Ever wonder if you’ve got money floating around somewhere that you’ve forgotten about? You’re not alone. Millions of Americans have unclaimed property, from bank accounts to uncashed checks. An unclaimed property search is a smart financial move that could put money back in your pocket. Let’s explore what unclaimed property is, why it matters, and how to start your search today.

Millions of Dollars are Due to Americans

Unclaimed property refers to financial assets that have been forgotten or lost track of by their rightful owners. This can include:

• Forgotten bank accounts
• Uncashed paychecks
• Stock dividends
• Insurance payouts
• Utility deposits
• Safe deposit box contents

When these assets go untouched for a certain period, usually around 3-5 years, companies are required by law to turn them over to the state. The state then holds onto this property, trying to reunite it with its rightful owners.

You Could Have Unclaimed Money in Your Name

Even the most financially savvy individuals can end up with unclaimed property. There are countless reasons that someone could find themselves with unclaimed property. Some popular reasons include:

• Life Happens Fast
• Inherited Wealth
• Corporate Changes
• Simple Mistakes

Life Happens Fast

We move, change jobs, and switch banks. In the hustle of life, it’s easy to forget about that security deposit from your old apartment or the last paycheck from a summer job.

Inherited Wealth

Maybe a relative passed away and left you something, but the executor of the estate couldn’t track you down. That inheritance could be sitting in unclaimed property limbo.

Corporate Changes

Companies merge, go bankrupt, or change names. Your shares in a company might have turned into unclaimed property during one of these transitions.

Simple Mistakes

A misspelled name or an outdated address on file can cause checks or statements to be returned, eventually leading to the asset being classified as unclaimed. It’s worth your time to do an unclaimed property search; you’ve got nothing to lose and potentially a lot to gain.

How to Start Your Unclaimed Property Search

Beginning the search for unclaimed money is pretty straightforward!

1. Start with Your Home State

Each state has its own unclaimed property database. Start by searching the database for the state where you currently live. You can usually find this by googling your state name plus “unclaimed property.”

2. Check Previous States

Lived in multiple states? Search each one. Property gets reported to the state where the company holding it was located, not necessarily where you lived at the time.

3. Use National Databases

The National Association of Unclaimed Property Administrators (NAUPA) offers a free website that provides a free search tool that covers multiple states. It’s a great place to begin your unclaimed property search. Also, be sure to search participating states and those not participating in NAUPA.

4. Don’t Forget Federal Agencies

Some types of unclaimed property are held by federal agencies. Check with the IRS for unclaimed tax refunds, the Pension Benefit Guaranty Corporation for unclaimed pensions, and the U.S. Treasury for savings bonds.

5. Be Thorough in Your Search

Search for variations of your name, including maiden names, middle initials, and common misspellings. Also, search for deceased relatives – you might be the rightful heir to their unclaimed property.

Common Pitfalls in Unclaimed Property Searches

While unclaimed property searches are generally straightforward, there are a few things to keep in mind:

• Beware of Scams
• Be Patient
• Keep Good Records

Beware of Scams

If someone contacts you claiming they’ve found unclaimed property in your name and asks for a fee to retrieve it, be cautious. Legitimate unclaimed property searches are always free. Plus, some websites offer to search for unclaimed property for a fee. Don’t fall for it. All official government unclaimed property searches are free through state and federal databases.

Be Patient

The claims process can take time, especially for larger amounts. Don’t get discouraged if it takes a few weeks or even months to receive your property.

Keep Good Records

When you submit a claim, keep copies of all documentation you provide. This will help speed up the process if there are any questions about your claim.

Bottom Line

Searching for unclaimed property is a simple and smart financial move. Many people have unclaimed money waiting for them, often from forgotten accounts or old paychecks. By following the steps outlined, you can easily check if you have any unclaimed property. Start with your home state’s database, then check other states where you’ve lived. Use national databases and remember to search federal agencies for specific types of unclaimed property.

Be patient during the claims process and keep good records. Remember, legitimate searches are always free, so beware of any scams asking for payment. It’s worth your time to search for unclaimed property because you might discover money that’s rightfully yours. Reuniting with lost financial assets can be a pleasant surprise and provide an unexpected financial boost. Start your search today and see what you might uncover!