How Does Unclaimed Money Work?
$58 billion – this is the sum of Unclaimed Money in the US that is untouched by those it belongs to. It seems surprising that people do not claim back what is rightfully theirs, but there is a good reason behind it – they are simply unaware it even exists.
The mind-boggling sum of nearly 60 billion dollars is defined by law as Unclaimed Money, and fortunately, those that are entitled to it can get it back at any time. On average, people who are entitled to lost funds get back $900, and as of today, there are millions of Americans who are entitled to such funds. So, if you want to know if you are entitled to unclaimed money, here is what you need to know about it and about how unclaimed money works.
Unclaimed Money – How Does it Work?
Many people keep a close watch on their financial situation in order to be aware of where they stand, but the financial information provided to you by your bank includes information about your current finances, not about "old money".
As people change the location and also move through different jobs, their old bank accounts close, pension funds are forgotten and money starts accumulating in different places. This leads to a situation where people have unclaimed money they left behind, and due to the fact, it was forgotten, it has no claimers. This is where an unclaimed money search can be helpful and let you find the money you did not even know you left behind.
Where Can I Find My Unclaimed Money?
Each person is different when it comes to unclaimed money, as the path we take is different as well. Generally speaking, unclaimed money can be found in various places such as:
- Life insurance policies
- State-held unclaimed property
- Uncashed paychecks
- Savings bonds (Only in the U.S)
- Tax refunds
Also, unclaimed money can be found in the hands of the states you previously lived in. according to the law, none of the places mentioned above is allowed to use the unclaimed money, meaning you can search and get it back at any time you want.
State Unclaimed Money Search
Each state in the country maintains unclaimed money for its residents, mostly in the state's treasurer's office. So, to find all the lost money that belongs to you and your relatives, you need to search for the money in every state that you have lived in. traditionally, you would have had to contact each authority that maintains unclaimed money in the states that you have lived in to find all the money that belongs to you.
Luckily, you no longer have to go through this to find unclaimed money in every state; why? Because you can use online public records search directories that will do the searching for you. In most cases, information about unclaimed assets is made available to the public so that people will be able to find the money that belongs to them.
With the help of such a directory, like GoLookUp, you will be able to find lost money in every state that you have lived in. You can also find unclaimed assets that are registered to your family members, and get back what is rightfully and legally yours.
Free Money Search
One of the ways to search for unclaimed money is by using a free money search; with this type of search, you will need to go on websites that offer free access to public records. Then, you will need to enter your name or the name of the person whose unclaimed money you want to find. At the end of the search, you are supposed to get information about funds that belong to you/other people. While a free money search site can be helpful, there are cases where you will not get the answers that you are looking for. This is because free public records sites do not have full access to public records, so they cannot always find lost money, even if you are entitled to it.
So, the best way to search for unclaimed is by using government sites or professional public records sites. With these, you will get quick answers about lost money, and you will be able to ask back the funds and assets that are owed to you.
How to Retrieve Unclaimed Money?
In order to find and also retrieve unclaimed money, you will have to go to the places mentioned in the list, file requests to search the money, and then you can get it back. The search is impossible for many people, especially for those who moved from state to state and will have to search the money in their old places of residence.
Fortunately, nowadays you can use a helpful, quick and easy to use online tool to do an unclaimed money search. Public records search sites provide an unclaimed money directory that can search for money instead of you and give you accurate information about the funds you may have left behind.
In order to conduct the search, you will need to enter your first name, last name, and state of residence and that it is – the unclaimed money search will be performed for you.
After scanning millions of public records, the lost money search directory that you chose will provide you with the information about your unclaimed money and its whereabouts in a few minutes. The unlimited searches on these websites allow you to conduct as many searches as you need in the states you lived in, and also find unclaimed money that belongs to your relatives – living or deceased.
The amount of unclaimed money in the United States is staggering, which means there is a great chance you have money left behind you are unaware of. With the help of a professional public records search directory, you find the lost money that you deserve and claim it back.