Good NestingHave you ever looked for coins in your couch or your car when you were short on cash? If so, you’re not alone, as that’s something most of us have done at least once in our lives. What’s an even better way to find hidden cash that most of us overlook? Searching for unclaimed property.
As mentioned in the intro, unclaimed property happens when someone owes us money but cannot locate us to make payment. Until we search for that property and take the proper steps to make it ours, it remains unclaimed.
There are billions in unclaimed property in the U.S. alone, and it’s owed to 10 percent of the population. And before you think searching for unclaimed money is a waste of time, know this: You have a better chance of finding it than winning the lottery.
Need another nudge to search for unclaimed property? In 2013, it was estimated that federal and state governments had over $58 billion in unclaimed property. Divide that by the population, and it’s $186 per person. And if you need yet another nudge to begin your search, know that in terms of life insurance benefits alone, the average unclaimed payout equals $2,000.
What’s the max unclaimed payout? A whopping $300,000.
Unclaimed Property Resources
You could take an entire afternoon to search for unclaimed property since you can find it in your or your family members’ names. Even better, unclaimed property comes in various forms, and you can use multiple resources to pinpoint it.
First, let’s take a look at a sampling of the different forms of unclaimed property you may come across during your search:
- Unpaid wages
- Old bank or credit union accounts
- Escrow accounts
- Contents of safe deposit boxes
- Utility deposits or rebates
- Retirement benefits
- Uncashed checks
- Money orders
- Trust funds
- Stocks
- Life insurance policies
- Bonds
- CDS
- Unclaimed pensions
- Tax refunds
- Security deposits
- And more
Where can you start searching for such property to see if you have any luck? Begin with these resources:
- Missing Money – If you’ve lived in several states, you could have unclaimed property in each. That’s why some people prefer to do a multi-state search via this site to save time.
- Unclaimed.org – If you’ve only lived in one state most of your life and want to perform a one-by-one search, use Unclaimed.org by clicking on the homepage map.
- Tax refunds – Search for unclaimed refunds from the IRS or your state.
- Closed banks and credit unions – See if you have unclaimed cash from banks or credit unions that failed.
- Unpaid wages – The Department of Labor has a database that can help you track these down.
- VA life insurance – If you’re a policyholder or beneficiary, you could have unclaimed money sitting here.
- Bankruptcies – Someone who filed for bankruptcy may owe you money, which you can find via this link.
