(NewInsights.org) – According to the National Association of State Treasurers (NAST), 1 in 10 Americans are owed some form of unclaimed property or cash. In some cases, people may not be aware of the funds; others may simply have forgotten they existed. The good news? It’s quick and easy to search for lost money without ever leaving your home.
What Are the Sources of Unclaimed Money?
Missing and overlooked money comes from a broad range of sources: uncashed checks, refunds, insurance policies, unpaid wages, tax refunds, and even bank accounts that were never properly closed. Money owed to you could also get lost in the mail.
Many instances of missing money stem from tax refund checks that arrive at the wrong address. Sometimes filers move without first updating their address or sorting out a mail forwarding service. Uncashed refunds can remain in limbo for years in some cases.
Both businesses and the government must contact the individuals to whom they owe money. If the attempts are unsuccessful, the state government takes ownership of the missing funds and enrolls the information in several databases to make the money easier to find and claim.
The state government reserves unclaimed money in special accounts for several years. After the time limit expires, the government can absorb the money and use it in any way they see fit. That’s why it’s vital to regularly search for missing funds and claim them before it’s too late.
How to Reclaim Your Money
Unclaimed.org provides a free and easy platform to help you search for missing funds. Choose the “Conduct your free search” button and indicate your state to get started. From there, you can either find your state’s individual program or continue to a second site that allows you to search all states at once called MissingMoney.com.
You must complete an intensive identification process to prove your identity before claiming funds. The goal of this process is to prevent fraud and theft. Each state’s method is slightly different, and while it can be time-consuming, it’s for your protection.
The site will reveal funds owed to you, which government account currently has ownership over them, and why they went unclaimed in the first place. You will then receive contact information to allow you to begin the reclamation process.
After you’ve completed your search and see unclaimed money belongs to you, the next step is to file a claim to obtain your property. Your only problem will be deciding how you’ll spend your newfound wealth!
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