's also advisable to leverage the National Association of Unclaimed Property Administrators (NAUPA) database that boasts listings from all 50 states. The following are some of the most common types of unclaimed funds and finding them:
1. Bank Accounts
Have you ever heard of unclaimed funds in bank accounts? These funds have remained in an account for a certain period with no activity or communication from the owner. If you think you might have any unclaimed funds in your bank account, there are several ways to find out:
• Check with your bank directly to see if they have any record of leaving money in your name and dormant accounts.
• Check with your state's unclaimed property website, as most states keep records of such accounts and the available money.
• Contact financial institutions and credit unions where you may have had accounts in the past since some of these may also hold onto unclaimed funds.
You can acquire funds that have been unclaimed for years or even decades. All it takes is digging up some information and asking the right questions.
2. Stocks and Dividends
Unclaimed stocks and dividends can occur when shareholders do not cash dividend checks or contact the company to reinvest their dividends. These unclaimed stocks and shares can add up over time, creating considerable money for the shareholder or their heirs.
To search for unclaimed stocks or dividends, you can contact your former company or brokerage firm and inquire whether they have any unclaimed funds in your name. Additionally, you can search through the SEC's EDGAR database.
3. Retirement Funds
Most people forget or abandon retirement accounts, such as 401(k) s and IRAs, resulting in unclaimed funds. Follow the following procedure to find out if you have any unclaimed retirement accounts:
• Contact the account's plan administrator or use the Department of Labor's online Pension Benefit Guaranty Corporation's (PBGC) Missing Participants Program to search for unclaimed money.
• You can also search the National Registry of Unclaimed Retirement Benefits to see if any unclaimed funds are in your name.
• Check with the Social Security Administration too.
4. Un-Cashed Payroll or Commission Checks
Un-cashed payroll and commission result when an employee does not receive the check, fails to cash it or does not provide the necessary information for payment.
If you need to locate an uncashed payroll or commission check, the simplest way is to contact either the company's payroll division or whoever issued the check. Alternatively, you can search for un-cashed checks through CheckRecovery.com.
5. Insurance Policies, Annuities, and Death Benefits
To uncover unclaimed insurance funds, reach out to the relevant insurer, and ask about any potential payments owed to you. They'll confirm any insurance payments due to you and provide instructions on how to claim them. A search through the National Association of Insurance Commissioners is also an effective way of determining if any unclaimed insurance money exists in your name. However, you must contact the relevant insurer before searching through this database.
6. State Income Tax Refunds
You may be entitled to unclaimed funds if you haven't received your state income tax refund. Contact your state's Department of Revenue to find any missing money and ask about unclaimed refunds. They can inform you if you can receive any money and guide you through obtaining it. Additionally, you can use the "Where's My Refund?" tool on the Internal Revenue Service (IRS) website to search for any unclaimed refunds owed to you.
7. Utilities Refunds and Credits
The gas, electric, and water companies may owe their customers refunds or credits. Contact the utility company directly to inquire about any unclaimed funds. If you cannot contact them, each state's Public Utilities Commission (PUC) oversees utility companies and can help locate unclaimed funds.
8. Estate and Trust Funds
Estate and trust funds are a great way to provide for family members in the case of death or incapacitation, but sometimes these funds sit unclaimed and continue to do so unless you take action. You can take several simple steps to locate any funds that may be due to you or your family.
Start by asking anyone who knows the estate, such as executors, trustees, lawyers, and accountants. A comprehensive search online for the deceased relative's name will help you access government databases and national directories. It may be worth researching court records if applicable too.
You may get access to money or assets that are rightfully yours by researching unclaimed funds and taking the necessary steps to claim them. If you have questions about unclaimed funds, consult a financial advisor or professional accountant for personal guidance. They can provide you with helpful information and answer questions that you may have about the process. Additionally, you can contact your state's unclaimed property office for more assistance.
