You or your family members might have some unclaimed money out there that you don’t even realize exists. What are unclaimed funds, you might ask? These are funds that have been abandoned by their rightful owners and are waiting to be claimed through state agencies. Unclaimed funds can come from a variety of sources, such as forgotten bank accounts, uncashed checks from governments, employers or other sources and unclaimed insurance policies.

How do you find out if you have unclaimed money?

The first step is to check with your state’s unclaimed property office. Each state has an unclaimed property office that holds onto unclaimed funds until they are claimed by their rightful owners. You can search for unclaimed funds in your state by visiting the National Association of Unclaimed Property Administrators website. Some other popular sites to search for unclaimed funds include MissingMoney.com, Unclaimed.org and NAUPA.org.

How do you obtain your unclaimed funds?

Each state has a claim process that you must follow to obtain the unclaimed money. Most states require you to fill out a claim form, provide proof of identity and submit the information either via mail or electronically for release of your funds. The process of claiming funds can take time, ranging from a few weeks to a few months depending on the state.

Claiming funds is a simple process, but it’s important to be cautious and avoid scams. Be wary of anyone who contacts you about your potential unclaimed funds. There are some third parties who will legitimately try to help you identify and claim your unclaimed funds for a finder’s fee, but you also may be contacted by scammers attempting to obtain your personal information so that they can access your unclaimed funds. I want to reiterate that there is no need to go through a third party to obtain your unclaimed funds. By following the steps above, you can easily claim your funds, if applicable, through trusted websites all by yourself.

What are your chances of having unclaimed funds?

With an estimated $40 billion in unclaimed funds, the chances that you or a family member will uncover unclaimed money is pretty decent. Don’t forget to search all of the states you have lived in and also search by just your last name too to ensure that your first name hasn’t been misspelled or omitted in the system. I had unexpected results; I searched a previous state that I lived in and uncovered over $1,100 in unclaimed money from a prior employer and a cell phone service provider. I have started the claim process and look forward to receiving these unclaimed funds.

In conclusion

Unclaimed funds are a real thing for many and can be a great way to find some unexpected money lingering out there somewhere. By following the tips above, you can increase your chances of finding and claiming any unclaimed funds that may be owed to you, So what are you waiting for? Start your search today!