It’s a long story how Matt and Jenny lost 5,000 shares of Texaco-Canada stock. But they did. They believed their money was well-invested when they relocated to the U.S.
They were unaware that when the company was sold to Texaco USA, all shares were liquidated and the proceeds returned to their rightful owners.
No doubt, a check was mailed to them, but by then they were long gone and their forwarding information had expired. So what happened to those funds? That’s what I set out to discover. And in the process, I discovered a lot more.
Matt and Jenny are not alone. From security deposits to expired gift certificates, insurance refunds to old bank accounts, and proceeds from class-action suits, Americans are missing out on billions of dollars simply because they are unaware.
Piles of money
Unclaimed property refund checks are often in the $800 to $1,000 range. Even so each year states return only 4 percent of unclaimed assets to their rightful owners. Most owners don’t know they have money coming and it is simple to find the money that the state or federal governments have for you to claim.
Unclaimed property is generally defined as any financial asset that has had no activity by its owner for a period of five years or more. This includes savings accounts, safety deposit boxes, checking accounts, uncashed dividends, stocks, customer deposits or overpayments, certificates of deposit, credit balances, refunds, matured life insurance policies, and uncashed death benefit checks.
Forgotten funds
For example, if you have ever moved without getting your utility deposit back or forgotten about an old checking or savings account, you are entitled to those funds. Banks, insurance and utility companies, landlords or brokerage firms cannot keep your money simply because they cannot find you or you fail to pick it up. Federal and state laws require that those funds be held in safekeeping until their rightful owners (you!) claim them or until the property is sold at auction.
Start searching
Many states offer free online access to property databases and even online claim forms. To find that online do a simple google search, i.e. “unclaimed funds California.”
The National Association of Unclaimed Property Administrators,(unclaimed.org) a nonprofit organization affiliated with the National Association of State Treasurers, is an excellent source of information on unclaimed property. You can access all states through their website.
Forgot your refund?
The IRS provides specific information on its websiteon how to obtain a past refund that remains unclaimed. You can also try its toll-free phone number, 800 829-1040.
Search for others
If the unclaimed property is not in your name, you must prove that you are the legal guardian or rightful heir to recoup it. That is not a difficult task.
More than $8 billion worth of matured savings bonds have never been cashed. You can bring your uncashed savings bonds to your local bank, which will cash them in for you. If you think you have lost a savings bond and have a record of the serial number, go to publicdebt.treas.gov to look up its status.
Also, bonds that are lost, stolen, mutilated, or destroyed can be replaced free of charge as long as the Bureau of the Public Debt can establish that the bonds haven’t been cashed.
Surprise! Look what I found!
While it required an attorney to locate Matt and Jenny’s stock sale proceeds, I did find $43.54 with their name on it, just waiting to be claimed. It seems the insurance company misspelled their street name so a refund was returned as undeliverable and eventually turned over to the State of California.
But that’s not all. In searching under the names of family members I found $85.90 for my husband’s parents (a refund that was mailed to an old address after forwarding information had expired).
Still more: I searched for myself and found a $125 insurance check that was returned as undeliverable because the sender failed to include our zip code. I have no idea the reason for this refund, but I’m not asking questions. I completed the simple claim form, sent in copies of identifying information, and received a check 5 days later.
A pile of money—large or small—just might be waiting for you to claim what is rightfully yours! Or to surprise someone you know and love. At the very least, it is rather enjoyable to go on a search.
Caught yourself reading all the way 'til the end? Why not share with a friend.
FAQs
Unclaimed funds are money and other assets whose rightful owner cannot be located. Unclaimed funds are typically turned over to the government after a specific period of time has passed.
What to do if your money is missing? ›
www.unclaimed.org is the website of the National Association of Unclaimed Property Administrators. This is a legitimate site created by state officials to help people search for funds that may belong to you or your relatives. Searches are free.
Is Missing money legit? ›
MissingMoney.com is a web portal created by participating U.S. states to allow individuals to search for unclaimed funds. It was established in November 1999, as a joint effort between the National Association of Unclaimed Property Administrators (NAUPA) and financial services provider CheckFree.
What does found money mean? ›
The term "found money" describes anything from a wad of discarded dollar bills one finds in the bottom of a washing machine to an uncollected asset discovered by beneficiaries long after the account holder has passed away. Found money pertains to money that has been lost until it is discovered once again.
What is the best free website to find unclaimed money? ›
To start, visit NAUPA's website Unclaimed.org, a national network collecting records from all 50 states. From there, you can find links to each state's official unclaimed property program. These are all vetted government resources, so it's important you go through NAUPA-provided websites versus a general search engine.
Is there unclaimed land in the US? ›
Unclaimed land — land to which no one has claimed ownership rights — and free-and-clear land doesn't exist in the United States. However, if you're willing to build a home or start a business, towns and cities in a handful of states will give you a free lot to build on.
What to do if you find $20 on the ground? ›
If you find an item of value in a public space, turn it over to the police. They will work to track down its rightful owner.
Can you sue a bank for not refunding your money? ›
You Have A Right To Sue Any Bank That Unlawfully Keeps Your Money, Or Who Fails to Follow Your Instructions For Disbursing It. Banks owe you a duty to only give out funds that you authorize, and to only give out funds in the manner that you instruct them.
How do I find unclaimed money in USA? ›
Below are government agencies that have databases you can search for unclaimed money.
- Treasury Hunt: Unclaimed U.S. Securities and Payments.
- HUD/FHA Mortgage Insurance Refunds.
- Credit Union Unclaimed Shares.
- National Association of Unclaimed Property Administrators. ...
- U.S. Courts: Unclaimed Funds in Bankruptcy.
Contact your bank immediately to let them know what's happened and ask if you can get a refund. Most banks should reimburse you if you've transferred money to someone because of a scam. This type of scam is known as an 'authorised push payment'.
For more than two decades, NAUPA has established and approved a set of codes in a uniform format to make electronic reporting more consistent. This is especially beneficial to organizations who file reports in multiple states. Free reporting software is available that produces reports in the NAUPA format.
Does MissingMoney charge a fee? ›
You may pay third-party organizations to search if you wish—and for some, this is advantageous. However, remember that all the information is accessible free of charge by searching each state's unclaimed property database or MissingMoney.com, or by contacting the state's unclaimed property office.
What happens if you find a bunch of money? ›
If you find money, especially a significant amount, you should check your local laws or contact an attorney or the police. Many communities have local laws or ordinances governing what someone must do if they find cash and don't know who it belongs to. In some instances, state law will apply.
What is a money tracer? ›
Money Tracker gives you a convenient, straight forward approach to taking. charge of your finances. Get a complete picture of your saving and spending. habits and reach all your financial goals. Money Tracker Makes It Simple.
What is the spiritual meaning of money? ›
Money, like energy, flows throughout the universe. It represents the exchange of value and the interconnectedness of all things. Viewing money as a spiritual energy allows us to recognize the abundance that exists within and around us.
How long do unclaimed accounts last for? ›
Generally, an account is considered abandoned or unclaimed when there is no customer-initiated activity or contact for a period of three to five years. The specific period is based on the escheatment laws of each state.
What does it mean when a will is unclaimed? ›
: not claimed. specifically : not called for by an owner or consignee. unclaimed property/goods.
How long does NC keep unclaimed property? ›
The state maintains unclaimed assets in trust for the rightful owners forever.
Who handles unclaimed funds in Ohio? ›
The Ohio Department of Commerce Division of Unclaimed Funds reunites Ohioans with their hard-earned but forgotten money. Unclaimed (or abandoned) money and other assets not used for a length of time or whose rightful owner cannot be located are turned over to us after a specific period of time has passed.
