Knowledge — 1 year ago

What is Unclaimed Money?

by infohub

What is Unclaimed Money and How to Reclaim Lost Money

Just a few weeks ago, a Louisiana resident hit the jackpot when he received $2.3 million in unclaimed money that he had no idea about. That lucky person is just one of millions of people all across the United States that have lost money they are unaware of, sometimes for decades.

This unawareness led the government to coin the term Unclaimed Money that refers to abandoned money that people leave behind when they change certain things in their lives. So, what exactly is this lost money and are you entitled to it? now you can find out.

What is Unclaimed Money?

With over 300 million residents in the United States, unclaimed money has reached an all-time high of $58 billion being owed to people that are unaware they might be entitled to it. On average, every person who is entitled to unclaimed cash receives $900 when he or she claim it back.

The mind-boggling sum of money that is owed to US residents accumulated as a result of people making changes in their lives and leaving money behind them. Whenever you move to another state, change careers or even change your pension plan, you may be leaving money behind without even realizing it. As a result, people end up with lost money that is tied up in:

  • Uncashed paychecks
  • Pensions
  • State-held unclaimed property
  • Life insurance
  • Savings bonds (Only in the U.S)
  • Tax refunds

These are just a few of the places where you can find unclaimed money that belongs to you in every state you lived in. In addition, you can also be entitled to your relatives unclaimed money and property under certain guidelines. This means that you can find money that belongs to someone in your family, living or deceased, and claim it back.

How to Find Your Unclaimed Money?

According to government and state laws, unclaimed money belongs only to its rightful owners, and the authorities cannot touch it. This means that you can find if you are re owed money any time you want and claim it back. With that said, it can be pretty tricky to find lost money because of its nature. If, for instance, you moved to three different states in your life, you will have to search for your money in all of those three states and the establishments that may hold it.

You can also search your public records in the states you lived in to find your money, but that is also time consuming, let alone difficult to do. So, how do you find yours or your relatives lost money? Easily! You let someone else do all the leg work for you.

With GoLookUp for instance, you can find money in all the states you lived in over the years and do so quickly and easily. The website scans billions of public records based on the name and state of residence that you provide, so you can search for lost money in US state you live in. The search can also be performed based on names of family members you want to perform an unclaimed money search for.

If you find out that you have unclaimed money that is being held in one of the states, you will have to fill out a form to claim any unclaime money that may belong to you. GoLookUp provides the additional information and forms for reclaiming your lost money, so you will be able to conduct a search and a claim back faster than any other way.

unclaimed money

Once you file the necessary paperwork after you find money in your name, the processing time will take about 120 days. After this time period, you will receive a check with your name on it and the entire sum of money that is owed to you from each state you lived in to do with it what you will.

Lost money has accumulated to tens of billions of dollars over the past few decades because of the public's unawareness to it. Luckily, now you can find money that is owed to in just a few minutes and get what you are entitled to with no effort.

Click here for further information on unclaimed money and to find money in your name

 


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