Unclaimed money is cash that has not been delivered to the owner due to inaccurate contact information. After a period of time, it is turned over to government agencies. In the US, unclaimed money goes to state-level unclaimed property departments, which maintain databases accessible through written requests or online searches. To claim the money, documented proof of entitlement is required. Many states offer free online searches to make the process easier.
Unclaimed money is cash that has not been delivered to the owner. In most cases, non-delivery of the money is due to inaccurate contact information for the owner of the account where the money resides. After a period of time, banks, insurance companies, and other financial institutions turn over all unclaimed money to government agencies. These agencies in turn hold the funds in the owner’s name for a period of time. If the money is never claimed, the cash is eventually authorized for use by the government.
In the United States, unclaimed money generally goes to a state-level unclaimed property department or division. The statewide entity maintains a database of all unclaimed money and other property found in safe deposit boxes, apparently abandoned bank accounts, and other funds that remain unclaimed for some reason. Each of these state unclaimed property entities maintains databases of unclaimed money and provides some form of public access.
To search for lost money, people generally have two approaches. First, the individual can submit a written request to the state’s unclaimed property department, asking them to search for unclaimed money related to specific names. The second option is to access an online database and perform the search yourself. Most databases of this type allow searches by surnames and name variations. Possible matches are returned, and most systems allow the user to further limit the scope of the search.
If the search for unclaimed money returns results, the person should take steps to file a formal claim. As part of the claim process, the individual must present documented proof that he or she is entitled to the unclaimed money. If the unclaimed money is being held in the name of the person filing the claim, verification of related documents, such as a driver’s license, government-issued identification card, or Social Security number, is often helpful. In cases where the claimant is the spouse or child of the registered owner of the unclaimed money, documents establishing the legality of the relationship must also be submitted and verified.
Many states try to make it easy to find unclaimed money by searching online databases. In recent years, this has allowed lost money to be sent to verified claimants in a fraction of the time needed in previous years. While some states charge a modest fee to process the verified claim, more commonly there is no fee associated with claiming the money.
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