The number of unclaimed funds has been increasing at an alarming rate. Unclaimed cash is one of the easiest ways for you to increase your finances.
“Despite their efforts to inform the general public about lost funds, $58 billion in unclaimed cash and benefits still remains.”
You may wonder how anyone could possibly forget about or not retrieve money that is owed to them. Unfortunately, for several different reasons, this happens quite frequently these days.
How Could This Be?
A primary cause for this issue is that so much of our banking and bill paying is done online these days. Many of us opt for paperless statements and if/when the time comes to change your address or any other pieces of pertinent information, it may seem unnecessary as most of our communication is done electronically. Without your current information (including physical address, email address and name) financial institutions, health care providers, and utility bill providers may be unable to properly reach you. To prevent any funds owed to you from becoming unclaimed be sure to provide all necessary parties with accurate, updated information.
Another reason companies are unable to reach you is due to your account information being lost. This can occur due to a number of situations but especially if a merger or acquisition takes place. Its possible data may be lost during this transition. It’s best to make sure these types of institutions (financial institutions, healthcare providers, and utility bill providers) have your last known address listed on your account whether you continue to use their service or not. This will help ensure you receive any refunds owed to you.
Types of Unclaimed Funds
The most common types of unclaimed property are listed below:
- Bank Accounts and safe deposit box contents
- Stocks, mutual funds, bonds, and dividends
- Uncashed checks and wages
- Insurance policies, CD’s, trust funds
- Utility deposits, escrow accounts
Retrieve Your Funds
These days the process of reclaiming the lost property has been simplified compared to previous years. These Top Free Sites To Find Your Unclaimed Cash are a good place to start. These sites will assist you in searching for missing, lost and unclaimed property, money and assets in all participating states. If you do not find any matches for unclaimed money, be sure to check back weekly as data is updated constantly.
In addition to these search sites, states attempt to find the owner of unclaimed funds through newspaper ads and booths at events like state fairs. Being alert to these press releases can be a better way to keep track of your lost funds and increase finances.