Unclaimed Money

Believe it or not, according to the statistics revealed by the National Association of Unclaimed Property Administrators (NAUPA), there is currently around $42 billion worth of unclaimed funds in the United States alone. That being said, as a citizen of the country, you too might be having some long-forgotten assets or unclaimed insurance policies belonging to a close family member such as your parents, that you might want to claim. But, before going ahead with the actual claim filing process, let’s have a look at what exactly the term ‘unclaimed funds’ means.

What are unclaimed funds?

Unclaimed funds can be described as accounts such as savings accounts, checking accounts, IRS refunds, security deposits, uncashed dividends, stocks and so on lying in financial companies or institutions that have lost all contact with the rightful owner and have not had any activity for more than a year now. Statistics indicate that almost one out of every 600 people in the US at any given time are the rightful beneficiaries of unclaimed insurance policies. One of the major reasons often cited for this massive amount of unclaimed money in the country is the fact that a majority of the parents of the baby boomer generation handled their estates and finances in ways quite different from the trends of today. For instance, as opposed to the digital transactions of today, stocks in those days were issued in the form of physical documents that were pretty easy to misplace or lose. In addition to that, people during the Great Depression preferred keeping small amounts of money in several different places and often failed to properly document them.

How to search and retrieve unclaimed money?

Although there is no centralized government source where you can look for any unclaimed funds in your name, you can still take a few steps to track down any amount that the government or any financial institution might owe you.

You can make a comprehensive search on websites such as unclaimed.org or MissingMoney.com (both endorsed by the NAUPA) to sift through collective records of all unclaimed funds in the country.

For tracking any unclaimed insurance policies, you can check out the National Association of Insurance Commissioners and punch in the details of your state of residence and other personal information.

Also, if you feel that you might have some unclaimed money held up in unredeemed treasuries or savings bonds, you can look for relevant details under the Treasury Hunt section of the TreasureDirect website of the US Treasury Department.