Where Do I Find Unclaimed Money?

Have you ever wondered if the stories about unclaimed money are based in fact or fiction? Most of us have been taught from a young age that nothing in life is free, however in this case there might be an exception to the rule. In fact, right now as you read this there might be money out there just waiting to be claimed by you. If you are still skeptical, the following information should help clear up any questions you may have on this topic.

What is unclaimed money?

In this rough economic time it is hard to imagine anyone not knowing if they are owed money. The reality is most people are unaware of the fact they may be entitled to this money, therefore they don’t really “miss” it from their budget. Billions of dollars are waiting to be claimed from the following sources:

• IRS- unclaimed tax refunds

• Insurance companies- settlement monies

• US Treasury- savings bonds

• State unclaimed property offices- miscellaneous; i.e. bank accounts, safe deposit contents, un-cashed checks, forgotten deposits.

• Inheritance

To qualify as unclaimed or abandoned property, there must be no activity for at least one year as well as no contact from the owner. After one to five years of inactivity, most states require unclaimed property be turned over to a state official to be held until the owner is located.

Where can you find unclaimed money?

To find out if you are the owner of unclaimed money, you must be willing to do a bit of research on your end. It is required by law that unclaimed money be sent to the state listed as your last known address. If you have lived in more than one state you should check each state individually for unclaimed property in your name. Start your search at MissingMoney where you can find records from most unclaimed property programs in one place.

Unclaimed tax refunds are usually the result of a taxpayer failing to file a tax return for the year(s) when taxes were withheld from their paychecks. Contact the IRS to learn what steps must be taken to claim a tax return within three years of the filing deadline to avoid losing money owed to you. There is no penalty for not filing a return when you are owed a refund.

How to avoid unclaimed property scams?

The best way to avoid any scam is by proceeding with caution when you receive unsolicited correspondence. While there are legitimate businesses that are hired to track down owners of abandoned property, there are probably more con artists trying to separate you from your hard earned cash. If you are contacted via phone, email or traditional mail by a company claiming to have information on how you can claim abandoned property for a fee, you might be the target of a scam. Remember you can find out the same information for free on your own, risking only the loss of time and energy if you discover you are not one of the millions of people who have unclaimed property.