Outstanding Facts about Unclaimed Money That Few People Know

Johnnie Padberg
Published Dec 12, 2023

Outstanding Facts about Unclaimed Money That Few People Know

Did you know that the US alone has an estimated $41 billion worth of unclaimed money?

The money comes from various sources, including forgotten bank accounts, life insurance policies, and unredeemed gift cards. In most cases, the money remains unclaimed because the rightful owner never realized it was there. In which case, they should visit Unclaimed.org, a website maintained by the National Association of Unclaimed Property Administrators (NAUPA).

What could also help is learning more about unclaimed money or unclaimed assets in general. To get you started, here are some unclaimed money facts that most people don't know:
 

1. The Holder of the Unclaimed Money Searches for You Before Holding It


The process varies depending on the state in which you live. But generally, the state office will use public records, social media, or other methods to find you. They will contact you to arrange for the transfer of the funds. Then, they will send you a written notice that includes information about the unclaimed money and how to claim it.

In most cases, you will be given some time to respond to the notice and claim the money. If you do not claim the money within the allotted period, the state office/holder of the unclaimed funds forwards it to the state government.
 

2. There Are Millions of People Owed Unclaimed Money Without Their Knowledge


According to a recent report, millions of people across the country have unclaimed money. The money usually goes unclaimed because people move and forget about it, or they simply don't know it exists. While it may seem like a small amount of money, it can add up to a significant sum. As a result, there are several organizations working to help connect people with their unclaimed money.
 

3. You Should Search For Unclaimed Money In And Out Of Your Residence


When someone dies without known heirs, their property (including money in bank accounts, stocks, and bonds) goes to the state. The state then tries to find the rightful owners, but oftentimes they're unsuccessful. The same can happen when people move and forget to update their addresses with the IRS or other government agencies.

As a result, these agencies may be holding onto money that rightfully belongs to you. So, how can you find out if you have any unclaimed money? Start by searching for your name on your state's unclaimed property office website. You can also search for unclaimed money at www.missingmoney.com, a national unclaimed property database. Finally, remember to check with your local county clerk's office; they may be holding onto uncashed checks or other types of forgotten property.
 

4. You Must Fill a Claim Form and Provide Relevant Documents to Access the Money


The problem is that a lot of people don't know how to claim this money or simply don't realize that they may be entitled to it. If you believe you may have some unclaimed money owed to you, the first step is to fill out a claim form. You will need to provide some basic personal information and any relevant documents that may support your claim. Once you've submitted the form, it will be up to the relevant authorities to determine whether you are eligible for the unclaimed funds or not.

However, it's also important to note that there's no guarantee that you will receive the money, even if you meet all the requirements. Therefore, proceeding cautiously and consulting with an attorney is necessary before submitting any claim forms.
 

5. You Can Search for Unclaimed Funds on Behalf of Friends and Relatives


When someone dies, their estate is responsible for all unpaid debts. It can include outstanding bills, credit card balances, or money owed to the IRS. In some cases, the money left over might become unclaimed. State governments often hold this unclaimed money, and it can be used to help pay for funeral expenses or outstanding medical bills.

One way to find out if there are any unclaimed funds held on behalf of a friend or relative is to search for them online. A number of websites allow you to search for unclaimed money by state, and you can usually filter the results by the decedent's name. Once you've found potential matches, you'll need to provide proof of death and submit a claim form. If everything goes through, the holder will release the money to you.

If you're uncomfortable searching for unclaimed funds on your own, you can always hire a lawyer or an accountant to help with the process. They may charge a fee for their services, but it's worth it if it means getting your hands on some much-needed money.



The above information is a glimpse of what you need to know about unclaimed money. For detailed and updated information, you can visit Unclaimed.org. This website is user-friendly and easy to navigate. You can also contact the customer care service for assistance in case you need help during the search or claim process.

Remember, time is of the essence when it comes to unclaimed money, so don't delay in checking if you have any funds waiting for you.




 

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