How do i find out if i am owed money

Most of us don’t have long-lost relatives destined to leave us fortunes. But a surprising number of people do have unclaimed money they don’t know about. According to the National Association of Unclaimed Property Administrators (NAUPA), one in 10 Americans have unclaimed property, and states return more than $3 billion dollars annually to rightful owners. 

Do I Have Money Out There?

It might seem like a long shot, but state governments across the U.S. routinely return money. According to the Office of the New York State Comptroller, the state is holding $16.5 billion in lost money and returns $1.5 million a day to those who file claims.

Sometimes referred to as abandoned, unclaimed property is money left in financial institutions and companies. When the accounts containing the money experience no activity for a year or longer, the funds are considered unclaimed. By law, the organization holding the money must hand over the money to state governments.

When attempts to contact the owner regarding the money fail, the money is given to the respective state where the person is a resident. Some funds are held by the federal government, but most go to the state. The state treasury holds the money until someone comes to claim it. Claims can be made indefinitely, including by a person’s heirs.

There is no central source to discover unclaimed property being held by the federal government. Each state, however, has an unclaimed property statute and agencies designed to hold the funds and seek out individuals for distribution. Since there are so many people owed money, however, it’s difficult for government agencies to keep up to date on this task. It’s therefore a good idea for you to do your own search, which is relatively easy to accomplish.

How to Find Missing Money

Most unclaimed funds are held at the state level. You can generally begin your search online. The site MissingMoney.com is a clearinghouse for many state treasurers. Use the site to do a multi-state search. When you enter your name and location, the site indicates if you have any unclaimed funds. 

Not all states participate in the MissingMoney.com clearinghouse. If your state is not a participant, you will get a message that indicates this, along with a link to your state’s comptroller or controller where you can conduct a search. There is also a page on the website containing a map that allows you to click on your state and connect to your treasurer’s website. NAUPA also has a map search function that allows you to click on your state and discover if you’re owed money.

Average Amount of Unclaimed Funds

For most people who are owed funds, the amount tends to be in the hundreds in terms of dollars. However, there are instances when a person is due a large amount of money. In New York state, for instance, if the $13 billion in unclaimed funds was doled out equally to citizens, every man, woman and child in the state would be given more than $600. In California, the average claim is around $277. But much larger claims are possible.

According to SmartAssett, a company specializing in personal finance technology, certain states lead the way in terms of unclaimed property. These include New York, Massachusetts, Maine, Maryland, Rhode Island, Connecticut, Virginia, Nevada, Arizona and California. The most populous states have the most unclaimed money. This is to be expected, given the higher number of residents.

How Do I Find if I Have Unclaimed Money?

There are many types of unclaimed funds. It’s possible you could have money owed to you or a large sum of “hidden” money currently in your possession in one or more of the following categories.

Bank accounts and safe deposit box items

You’d be surprised at how many checking and savings accounts go forgotten. For a variety of reasons, safety deposit box contents also go untouched. It’s also possible that there is forgotten money in an account left by a deceased relative that belongs to you. Find such accounts through your state.

Additionally, banks fail, but money can still be claimed when it’s owed. Search for unclaimed funds after bank failures at the Federal Deposit Insurance Corporation (FDIC). The same goes for credit union failures. Check for any unclaimed deposits with the National Credit Union Administration.

Savings bonds

Since savings bonds take a while to mature, many people tuck them away and forget about them. At some point, bonds stop making interest and should be cashed. The U.S. Department of Treasury reports billions in un-cashed bonds. Consult with the National Association of State Treasurers, advocates for the 2019 Unclaimed Savings Bond Act.

Additionally, you can replace a lost or destroyed paper savings bond by visiting TreasuryDirect.

Life insurance policy proceeds

A much-overlooked form of lost money constitutes life insurance policies. This often occurs because beneficiaries don’t know of their existence after a family member dies. If the benefits aren’t held by the state, check with the insurance company where the policy was held.

Another option is to sell your life insurance policy for a lump cash sum. Many people don’t realize that if you meet certain eligibility requirements, you might be able to sell your policy for up to 60 percent of its death benefit value. This is offered through Harbor Life Settlements and is known as a life settlement. It’s an excellent way to stop paying steadily increasing premiums and enjoy some “found” money.

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