Places You Can Easily Find Unclaimed Funds

Monica Jackson
Published Nov 30, 2024


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.





 

Related Articles

Billions of Assets Go Unclaimed Each Year!...

If you have ever moved, changed jobs, filed a tax return, or had a relative pass away; there's a good chance you have unclaimed assets. Unclaimed money consists of billions of dollars that have been abandoned at financia...

How to Get Your Forgotten or Lost Money without Breaking the Bank...

Everyone knows that feeling of frantically searching for something you know you had just a second ago. You look in all the usual places, but you give up, resigned to the fact that you'll never see...

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...

Discover Your Hidden Treasure: Reclaiming Lost Funds in Alaska...

Alaska’s Unclaimed Property Law requires financial institutions, insurance companies, corporations, businesses, and certain other entities to report and submit their customers’ property to the...

Unclaimed Property May be the Ultimate in Unclaimed Funds...

More and more people are exploring the world of unclaimed funds, hoping that a quick search online will lead them to some money in their name somewhere. What many of these folks don't realize is unclaimed fund...

Unclaimed Funds: Secrets to Track Down Missing Bank Accounts & Investments...

You may be owed money from inactive bank accounts, forgotten investments, and other sources. Unfortunately, you aren't always aware of these funds owed to you until it's too late. Thi...