Places You Can Easily Find Unclaimed Funds
- Author: Monica Jackson
- Posted: 2022-10-11
Unclaimed funds refer to the money the government holds onto before locating the original owner. There are many places where you can find unclaimed funds. Some places are more obvious than others, and some are more likely to have money available for claiming. Below is a list of some of the most common sources of unclaimed funds, along with a little information about each:
1. The Internal Revenue Service (IRS)
According to the IRS, there are currently more than $1 billion in unclaimed funds. The money comes from various sources, including tax refunds, estate taxes, and unclaimed property. Most of the money results from people forgetting to claim it, but a significant portion is also due to errors on tax returns. If you think the IRS might owe you money, the best way to find out is to file a Form 1040-X, used to amend a tax return.
You can also search the IRS website for unclaimed property. However, before you start searching, it's important to remember that the IRS doesn't always have updated information. As a result, your best bet is to contact the agency directly. Remember to produce your Social Security number and other relevant information handy.
2. Undelivered Stock Certificates
Undelivered stock certificates are issued when a company cannot deliver the physical stock certificate to the shareholder. It can happen for various reasons, such as a change of address or a death in the family. As a result, the company never transfers shares to the shareholder's name. However, the shareholder is still entitled to the dividends and other benefits associated with ownership.
The shareholder must contact the company to claim these funds and provide proof of ownership. After verification, the company will issue a new stock certificate in the shareholder's name. Therefore, if you think you might have some unclaimed funds in undelivered stock certificates, contact the companies today, and start the claim process.
3. Paycheck Overpayments
According to a recent study, employers overpay the average American worker by nearly $2000 yearly. While this may seem like a windfall, most of these overpayments go unclaimed. Workers often don't realize they've been overpaid until they receive their end-of-year taxes.
Although some employers have processes to recoup these overpayments, many do not, leaving workers on the hook for the money. If you think your employer may have overpaid you, check your pay stubs carefully to ensure that the hours match the records. Contact your HR department or payroll office to resolve the issue if there's a discrepancy. You should also exercise caution if you're asked to sign a new employment contract or another document that waives your right to claim any overpayment. You can help ensure that you won't be left owing money to your employer by diligently checking your pay and being aware of your rights.
4. Rental Security Deposits
According to a Comptroller and Auditor General (C&AG), millions of unclaimed rental security deposits lie with different housing societies in the country. The auditor blames the government for not taking action to return the money to the tenants. The office has requested the government to implement a mechanism to return the money to the tenants.
The government should implement a mechanism wherein the tenants can claim their security deposit money from the housing societies. Besides, it should set up a helpline for the tenants to check if their society has unclaimed security deposit money.
5. Life Insurance Policies
If you have a life insurance policy, there is a good chance that you may have some unclaimed money lying with the insurer. In most cases, the insurer will contact the policyholder when there is a maturity or death claim. However, there are times when they are unable to get in touch with the policyholder. Therefore, it's worth checking with the insurer to see if there are any unclaimed funds.
6. Tax Refunds
You may be entitled to a refund from the government if you have overpaid your taxes. The process for getting this money back varies depending on the country, but it is often possible to receive a tax refund by filing a simple return. Contact the tax office in your country to learn more about how to claim any overpaid taxes.
If you think you may have unclaimed money, it is important to act quickly, as there is usually a time limit for filing a claim. Please get in touch with a professional unclaimed money specialist for questions about unclaimed money or would like help locating funds owed to you. The business has many scams claiming help, so it is important to remain vigilant before handing over personal information or money.