7 Places to Look for Unclaimed Cash
Uncashed checks, old forgotten bank accounts, utility security deposits, and unused gift cards are some of the reasons that anyone could have uncollected money lying somewhere. According to the National Association of Unclaimed Property Administrators (NAUPA), there are billions of dollars worth of unclaimed property. Becoming aware of this fact provides the push for the next step—which is searching for and finding your own share of the missing money.
1. Search with the National Association of Unclaimed Property Administrators (NAUPA)
The NAUPA is a legit resource for finding out if an individual or business has unclaimed property. The unclaimed.org site allows a swift search through official government sites by state and province. This means anyone can conduct a broader search of any missing money, especially if they've moved states for work or personal reasons, free of charge.
The site generally requires entering your name, business name, or tax ID number to begin the search. The organization also provides access to another website, MissingMoney.com, that allows users to search the databases multiple states at the same time.
2. Retirement Funds
Changing jobs often leads to the accumulation of multiple retirement accounts, especially if employees aren’t instructed on how to roll one account into another. The National Registry of Unclaimed Retirement Benefits can help trace the funds under a person's name or social security number.
3. Federal Tax Refunds
Tax refunds also form part of unclaimed money. This happens due to errors in the taxpayer's address or bank account information. The Where's My Refund page allows a person to file a claim for the 2021, 2020 and 2019 tax years. To claim it requires a Social Security number, filing status, and the correct refund amount. These refunds do expire, though. You have to claim yours within three years, or it is transferred to the U.S. Treasury.
4. Unclaimed Deposits and Bonds
The U.S. Treasury's Bureau of Fiscal Service is another secure and reliable way to find anything that is being held by a federal government agency. The site provides links to several government agencies, such as Credit Union Unclaimed Shares for unclaimed deposits and Treasury Hunt for uncashed savings bonds. The person searching needs to know the type of payment or benefit, date to be paid, and mode of payment to get the right agency. The bureau also provides the United States Government Manual with titles and addresses of all government agencies.
5. Unpaid Wages
For employees with unpaid wages, the U.S. Department of Labor has a database to help recover the unclaimed money. The step-by-step process involves finding the employer, finding the claimant, getting the right information, and providing documentation. The wages will then b processed and sent.
6. Lost Pension Plans
The Pension Benefit Guaranty Corporation (PBGC) is useful in case a person has funds in an unclaimed defined pension plan from a former employer that is no longer in business or closed the plan. To start the process, it needs information such as name, Social Security number, telephone number, company name, date of employment, and mailing address.
7. Insurance Policies
It's also possible to have unclaimed insurance benefits if the policyholder passes away or someone signed up for an FHA-insured mortgage. A person can look into:
FHA-Insurance Refunds: It has a database to check if there's a refund. A homeowner that is owed receives an application form from the U.S. Department of Housing and Urban Development(HUD) via the Postal Service. In 2020, 3,800 refund claims worth $5.9 million were processed by the agency.
National Association of Insurance Commissioners (NAIC): A life insurance beneficiary who is due for a refund can freely locate policies and annuity contracts for deceased relatives.
Bottom Line
Finding out there's unclaimed money can be a form of reprieve for someone with financial struggles or for beneficiaries who've lost their breadwinner. Thankfully, the above resources are free and procedural. It's important to double-check all the relevant information to make the processing time quick and hassle-free.
