Unclaimed Money: Types of Funds

There are a number of different types of funds that constitute unclaimed money. You may be surprised to discover that throughout the course of your life, you may have left a trail of unclaimed money. How? You may ask. Simply put, if you have ever left a job and forgot to pick up your last paycheck, or if you had a pension, then switched jobs, you could have unclaimed money with your name on it.

Some of the situations that could cause you to have unclaimed money include:

• Recently retiring from your place of employment
• Recently being laid off from work
• Not making a recent transaction in your checking account
• Not making a recent transaction in your savings account
• Stopped paying an insurance policy
• Not leaving a forwarding address when moving
• Having checks that were never cashed
• Settled a relative’s estate

It is also important to note that you may have unclaimed money due to activity that your parents or other relatives initiated. When searching for unclaimed funds, you should not only include states that you lived in, but also states that family members resided in as well.

There are a number of different resources available on the Internet that will assist you with your search for unclaimed money. Two sites that are worthy of mention include Missing Money and the National Association of Unclaimed Property Administrators. Both of these sites are free and you can begin your search by simply entering your name and state of residence. Be sure to enter all states where you have lived previously as well. If you do find that you have unclaimed money waiting, you will have to fill out the online forms and send them enough information to verify that you are indeed the legal owner of the property. Once you have verified that you are the rightful owner, you will then need to send in any forms that are required. It is important that you follow every step of the process accurately to ensure that you receive the funds.

It is also vital to realize that there are many companies (firms) out there, who will access the same databases that you can use to find your unclaimed money for you. After they determine the rightful owner, they offer their services for a fee. If they can find your unclaimed funds, you can too. You may want to think twice before choosing to pay someone for work that you can perform yourself. If you are too busy and wish to hire a firm, be sure to double check the company’s history and ensure that they are a reputable company. There are certain laws in place that limit the amount a search firm can charge for a finder’s fee. Typically, these firms will charge you a percentage of the value of the unclaimed money or property. Always double-check the credentials of any company before entering into an agreement with them. It is estimated that over 26 million citizens are the rightful owners of unclaimed money and property.