You May Be Due a Refund - 1 in 10 Americans Are!
Unclaimed Money?
Unclaimed property is anything abandoned by companies, banks or credit unions, often because properties or accounts have ceased activity after a length of time, known as "dormancy." After dormancy expires, properties are unclaimed and must be given to the state. Many people have property that should be theirs, to the point that 10% of Americans have unclaimed property.The Types of Unclaimed Property
Unclaimed property can be either tangible, like the contents of safety deposit boxes, or intangible, things like stocks and uncashed payments. Other examples of unclaimed property include:- Annuities
- Deposit slips.
- Checking/savings accounts.
- Customers's overpayments.
- Life insurance payments/refunds.
- Mineral royalties.
- Refunds.
- Stocks
- Traveler's checks.
- Trusts
- Uncashed dividends/paychecks/money orders.
- Security deposits on utilities.
Claiming Unclaimed Money
There are multiple types of unclaimed property and different ways to claim them. While no unified federal website exists, consider state databases. Remember that every state has its own laws and rules for handling such claims. When seeking unclaimed money, consider employers, insurers, tax refunds, banks, international sources.
Employers
With employers' money, like back wages, you can check with the Department of Labor. You might also consider the Pension Benefit Guaranty Corporation (PBGC) to claim a pension if a company went out of business or ended a pension plan.Insurance
The two most common insurance sources for unclaimed property would be VA Life and FHA Insurance. While you can verify the former by checking the VA's database, it may not mention funds coming from SGLI or VGLI after 1964. You might also be due a refund from FHA Insurance, in which case you would check with the Department of Housing and Urban Development (HUD) as HUD would handle any refunds.Taxes
The IRS and its website are where you would check for tax refunds.Banking and Investments
The most common reasons for unclaimed funds from these sources would be:- Bank or credit union failures.
- SEC claims funds.
- Savings bonds.
