Introduction
Unclaimed money is generally money or property that has been forgotten about, lost, or left unclaimed by its rightful owner. This money can accumulate over time and, if left unclaimed, can eventually be sent to the government or other organizations that handle unclaimed property. In this guide, we will explore everything you need to know about finding and claiming unclaimed money.
Unclaimed Money: How to Find and Claim Your Share
While most people may not realize it, there may be unclaimed money out there with their names on it. It’s important to know where to look and how to claim these funds. The following steps can help:
Research any potential claims
You can start by visiting websites such as unclaimed.org or missingmoney.com. By inputting your name and other personal details, you can check if there are any potential unclaimed funds in your name. These websites search databases from different organizations that may be responsible for money that has been left unclaimed, such as insurance companies, banks, and other financial institutions.
Gather necessary documentation
If you find a claim, you will need to assemble documentation to support your claim. This could include identification documents, proof of previous addresses, or other information that proves the funds belong to you.
File a claim with the appropriate agency
If you have found unclaimed funds in your name, you will need to file a claim with the appropriate agency. This may vary depending on the type of funds and state rules. For example, if you have found unclaimed insurance money, you will have to file a claim with the insurance company to have the funds released.
Unclaimed Money from Banks: What You Need to Know
Bank accounts are another common source of unclaimed money. Here’s what you need to know to claim your share:
Explanation of how money ends up in unclaimed bank accounts
Money in bank accounts can be considered “unclaimed” when the account holder has not made any transactions or accessed the funds for an extended period of time. Typically, banks will make several attempts to contact the account holder before sending the funds to the state.
How to reclaim funds from old or forgotten accounts
If you believe you may have an old or forgotten bank account with unclaimed funds, you can follow these steps:
Determine which bank the account was held with
Often, people may lose track of old accounts or forget which bank the account was with. If this is the case, you can try reaching out to the state’s unclaimed property division, which may have information regarding unclaimed bank accounts.
Contact the bank
If you know which bank the account was held with, contact the bank to check on the status of the account and see if there is any unclaimed money waiting for you. The bank will require proof of your identity before releasing any funds.
Provide necessary documentation to claim funds
If funds are found, you will need to provide the bank with documentation to verify your identity. This may include a government-issued ID, a copy of your Social Security card, and proof of address.
Tips for Claiming Unclaimed Wages
In the event that an employee has worked but has not been paid the full amount owed to them, the remaining funds are considered unclaimed wages. Here are some tips to help you claim your unclaimed wages:
Explanation of why wages may go unclaimed
Wages can be left unclaimed due to various reasons, including an employee quitting or being fired, and the employer failing to pay the amount owed.
How to file a wage claim with your state labor board
You can follow these steps to file a wage claim with your state labor board:
Research the wage claim process in your state
The process for filing a wage claim varies by state. You can research your state’s labor board to find out specific requirements for filing a claim.
Fill out necessary forms
You will typically need to fill out a form with the labor board detailing your claim, and include any supporting documentation such as timesheets or pay stubs.
Wait for a response from the state labor board
The state labor board will then investigate the claim, and if they find in your favor, will make arrangements for the money to be paid to you.
Finding and Claiming Unclaimed Property in Your State
Unclaimed property can be a variety of things, such as uncashed checks, locker contents, or safe deposit box items. Here’s how to claim your share:
Explanation of what unclaimed property is
Unclaimed property can be any asset that has been left unclaimed by its owner and is considered abandoned by the state. Each state has its laws regarding unclaimed property, and the process for claiming it varies accordingly.
How to search for unclaimed property in your state
You can search for unclaimed property in your state by:
Search state databases
Most states have an online database which can search for unclaimed property in your name. You will have to provide some personal information to verify your identity and access the details of any unclaimed property.
File a claim with the appropriate agency
If you find any unclaimed property in your name, you will have to file a claim with the appropriate agency. Depending on the type of property, this could be a bank or insurance company.
How to Claim Unclaimed Inheritance
Inheritance can often be forgotten or lost through the generations of a family. Here’s how to claim unclaimed inheritance:
Explanation of how inheritance can go unclaimed
Inheritance can go unclaimed for various reasons, such as heirs not being aware of the assets, not having the required documentation to claim the funds, or inheritance being passed down through multiple generations.
How to research and claim your share of unclaimed inheritance
If you suspect that you or your family is entitled to unclaimed inheritance, follow these steps:
Research family history and potential inheritance sources
You can start researching your family history to discover any potential inheritance sources. This could include contacting a family member or running a search on estate-planning files.
File a claim with the appropriate agency
If you have found any unclaimed inheritance, you will need to file a claim with the appropriate agency. This could be a government agency, court registry or estate attorney. You may also need to provide supporting documentation such as a will or other legal documents, that prove your heirship.
Unclaimed Money from the IRS: What You Need to Know
The IRS could also be holding some of your unclaimed funds if you failed to cash your tax refund checks or you have not received funds that are due to you due to errors or oversight. Here’s what you need to know:
Explanation of how money may go unclaimed with the IRS
If the IRS is unable to reach the taxpayer, or the taxpayer fails to respond to IRS notices, the money owed may go unclaimed.
Steps to take to claim any unclaimed funds
If you believe the IRS owes you money, you can follow these steps:
Check with the IRS for unclaimed funds
You can check the IRS website or contact the IRS directly to determine if the agency is indeed holding any funds in your name.
File necessary paperwork to claim those funds
If the IRS is holding your money, you will need to file the necessary paperwork to claim your funds. This could include submitting a claim form and providing supporting documentation.
Avoiding Scams When Claiming Unclaimed Money
Unfortunately, there are scams associated with unclaimed money. Here are some tips to help you avoid scams:
Explanation of common scams people may encounter
Scammers may try to offer assistance to people looking to find unclaimed money, but their ultimate aim is to get their hands on your personal or financial information. These scams can come via mail, email or even phone calls.
Tips for avoiding scams and working only with legitimate sources
To avoid scams, you can take these measures:
Research any sources offering to help you find or claim unclaimed money
Always research the company, organization, or individual offering to assist you with your claim. Check relevant credentials, and read reviews and complaints, if any, against them.
Never provide personal or financial information to unverified sources
If you can not verify the legitimacy of a source that contacts you, do not provide them with any personal or financial information. Genuine sources will never pressure you to share such details.
Conclusion
There’s a good chance that you may have unclaimed money out there, but until you claim it, it’s of no use to you. Finding and claiming unclaimed funds can be a tedious process, but it’s essential to explore all possible avenues to not miss out on money that you are entitled to. By following the steps outlined in this guide, you can take the necessary steps to claim any unclaimed money that may be owed to you.
