Do You Have Unclaimed Money?
Here’s how to check for your unclaimed funds
April is National Financial Literacy Month in the United States. One after the other I’ve seen articles about how to ‘get rich quick’ with a side hustle. Even the most optimistic article doesn’t expect money to happen in minutes.
But: what if it could? What if you didn’t have to MAKE money? What if you just claimed money that is actually yours?
Sounds too good to be true? It’s not- it’s real.
According to Forbes Advisor there is almost $50 BILLION dollars in unclaimed funds in the United States.
How are Unclaimed Funds Created?
This is money that is legally owed to individuals but hasn’t gotten to them. It could have been a misspelled address, expiration of forwarded mail, misspelled name, or lost check.
There are laws in each state that compel a company to hold unclaimed money for a set period of time and take due diligence to find the owner. If that doesn’t happen by the due date the money is then turned over to the state.
This is legal, as is the originator of the funds and the state receiving interest on the unclaimed funds they hold. (Spoiler: NO. You don’t get the interest they have earned on your money when you claim the funds!)
Where Does the Money Come From?
There are so many ways that money misses its rightful owner. Here are just a few:
- Security deposits that were owed when residences were changed.
- Savings accounts created at one job but not claimed during a job change.
- Inheritance from deceased relative or friend.
- Insurance premiums.
- Unclaimed refunds for a business, such as an overpayment or refund for overcharges.
- Utility security deposits.
- Unclaimed paychecks.
How to See if You Have Unclaimed Funds
Since this IS National Financial Literacy Month here’s the truth: you can do this yourself.
- DO NOT pay anyone to ‘find’ your unclaimed funds. (You can find it yourself)
- DO NOT pay someone that contacts you claiming you have unclaimed funds. (You can find it yourself)
Every state has its own website where you can search for unclaimed funds. If you’ve moved a few times, though, it’s easy to miss a state or three. The IRS has a landing page with a link to the master search page MissingMoney.com to make it quick and easy to find answers across multiple states.
Leery about trusting the IRS to help you find money that belongs to you but is held by a state? Try this interactive map from Forbes.
Can I Only Search State-Held Funds?
No! Hey- this is National Financial Literacy Month! You may have money that hasn’t hit the due-date to hand it over to the state yet. As, over the past two pandemic years, so many companies have closed and jobs have been eliminated, tracing who owes you how much can be complicated. Here are some special circumstances and resources:
Unpaid wages. If you believe a company owes you a paycheck, the Department of Labor holds pay checks for three years; check for your name here:
Unclaimed Pensions. Did you work for a company that closed or changed their pension plan? You may have money within the pension plan that is owed to you. Check here:
Unclaimed Insurance. Are you a veteran or the beneficiary of a deceased veteran? Were you required to purchase FHA insurance when you bought a house? You may be entitled to a refund; check these:
Funds from a Bankruptcy. It’s a familiar story that drags on way too long: you may be a vendor for a company that went bankrupt, or provided a service to them, or had unpaid vacation or pay. The fight can stretch on and on and often the funds, once they are approved, don’t make it to the people that deserve them. If that sounds like you, check for yourself here at the US Courts Unclaimed funds site:
Summary
Side hustles, parttime jobs, overtime: all are legitimate ways to make additional money if you put in the time and effort to make them count.
But make sure you don’t leave the money you’ve already earned on the table. Make this the first year you celebrate National Financial Literacy Month by checking for unclaimed funds. Then, so you don’t forget: repeat it every April!
It’s easy. It’s quick. It’s yours.
Let me know in the comments if you found funds!
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