You Could be Due Unclaimed Money and Not Even Know It

Who doesn’t like extra surprise cash? If you have ever failed to collect money owed to you, you may be entitled to unclaimed money or unclaimed property. But how can your state government keep money that is legitimately yours?

What is Unclaimed Money or Property?

Have you ever thought of a paycheck you forgot to pick up? Or maybe the utility deposit that you never got back? Those are examples of the money that a business or a government office could owe you. This money eventually ends up in state-run unclaimed property offices. The money remains unclaimed because no one tells you it is there; that is why you should look for it on a regular basis.

Unclaimed money or unclaimed property is basically any account or property you have in financial institutions or companies that have been inactive for a year or more. States have the authority to keep uncashed checks, stocks, bonds, or the contents of a safety deposit box. And you have the right to check for that money and claim it for free.

Types of Unclaimed Money

There are various forms of unclaimed money. In fact, many people forget that they have not been active on their financial properties or accounts for a long time. Your unclaimed money can be in forms including:

  • Money orders and gift vouchers that have not been redeemed
  • Deposits for security
  • Uncashed payroll checks
  • Customer overpayments
  • Tax returns and refunds
  • Checking or savings accounts
  • Certificates of deposits (CDs)
  • Traveler’s checks
  • Trust distributions
  • Stocks
  • Safe deposit boxes
  • Insurance premiums
  • Annuities
  • Dividends

Let’s Look at Some Source Examples!

Since there are so many types of unclaimed property, it may do you  some good to get some more context and examples on how this unclaimed property comes to be, where it comes from, and so forth. Below are a few examples!

Your Employer 

No, your ex-boss did not take advantage of you, even if you think they despise you. There are two types of unclaimed money from employers: unpaid salaries and pensions from former jobs. If your employer had violated any labor laws, the Department of Labor (DOL) has the authority to collect your back wages.

As for previous jobs pensions, you may be able to claim pensions from companies that went out of business or terminated a structured pension plan. In other words, if your employer went out of business or terminated their pension plan, you may be able to cash out.

Investments and Banking

Unclaimed money from banking and investments comes in 3 different types;

  • The first type is through bank failures. It is possible for you to have some money to claim if a financial institution fails. In case you wish to know which financial institutions have failed, the Federal Deposit Insurance Corporation (FDIC) has a list.
  • The second one is over credit union failures. It is where you may find unclaimed deposits from credit unions that no longer exist. Also, The Securities and Exchange Commission (SEC) provides a list of enforcement cases in which an individual or entity owes money to its investors.
  • The last type is through savings bonds. If you had a savings bond that no longer earns interest, there may be unclaimed funds waiting for you. TreasuryHunt.gov can help you locate your old, uncashed savings bond.

How Can I Find Out If my State Owes Me Money?

To see if a state is holding financial assets that you need to claim, The National Association of Unclaimed Property Administrators provides links to official websites where you can search for unclaimed property by each state, the District of Columbia, Puerto Rico, Guam, and the US Virgin Islands. It is also a nice idea to search databases for your state specifically. While the national searches are a good start, you could get better results when you funnel your search!

Bottom Line

In conclusion, unclaimed money or property is more common than many people realize. From forgotten paychecks to unredeemed savings bonds, various forms of unclaimed assets could be waiting for you. It is essential to check regularly with your state’s unclaimed property office, as these funds can accumulate over time without your knowledge. The process to claim your money is straightforward and usually free. By taking a few minutes to search, you might discover funds that could make a big difference in your finances. Remember, it’s your money, and it’s worth the effort to claim what is rightfully yours. Don’t let it slip away! Make it a habit to check for unclaimed property regularly, and you might just find a pleasant surprise. Many people have recovered significant amounts they never knew existed, turning a simple search into a rewarding experience. Take control of your financial future by ensuring no unclaimed assets are left behind. It’s easy to misplace your money but it’s also easy to get it back!