Do you have money lying around that you do not know about? There are millions of dollars sitting around in unclaimed accounts just waiting to be taken by rightful owners and used how they want. It would be a great thing to find money that you didn’t know that you had, would it not?
Many states have unclaimed money in their coffers that does not belong to them. This money is in their hands because of abandoned accounts at banks, insurance escrow accounts and more. They keep this money in unclaimed accounts in which you can search to see if it belongs to you.
The IRS allows pension plans to collect the unclaimed assets of former employees that amount to less than $5,000 from their books in order to save administration costs. The money is then transferred to IRA accounts and then is invested in Certificates of Deposit or other money-market accounts. However, retirement funds are not sent to states unclaimed property programs so you will have to look into those separately.
You should check for money that is in your name in the following locations.
Where should you look?
States: You should check with the state or states in which you have lived. Most states now provide for online searching of databases that show the names of those who have money that is available to claim. Since there is no national database, you will have to search for the state’s website in order to help with your quest to find money that might be yours.
Websites: You should visit these websites to see if you have money in your name:
- Missing Money from any number of accounts.
- FDIC money from old bank accounts.
- US Treasury for unclaimed savings bonds.
- Pension Benefit Guaranty Corporation for pension funds.
What can you expect to have to supply for verification purposes?
You cannot claim money that is not yours. You will be required to provide proof of your identity and then proof that you have at one time had reason or evidence of business with the institution that has the funds.
There are professional asset locators that might contact you and alert you to unclaimed money. They operate on a fee basis based on the amount of money that is available. The secret is that you can find this money yourself by using the resources above and avoid any kind of fee or charge. Money found right now in this economy would be a nice surprise, so begin your search today.
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