The concept of unclaimed money is becoming considerably popular and important through-out the USA as more states have begun to take a bigger interest and begin to inspect companies and institutions that are holding unclaimed money, missing money etc. It isn't simply a noble effort on the part of the government agencies, it is an opportunity. As government departments both State and Federal see this unclaimed property as a source of revenue. So this isn't a matter just for individual citizens to study up on but also for institutional CPA's as well. So what is unclaimed cash? One way of defining this ( from the company point of view) would be to call it a debt or a liability a company owes to someone or to another legal entity, when that debt has gone uncollected for a certain period of time. That period of time is defined by laws. And those laws differ from state to state and with the federal government. An example would be an uncashed payroll check or an uncashed insurance dividend. Another example is an forgotten tax return. After the legally defined period of time the payroll check in the example above becomes unclaimed cash. Legally all companies or financial institutions that owe unclaimed cash must do everything in their power to locate the owner. The individual companies, institutions and government agencies involved all want very badly to get these unclaimed funds to the owners. Why? Because not doing so can be extremely costly to the business that doesn't do so. By law the states can charge fees such as interest and penalties and if there is evidence this could bring on an investigation which could cost the company up to 50K per audit! A company that doesn't comply with state and or federal government laws and doesn't file a yearly report can very much places itself in danger of being investigated. For the general public the subject of unclaimed property or unclaimed money means that it is likely that an individual is actually owed money or has unclaimed cash sitting somewhere waiting for them to claim it. It is estimated that most Americans have unclaimed property or assets waiting to be claimed. That is almost too incredible to believe but it is a fact. There is not one easy to access database or government agency that one can go to to look forinquire for funds. Looking for missing money or lost money can be very difficult and frustrating unless one can find a simple, easy to use service. You can search for no cost
It sounds too good to be true, but the fact is that there are billions of dollars in unclaimed property across the country just waiting for the rightful owners to come forward and claim it. Most people think they have a pretty good handle on their assets, but each year, in each and every state, millions of dollars that have been sitting idle revert back to the state. Many times it's simply because the owner has moved or changed marital status.
What is unclaimed property? The term, sometimes referred to as abandoned property, refers to accounts in financial institutions and companies that have had no activity or contact with the owner for one year or longer. There are many forms of unclaimed property including savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler's checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.
What happens to this unclaimed property? Each state has an unclaimed property statute that protects your funds from reverting back to the company if you've lost contact with them. The laws require companies to turn forgotten funds over to the state, which will then try to find you or your heirs. Most states hold lost funds until you are found, returning them to you at no cost or for a nominal handling fee. When it comes to safe deposit boxes, it's virtually impossible to hold onto and store the contents, so some of the banks or states hold periodic auctions of what's in the boxes, and then holds the money until the original owner is found.
How do states try to find the rightful owners? You may have seen lists of unclaimed property owners in your newspaper. State unclaimed property programs may also set up displays at state fairs, malls, and other public events, work with other public officials such as legislators and local librarians. They also set up searchable databases on the Internet.
How do I look for unclaimed assets that may belong to me? There are many ways to search for assets. Companies are required to send money from lost accounts to the state of the owner's last known address. That means you could potentially have unclaimed property in every state that you've resided. Luckily, there are several databases online that will link you to most state unclaimed property programs, and all are free.
You may also be contacted by a company and told you have unclaimed property. There are many business firms, sometimes called finders or locators, which find legitimate lost property for owners and offer to inform them of how to obtain it for a fee, usually a percentage of the total. Most of the companies are reputable, but unfortunately there are also many unclaimed property scams across the country. Before signing any contract with a company, check with the unclaimed property office in your state for more information.
Both Izzie Monet & Marcia Keppy are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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