Billions of unclaimed property

By: Jewel at www.moreonmoney.com

What do you mean by Unclaimed Property?

Unclaimed property could be, old bank accounts that you thought you had closed, lost or forgotten stocks, life insurance policies, pension benefits, recovered stolen goods, or even uncashed checks.  Every year there is millions received by the state treasuries of unclaimed property.  It is the treasuries job to keep these funds until the rightful owner finds their money.  In Pennsylvania the amount of unclaimed property is over $1 billion dollars. The Treasury says “… we want to help you put your money back in your wallet.” 

Do I have to pay a fee to locate unclaimed property?

Not necessarily.  Call the Treasury Department of your state first before you decide to sign an agreement with someone that will charge you fees.  In many states your Treasury department may assist you for free to help you recover your property. You may also go to http://www.naupa.org/reporting/ to help find the contact information for your state.

Why would I have Unclaimed Property?

Examples of reasons that you may have unclaimed properties are

You were named in a life insurance policy as a beneficiary.
You had opened a bank account and forgot about it
You moved and never put in a change of address so your institution could not find you.
Never received your final paycheck or vacation time after leaving a company.
You had lost or forgotten about savings bonds or gift certificates

How can I prevent my property from becoming unclaimed?

Here are a few suggestion that may help you prevent from having unclaimed property.

Keep accurate records of bank accounts, stocks, safe deposit boxes, life insurance policies and other financial matters.
Correspond with all financial institutions holding savings, checking, IRA, certificate of deposit and all other accounts at least once every three years.
Cash all checks for dividends, insurance benefits and wages. If you stop receiving dividends, contact the company that issues the dividends.
Notify a family member or trusted adviser of the location of your financial records.
Prepare a checklist of all financial assets in order to notify all concerned parties if you change your address.

Are there other places on the internet that I may look for Unclaimed Property?

Yes, here are some links to groups that may have unclaimed property.

Federal Tax Refund

In order to find your tax refund you need to have the following information: 

Your Social Security Number (or Individual Taxpayer Identification Number)
Your Filing Status
The exact whole dollar amount of your refund

Pension Benefit Guaranty Corp.

You may find unclaimed property here from pension plans that no longer exist, for any variety of reasons.  A survivor of a person whose pension fund is not claimed may also find benefits at this site.

Federal Deposit Insurance Corporation better known as FDIC

The FDIC provides insurance that when you deposit your money into an institution that you are protected by the federal government if that institution goes under.  Be aware that the amount that is insured does have a lift on it.  That amount is currently $250,000 but in 2013 is supposed to go back down to $100,000.  This amount of insurance is per institutions, so if you want to be insured and you have more than the insured limit, you may want to spread the money around into several FDIC institutions.  If you find that you are owed money, this website at the bottom also has the step by step instructions to claim your money.

What are some other websites I may check for unclaimed property?

U.S. Federal Savings Bonds – for Savings Bonds that may have been lost, stolen, or destroyed.
U.S. Department of Housing and Urban Development – for people who had HUD/FHA insured mortgage.
Veterans Adminstration Benefits - unclaimed veterans benefits.
U.S. Railroad Retirement Board - retirement benefits

Holocaust Links

Swiss Bankers Association
Frozen Swiss Accounts Database Searach Form
Holocaust Claims Processing Office of the New York State Banking Department