Everything You Need to Know about Finding Unclaimed Funds
There is a good chance that you have money waiting for you, and you don't even know it exists.
The money is called unclaimed funds, and it's sitting there waiting for you to claim.
However, finding this money can be challenging. Knowing how the process works is vital before you start.
Failure to understand the procedure will result in losing your funds or never receiving them in the first place.
Here's everything you need to know about finding unclaimed funds:
1. There Is Money EverywhereIn the United States, there's an estimated $58 billion in unclaimed assets. A large portion of that is unclaimed money.
What is unclaimed money?
It can come from various sources, such as:
- unrealized paychecks
- uncashed insurance benefits
- forgotten utility deposits
- unclaimed tax refunds
- search online databases; or
- contact your state's unclaimed property office.
2. Federal Governments Have the Money TooOne common myth about unclaimed money is that it belongs to the government.
In reality, state governments hold the vast majority of unclaimed funds.
Federal agencies hold only around 1% of all unclaimed money.
While the federal government has some unclaimed money, it surrenders most of it to the states after a specified period.
As a result, people looking for their share of unclaimed money should start by checking with their state government.
3. Be Savvy about Searching the MoneyYou can do a few things to make the process easier.
Start by searching online databases.
Several websites maintain lists of unclaimed funds, which can be a great starting point.
However, be sure to check the credibility of any website before entering your personal information.
You can also search state databases.
Most states have an official website where you can search for unclaimed property.
Finally, you can also contact your state's treasury department or comptroller's office for help with your search.
These offices can provide information about how to claim any unclaimed funds probably owed to you.
4. Beware of ScamsWith people becoming increasingly reliant on the internet, scammers are finding new and innovative ways to steal people's hard-earned money.
One of the latest scams to hit the internet is the unclaimed funds scam. T
he scheme involves a fraudster reaching out to someone through email or social media and claiming they have a large sum of money owed.
The fraudster instructs the victim to provide their personal information to claim the funds.
Unfortunately, this is just a ploy to steal people's identities and leave them empty pockets.
So if someone contacts you out of the blue about unclaimed funds, exercise caution and research before handing over any personal information.
5. Pursue the Process TirelesslyGetting unclaimed funds is a process that you should pursue with zeal.
You need to do follow-ups and ensure that you submit all the relevant documents.
Doing so allows you to act on time in case your application is unsuccessful.
Failing to do so might result in a rejection.
6. Appoint a Trusted AttorneyIt's advisable to hire an attorney to help you with the legalities of unclaimed money, especially if the amount is significant.
An attorney can help ensure you do everything correctly.
Besides, they will also be able to help you track down any missing paperwork or documentation.
Unclaimed funds can be an excellent resource for individuals and businesses alike.
You can acquire some much-needed financial assistance by understanding the ins and outs of finding and claiming unclaimed money.
For this reason, following the above tips is critical to ensure you can maneuver the process successfully.
The State By State Guide To Unclaimed Assets
Do You Have Unclaimed Funds? Here's How To Find Out
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