How To Find Out If You’re Due Forgotten Funds
(RepublicanPress.org) – Unclaimed money is cash or other assets an entity was unable to distribute because it couldn’t locate the owner. After a set time, organizations give the property to the government to be listed in a database in hopes the owner will eventually claim it. Although it might be hard to believe someone could forget about their own money or property, it happens more than one might expect. Fortunately, there are several easy ways for you to determine if any unclaimed money or property is available in your name.
Claiming the Unclaimed
There are many reasons someone would have unclaimed money. Perhaps a taxpayer is due a refund, but they moved without leaving a forwarding address or forgot about a bank account opened long ago. Unclaimed money could also be in the form of forgotten pensions, inactive stocks, or estate proceeds the person never knew existed. Whatever the case, once you make a claim, it’s verified, and you take possession, you could then have to pay taxes on it, if applicable.
To see if you have any unclaimed funds, start by checking with the unclaimed property office in your state. Be sure to check every state you’ve lived in over the years or use a database that encompasses all the states. If you find something attached to your name, you’ll have to go through a claims process which varies by state.
There may be times when previous employers might have unclaimed funds or pensions. Check the Department of Labor (DOL) database for any wages you might be missing. For pensions, contact the Pension Benefit Guaranty Corporation (PBGC).
Depending on the bank’s fate and where you originally had the money, you could find funds from old bank accounts through a few different sites. Try these resources:
Beware: most government agencies cannot directly contact individuals about unclaimed funds, so anyone who contacts you first is probably a scammer. Do not give them any information. Instead, hang up and call the agency claiming to hold your assets directly.
If none of the above resources yield any results and you still think you might have some unclaimed funds with your name, it might be a good idea to contact the organization directly. They may be able to give you an idea about how to find out if you have unclaimed funds and how to access them.
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