Want Free Money? Find Out if You’re Entitled to Unclaimed Cash
(HealthyExaminer.com) – Do you ever wonder if you have money that you’ve just lost or misplaced? While that might sound like a ridiculous question, one in ten people actually lose track of their money either because they forgot where they put it or forgot to follow up to money they were entitled to receive. You just might have forgotten about cash that was never delivered, funds left in an old account, or a refund you’re owed that you forgot to follow up on. If you think there’s money out there that might belong to you, you’ve got options for reclaiming those funds.
Unclaimed Money 101
You might think that you know exactly where all your money is but keeping track of it might be harder than you think. This is especially true if you have accounts with several different banks. In fact, if you’ve opened up more than one account in your lifetime, it’s possible that a small balance or old account might have fallen through the cracks.
Did you know that banks, credit unions, and other financial institutions often have rules around account inactivity that could cause you to lose your money? If you haven’t touched your account in a year or more, your bank or other institution might reclaim your funds due to perceived abandonment. It’s similar to what happens when you have a storage unit. If you stop visiting it and paying for it, the property in the unit reverts to the owner of the storage.
Unclaimed Money Types
Unclaimed money comes in many different forms. It can range from old accounts, security deposits you never received, and even unpaid wages or pensions. You might not have received a tax return, an insurance benefit you were entitled to, a final paycheck, funds from a bankruptcy, or another unrealized source. You could forget that this is money you were owed, or you may have never known you were entitled to it in the first place.
Do you want to find and claim cash you’re owed? If you want to make a claim for unclaimed money, it can be important to review your finances to see which areas are most likely candidates for unclaimed money. That will allow you to narrow your search to help you find the cash you’re owed.
Locating Unclaimed Money
Finding unclaimed money can feel like a real hassle. The good news is that the National Association of Unclaimed Property Administrators (NAUPA) has tools to help make the process easier for you than it used to be. Want to search for your unclaimed cash? If you notice that your financial records show unpaid and unaccounted for money, can’t remember if you got back security deposits or owed benefits, have no idea if an old account still had cash in it, or otherwise think you might be entitled to unclaimed money, you can search here.
Of course, the process might be different in various states and provinces, especially if you no longer live in the area where you think you might be owed money. Generally, you’ll begin the process by entering your name, any business name, and tax ID number. If your search yields results, you’ll need to file a claim and provide proof that the money is owed to you. The search process may feel tedious, but it has successfully located over $3 billion in unclaimed money.
You might find it frustrating that money you were owed was never returned, but this doesn’t have to be a permanent loss if you’re willing to put in a little time into the search. A NAUPA search is the most efficient way to determine if you or someone else in your life could be owed cash. You might have forgotten about unclaimed funds along the way, but with these simple steps, you can begin to recover it.
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