It is estimated that there may be upwards of 50 billion dollars in unclaimed money and property waiting to be claimed by individuals living across the United States. Many times it is money that has been forgotten and left in limbo. Much of this unclaimed money is currently being held by various federal and state government organizations set up for such purposes, waiting to be collected by those that have claim to it. The unfortunate aspect of all this unclaimed money, sitting in government vaults, is that much of it will never be seen by its rightful owners since they have no idea that it even exists!
Requesting a search for unclaimed money or property is an easy task that need not require any more money than the cost of a stamp. Many online database services on the internet will offer to perform a search for you for various fees. However, you can have the same search done for you simply by writing and requesting an unclaimed asset search from the appropriate state agency.Visit our Unclaimed Money Sources page for a listing of state agencies assigned to handle unclaimed money and property.
Fortunately, as a U.S. citizen, it is not too difficult to find out if any of this unclaimed money may belong to you. You simply need to know, where to look and how to go about it. The purpose of this article is to provide you with the information and resources required for finding unclaimed money or other tangibles that may belong to you and/or your family.
What exactly is "unclaimed property" and how does it get to be unclaimed? The most common way that money may go lost and unclaimed is with the uncashed check. Quite often checks are misplaced or tucked away and forgotten. Occasionally checks may never arrive at the payee's address due to the payee moving away or the check might quite simply get lost in the mail.
Sometimes a safe deposit box holder may forget to pay their annual box holding fee. If it is left unpaid, banks remit to the Department of the Treasury the contents of the safe deposit box which often consists of jewelry, coins, collectibles and other valuables.
The source of unclaimed money is extensive and can occur for many reasons including the following:
- Individuals who die without a proper will
- Heirs to money or tangibles that cannot be found.
- Trust funds that are set up but never claimed.
- Stocks and bonds that are forgotten or not passed on.
- Forgotten bank accounts.
- Uncashed checks and money orders.
- Awards and cash winnings left unclaimed.
- Overpaid bills.
- People who move and leave no forwarding address.
- Unclaimed Military Benefits
Although it varies from state to state, many states do try to locate rightful owners using various methods. Some states occasionally publish names using local newspapers or even television. However, these announcements are infrequent, usually incomplete and quite often missed by those that can benefit from them.
Fortunately, many states are starting to use the internet to provide online database listings making it easy for someone to perform a quick search from the comfort of their own home. Another source being made available in some states is a microfilm listing that the government provides to libraries located throughout the state.
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