Remember as a kid, you'd work on that loose tooth and get it out fast…just so the Tooth Fairy would arrive early with some cash under your pillow? There may be a much less painful way to find a pile of cash…that's rightfully yours in the first place. Most people stash a few bucks away here and there, forget where the cash is stashed, and over time find it in odd places like between sofa cushions and in coat pockets. But what about the money you put on deposit with a utility company or the little bank account you set up for a rainy day? These funds can be easily forgotten too, especially if you are caught up in the details of a move…and once you have moved, you may not receive the notices reminding you of your refund due, or the current statement for that rainy day account.
But would you be surprised to learn there is over $24 Billion Dollars of this type of missing money…just waiting to be found by its rightful owner?
That's a whole lot of greenbacks gone missing…and some of them might belong to you. What happens to this money, and how can you get it back? Good news - it's easier and less painful than working out a loose tooth. Here is the scoop.
When individuals move, forget to change their address, and companies or banking institutions cannot contact them, their property is turned over to the state as "unclaimed property". The state then acts as a custodian of the property until the rightful owner claims it. Unclaimed property includes financial items such as bank accounts, utility refunds, un-cashed checks, certificates of deposit or even escrow accounts on home loans.
To determine if you have any unclaimed property with the state, jump on the web and visit
http://www.unclaimed.org/. Click on the state that you live in, and you will be directed to the appropriate website. You will either be able to perform a quick immediate search online, or a few states give you the information on how to just contact them directly to inquire. If you have lived in several states, do a quick search for each, since the funds will be held in the state they originated.
And be cautious of solicitations by mail or email that require you to pay a fee to obtain information about unclaimed property. You may end up paying a fee and receiving no information about unclaimed property, just the contact information for the state. Any unclaimed property information can be obtained free of charge by visiting the above listed website. What about money in Canada, or Federal money such as IRS returns, Savings Bonds, or Federally insured Credit Union accounts? While you're on
http://www.unclaimed.org/, just hit "links" at the top of the page to search these resources as well.
Last year over 1.3 million claims were paid, totaling around $1.2 Billion Dollars. That's nearly $1000 per person of "found money". So by taking a minute to do a quick search, you may find out that you are a bit richer than you think. And pass this article on to your friends, family members, or colleagues…but be sure to remind them to include you in their celebration when they find their missing "cash stash"!
