(ProsperNews.net) – Americans have billions of dollars in unclaimed money—and it’s not lottery winnings. And, it’s perfectly legal, so much that the government is actually holding the money. Can you participate in this windfall? Maybe.
Where does this money come from? Well, it’s yours—you just don’t know it. Millions of us have forgotten about old bank accounts, life insurance policies, retirement contributions, and even final paychecks from old employers. If the bank, insurance company, company, or even the government can’t find you to refund your money, it returns to your state treasurer’s office.
Is This for Real?
Yes. Even in this digital age, organizations lose track of people. If you’ve married and changed your name, moved, or simply not opened the mail then you could easily miss out on a check. Here’s the reality—anyone who owes you money is only obligated to ensure you get any money you’re due, not to track you down and find you to be sure you’ve cashed the check. They don’t get to keep the uncashed check; rather they turn the money over to the state of your last known address for what’s basically safekeeping. So billions of dollars go back into the state’s coffers every year, collecting interest for the government.
If someone dies and they have unclaimed cash outstanding, their heirs can research the missing money and claim it if they can prove they are the rightful owners and entitled to the inheritance.
How Much Money are We Talking About?
The average haul for unclaimed cash is about $2000, according to the National Association of Unclaimed Property Administrators (NAUPA). Some lucky individuals have collected serious windfalls, in the six to seven figure range. Others have found that there’s only a few pennies rattling around the couch cushions. In 2022, people all over the US had about $4 billion returned to them.
Where Does This Money Come from Again?
If you think about all the different financial components of your life, you can see how money can slip through the cracks. If you had a short-term job right after college that had a retirement plan you’ve forgotten about, that money is yours and you can claim it (retirement income rules from the IRS still apply). Same goes for overpaid insurance premiums, insurance benefits, or tax refunds.
Finding Unclaimed Property
There’s a national clearinghouse that keeps track of all the missing money in the US—Missingmoney.com—and you can go online and check your state treasurer’s office. The NUAPA also has “Unclaimed Property Day) when they encourage people to check their state’s website for money. If you’ve ever lived in more than one state, check there too—even a short period could result in a claim.
Searching for this unclaimed property online is free. If a website says there is a fee to find your money, that’s misinformation.
How to Claim Your Money
The claims process varies by state, but here’s the general rundown. You’ll need to provide documentation of your identity—name, social security number, and some sort of proof of official ID like a driver’s license or passport. If you are searching for your business, you’ll need the business name and tax ID or your SSN.
You’ll download a form that breaks down all the money you’re owed, and submit that to the treasurer’s office with the required documentation. Some states allow you to file the claim digitally, but some still require a hard copy in the mail.
Depending on the state and its processing time, you’ll get your money within a few weeks to several months. You may opt to have your money direct deposited into your bank account, or your state may only send paper checks. The state website will tell you how and when they disburse the funds to you.
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