Financial Institutions and Companies Owe People Billions of Dollars: How to Access Your Unclaimed Funds
- Author: Monica Jackson
- Posted: 2022-12-08
Did you know corporations and financial institutions owe billions of dollars to people? The money is often left unclaimed, as people don't know how to access it. If you follow the right steps, there are many ways to maneuver the process.
You should contact the company or financial institution you think might owe you money. Many companies have unclaimed funds divisions responsible for dealing with such cases. Besides, you can either visit their website or call them for more information. The following is a professional idea of what to do:
1. Know Your Rights
The money comes from forgotten bank accounts, uncashed paychecks, and uncashed utility deposits. In most cases, the owners don't know it exists. However, you can do a few things to find out if you have any unclaimed funds:
• Check with your state's unclaimed property office. Each state has laws and processes for handling unclaimed money, so starting your search at the state level is important. You can usually find your state's unclaimed property office contact information on the NAUPA website.
• You can search for unclaimed money online using a free service like MissingMoney.com. The website allows you to search for unclaimed funds in all 50 states and territories. Enter your name and home state, and the website will return a list of any matching records.
• Remember that you have a right to claim your unclaimed funds at any time. There is no time limit on claiming these funds, so don't be afraid to search for them even if you think they might be long gone.
2. Contact the Company or Financial Institution
After contacting the holder, you must fill out some documents and forms. Wait for the unclaimed property division to review your application. And if your application is approved, you will finally get your unclaimed property. The process takes time, so be patient.
3. Fill out an Unclaimed Funds Claim Form
After completing your submission, the government will search the records to see if any unclaimed money is owed to you. If they find anything, they will send you a notice with instructions on how to collect your money. There's no charge to fill out a claim form, so there's nothing to lose. Why not see if you're one of the lucky individuals with some unclaimed money waiting for them?
4. If You're Denied, Appeal The Decision
If you've been denied access to your unclaimed funds, don't despair because you can always appeal the decision. The appeals process may vary depending on the state or territory in which you live, but you'll need to submit a written request for an appeals hearing.
The request should include your name, contact information, and why you believe the denial was incorrect. Once your request is received, a hearing will be scheduled at which you can present your case. Remember to bring any relevant documentation to the hearing, as this will help support your argument.
5. Receiving the Money
If you win the application, the holding bank or institution will transfer the unclaimed funds to you. In most cases, the money comes in two installments, with the first 70% paid within 10 days and the remainder 30% within 30 days. If the amount you are claiming is less than $ 10,000, you’ll get it in full. It's advisable to verify the payment information is correct during the initial stages of the claim process to avoid any errors.
6. How to Ensure You Don't Have Unclaimed Money
You can do a few things to ensure you don't have any unclaimed money. One is to keep good records of all your financial transactions and accounts. It'll help you track your money and make it easier to find if it ends up in an account that's been forgotten about or left untouched for a while.
Another way is to regularly clear with business partners. They'll pay your due on time and keep good records of your accounts with them, which will help you avoid any surprises in the future. You can also sign up for free credit report monitoring services. These will keep an eye on your credit history and report any changes to you, so you can be sure that all your accounts are in good standing.
It's important to know your rights to unclaimed funds. In most cases, the company or financial institution will have a certain period to respond to your claim. If you don't receive a response within that time frame, you may be able to file a lawsuit. However, it's always best to first work things out with the company or financial institution. After all, they're the ones who owe you money. Don't hesitate to contact a qualified attorney if you have questions about unclaimed funds.