How To Know If You’re Missing Out On Unclaimed Money
(BrightPress.org) – Did you know that approximately one in ten people have lost money due to never receiving it or forgetting that they were owed it at all? It may sound ridiculous; how could anyone forget about their money. However, it could have already happened to you. Maybe you forgot about an untouched account or were owed money that was never delivered to you. Perhaps you failed to file a claim for a refund. Those funds may now be stuck in limbo, with this unclaimed money still under its original institution’s control. If you think you or a loved one may have unclaimed money, there are ways to find it and get it back.
Unclaimed Money? What is That?
It can be challenging to keep track of your money, especially since many people have multiple accounts with different institutions. Opening several accounts makes it easy to forget about one, leaving it untouched for longer than the institution allows.
Banks, credit unions, and other similar institutions usually have a “dormancy period” that your account can be left inactive. Most commonly, these institutions allow for one year of inactivity, after which you may lose access to your funds. This happens when the institution cannot determine that you are still the owner (or even still alive). If the institution cannot reach you, they will take control of your money or other assets in their possession. Think of it like when someone abandons a storage unit, and the property takes possession of the items within.
Types of Unclaimed Money
Types of unclaimed money can include forgotten accounts, unpaid wages, pensions, and security deposits. Account owners sometimes forget about money they are in possession of or realize they never received their insurance benefits, a final paycheck, or their tax refund. They could also be unaware they are owed money from foreign governments, a bankruptcy, or various other sources. Finding and claiming most types of unclaimed money follows similar processes, but it is crucial to keep accurate track of your finances. This allows for you to easily determine what areas are likely to have sources of unclaimed money and narrow your search to those areas specifically.
Locating Your Unclaimed Money
It can be a hassle to find unclaimed money. After all, how can you find something you have forgotten you owned. Fortunately, the National Association of Unclaimed Property Administrators (NAUPA) is here to help you. Thanks to their streamlined process, it is easier to find unclaimed money than ever before. Account owners who have noticed discrepancies in their financial records, are unsure if an old account is still open, or believe they may have some money they have forgotten about can search for their unclaimed money on NAUPA’s website.
The process for locating your unclaimed money can vary slightly from state to state, especially if you believe you have funds in a state you do not live in. Generally, you will begin by entering your name, business name, or tax ID number. If your search returns any results, you will then file a claim and provide proof of ownership to receive your unclaimed money. Using NAUPA’s search function, people have located and reclaimed over $3 billion in unclaimed money.
No one wants to lose their money, and now, you may be able to regain lost funds by knowing what to look for. Performing a NAUPA search is the quickest way to discover any lost funds owed to you or a loved one. Once located, you will be able to take steps towards recovering your unclaimed money.
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