Unclaimed Money: Your Treasure Hunt for Hidden Cash
Introduction
Most of us can use some extra cash and there is a relatively quick and painless way to find some. The good news is that you are likely to have a hidden treasure waiting for you in the form of unclaimed money. In fact, according to CNBC, about 1 in 7 people have unclaimed property and there are close to $70 billion in unclaimed assets. In this blog post, we'll give a brief overview of unclaimed money and introduce you to valuable resources like MissingMoney.com that can help you uncover funds you didn't even know you had.
Defining Unclaimed Money
Unclaimed.org defines unclaimed money as "property or accounts within financial institutions or companies—in which there has been no activity generated (or contact with the owner) regarding the property for one year or a longer period." After a period of dormancy the property is designated as unclaimed, and by law, has to be turned over to the state. These assets can include forgotten bank accounts, annuties, unclaimed paychecks, stocks, dividends, abandoned safe deposit boxes, security deposits and more. Over time, these assets must be transferred to the custody of the state, where they wait to be claimed by their rightful owners.
The Importance of Reclaiming Unclaimed Money
Finding and reclaiming unclaimed money is relatively easy and can make a significant difference in your financial situation, especially for the people living paycheck to paycheck. It's simply put - free money - that can be used to pay bills, cover unexpected expenses, or go on a shopping spree. Why leave money on the table with the state when you can put it to good use for yourself and your family?
The Role of MissingMoney.com
MissingMoney.com is a user-friendly website sponsored by the National Association of Unclaimed Property Administrators (NAUPA) and the National Association of State Treasurers. There are 48 states, including California, that partner with missingmoney.com. It is designed to help individuals search multiple states at once and aggregates information from state agencies and organizations. Using this platform, you can quickly conduct a comprehensive search to see if any unclaimed funds are associated with your name.
How to Search for Unclaimed Money on MissingMoney.com
Visit the Website: Enter the URL MissingMoney.com.
Put In Your Information: Type your name in the search box.
Search: Click the search button, and the website will scan its database for any matches.
Review the Results: The website will display potential matches. Review the details carefully to make sure that they are correct. Tip: enter maiden names and name variations as well.
Claim Your Money: Follow the instructions listed to claim your unclaimed money. The process usually involves verifying your identity and providing some documentation.
More Resources
- Treasury Hunt: allows you to search for bonds that are older than 30 years, have matured and have not been cashed.
- Bureau of the Fiscal Service: tells you how to claim money from HUD, credit unions, US courts, and more.
- The Department of Labor's Wage and Hour Division: you can search to see if you are owed back wages by a former employer.
- TreasuryDirect.gov: provides links to various agencies where you can conduct more in-depth searches.
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Have you been able to claim money using any of these methods? Leave a comment below!
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