Everything You Need to Know about Finding Unclaimed Funds
- Author: Johnnie Padberg
- Posted: 2022-09-30
There is a good chance that you have money waiting for you that you don't even know exists. The money is called unclaimed funds, and it's sitting there waiting for you to claim. However, finding this money can be challenging, and 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 Everywhere
Have you ever wondered if there is unclaimed money with your name on it? In the United States, there is an estimated $58 billion in unclaimed assets, and a large portion of that is unclaimed money. So what is unclaimed money? It can come from various sources, such as unrealized paychecks, uncashed insurance benefits, forgotten utility deposits, and even unclaimed tax refunds. The best way to find out if there is any unclaimed money in your name is to search online databases or contact your state's unclaimed property office.
2. Federal Governments Have the Money Too
One 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 percent 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. Another myth about unclaimed money is that it is impossible to claim. However, this is not true. While it may take some effort to locate and claim your share of unclaimed money, it is possible.
4. Be Savvy about Searching the Money
Searching for unclaimed funds is not the faint-hearted, but you can do a few things to make the process easier. First, 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.
Another good option is to search state databases. Most states have an official website where you can search for unclaimed property, and these sites are usually reliable. 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. By taking a few simple steps, you can increase your chances of finding any unclaimed funds that may be waiting for you.
5. Beware of Scams
These days, it seems like there's a new scam around every corner. In addition, with 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. The 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.
6. Pursue the Process Tirelessly
Getting the 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. Failing to do so might result in a rejection of your application. Besides, you must keep checking the outcome of your application so that you can act on time in case it is unsuccessful. Sadly, people think it's an easy task because the money is waiting for the owner. You must go through the process and follow all the requirements.
7. Appoint a Trusted Attorney
It's advisable to hire an attorney to help you with the legalities of unclaimed money, especially if the amount is significant. The process can be confusing and complicated, and an attorney can help ensure they do everything correctly. Besides, they will also be able to help you track down any missing paperwork or documentation that may be required.
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.