How to Find Unclaimed Money?
Generally, unclaimed money refers to inactive financial accounts or those with which you’ve lost contact for more than a year. It can come from unclaimed retirements and tax refunds, trust funds, lost insurance policy benefits, and more. So, without knowing it, you might have some cash sitting around waiting for you to claim it. If you don’t take the assets, state laws require companies and organizations to transfer the assets to proper state authority. The agency will attempt to find you and return the assets. However, you don’t have to wait for the agencies to find you. There are various sources you can use to find unclaimed money directly.
Here are a few tips on how to find unclaimed money.
Start in your home state
Your search should begin in the state you live in. Each state has an independent treasury website, which has sections for unpaid dues. Each state’s site is a little different but the database will do all of the hard work all you need is just to follow the instructions. You will need to provide proof of identity when you make a claim.
Look for forgotten retirement funds
As you develop a career, it is your task to see whether past benefits or retirement savings from the companies you have worked for can be transferred or cashed out. You could have money sitting in a 401(k) account that you forgot. Or your employer rolled it over to an individual retirement account with another financial institution and you forgot all about it. In such cases, it is important to find unclaimed money as soon as possible.
Don’t forget closed bank accounts
If you had an account in a bank that had been enduringly closed, your unclaimed money will be protected if the bank was a member of the Federal Deposit Insurance Corporation (FDIC). FDIC covers deposits up to $250,000 per person, institution, and per account category. FDIC does not cover investments in stocks and bonds and individual retirement accounts. However, it can cover the deposit account within an IRA. If you think you have unclaimed money from closed banks, it is important to visit FDIC to claim it.
Check for unclaimed tax returns
The revenue service might owe you money. The IRS has thousands of tax refunds that go undelivered. In some cases, the check doesn’t make it to the individual because he or she never updated their address with the IRS. While it might not be fun contacting the IRS to find out if you have any unclaimed refunds, it is important to check. Besides, if the IRS owes you a refund, you can also file tax returns for the previous years. However, there is a time limit for retrieving unclaimed tax refunds, usually three years, before they become the property of the national treasury. So, if you think you are owed a refund, it is important to claim it as soon as possible.
Make it an annual practice to find unclaimed money that you might have forgotten about. Do it at the end of the year or mark a special date that you will remember every year. Beware of scammers, who call you claiming you are owed, they will lure you and trick you.