Did you ever find money in your pant’s pocket or some other place you forgot you had it stashed? It might have been just a few bucks. I bet you remember how you felt, too. You get this thrill. It’s like winning the lottery – okay maybe not. But, you’re still telling everybody how you found ten bucks in this old pair of jeans you were about to throw out. Go figure! You can’t help but feel that luck is on your side for the rest of the day. Well, for some people finding money that they didn’t realize was owed to them is just a few clicks away and may actually be hundreds and thousands of dollars more. Yes, don’t get excited over the loose change under the sofa cushions just yet. Something greater may just be waiting in your state’s unclaimed property office. You may have some cold, hard cash that you may not even realize you are owed by the government waiting for you to claim it.
There are many reasons why people are owed money. Just think. You may have moved and forgotten to close out one of many bank accounts. Maybe you’re owed money on a utility deposit. It can happen and the billions of dollars owed to people is a testament to that fact. Unclaimed money is turned over to the state waiting for you to claim it. This occurs due to state laws in place to protect your money and prevent it from going back into the company’s pocket, instead of yours. But, it may not always be unclaimed money that you’re due. Unclaimed property is also turned over to state officials who in turn work to return either the unclaimed money or property to its rightful owner. For properties, some states may find it necessary to hold auctions and turn over the proceeds from the sale to owners when the claim is filed.
How do you go about finding out whether your state owes you money?
Most of the communications to reach out to unsuspecting owners of these unclaimed assets are made by publishing names in newspapers, working with legislators and creating searchable databases online. There are many free websites that can help you begin your search. The National Association of Unclaimed Property Administrators (NAUPA) and Missing Money are great places to start. NAUPA provides information on a state-to-state basis; whereas, Missing Money is a good starting point for those of you that have lived in different states. You can potentially have unclaimed money in various states where you’ve resided. The guidelines for claiming your money varies by state. While some states charge you nothing to return your lost funds, others may charge a small processing and handling fee.
For people who rather leave the search to others there are legitimate companies that handle the process and charge you a fee. However, it is important that you watch out for scams that may come in the form of a mailed notice or email stating you have unclaimed property. So, before you agree to sign any contracts or pay any over the top finder’s fee contact your unclaimed property office or state comptroller (or controller) for more help and information.
Okay, so I checked and I am not on my state’s list for unclaimed funds. No, Christmas in April for me. So you may have better luck. But, I did have a bank account overseas during my study abroad days. Hmm, I wonder…
Sources: http://www.usa.gov/Citizen/Topics/Money_Owed.shtml, http://www.unclaimed.org/mainframe.asp?VisitorType=owner
