Unclaimed Money Is Real — Here’s What You Need To Know
(UnitedVoice.com) – Life can pass you buy quickly. Sometimes you forget about parts of your life, especially when you don’t pay much attention to them. Many people may forget about a refund, not realize they never got their security deposit back, or have lost access to an unused account. Many Americans may be owed unclaimed money. Roughly one in ten people have lost money they never received or forgot about. The National Association of Unclaimed Property Administrators (NAUPA) has stated that approximately one in ten Americans are owed unclaimed funds. These funds are currently being held by the federal and state treasuries, allowing Americans to check whether they are owed unclaimed money.
What is Unclaimed Money?
Unclaimed money is not just free money. Instead, it is money you rightfully own, but in an account, you no longer have access to or some other forgotten source. There is a wide range of types of unclaimed money available to people. These can include:
- Insurance Refunds
- Mineral Royalty Payments
- Traveler’s Checks
- Utility Security Deposits
- Contents of Safe Deposit Boxes
- Customer Overpayments
- Insurance Payments
- Certificates of Deposit
- Checking Accounts
- Savings Accounts
- Trust Distributions
- Uncashed Dividends
- Uncashed Payroll Checks
- Unredeemed Money Orders or Gift Certificates (Only in Some States)
Finding Unclaimed Money
Finding unclaimed money doesn’t have to be complicated. The exact process will typically vary by state, so you should start by contacting your state’s treasury department website. Additionally, you can use public data sources, national searches, or even outreach events to learn more about reclaiming your money.
How to Avoid Losing Your Money
States are responsible for returning your funds to you, but the process of applying for and receiving them can be complicated. The best thing to do is avoid losing access to your funds altogether. You can do this by keeping your accounts alive, maintaining your financial records, and keeping your contact information up to date.
Keep Accounts Alive
Most accounts have a time limit where they can be left idle before the company closes them and takes possession of the funds within. To prevent losing access to your account, you will want to ensure that there is recent activity. This includes both checking and savings accounts.
Keeping an account active is as easy as making regular deposits or withdrawals from the account. Doing this will prevent you from having the account become inactive, preventing you from losing access to these funds.
Keeping an accurate record of your financial transactions can help you notice when you are missing out on funds. This includes transactions that work with money, checks, or other financial assets. While financial institutions are required to keep account records, the account holders are ultimately responsible for keeping up with their payments. Having accurate records can protect you from losing unclaimed money.
Keep Your Information Up to Date
When you change your personal information, you can easily forget to update your information with every business you have worked with. It is essential to update your information with your employers and financial institutions. If you don’t, you may miss out on assets that are sent to you, as you will never receive them. The state will then possess these funds until you work to prove they belong to you.
Many Americans may not realize that they are owed unclaimed money. If you are owed funds, it is essential to claim them. It doesn’t have to be hard to reclaim your funds. You can search for funds through your state or federal websites. Additionally, you can visit unclaimed property websites, public data sources, or outreach events. . If you have any questions, contact your local office to learn more.
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