Unclaimed money refers to financial accounts that have been inactive or accounts you have not accessed for over a year. Since these assets are rightfully yours, the unclaimed property laws require any financial institution to give you the unclaimed assets at some point in time.
These companies are generally not in a rush to reach out to you or tell you that you have unclaimed money waiting for you. And it’s easy to forget about certain accounts or not realize something was coming your way. So you very well may have some cash sitting there waiting for you to claim!
1. Unclaimed.org
The best place you’ll probably want to start with is the National Association of Unclaimed Property Administrators (NAUPA). The website is unclaimed.org and makes it easier for you to get started finding money that might be owed to you for free.
Since each state has a different process and treasury website, the NAUPA website has an awesome interactive map that links directly to the website you need to go to based on where you live (or have lived).
2. MissingMoney.com
Another popular option is MissingMoney.com, which is the only multi-state unclaimed property site that is also endorsed by NAUPA. The one challenge with this website is not every state participates in the services.
But if your state or a state you have lived in is on their list, definitely do a search. It’s also free to use and it will help you find bank accounts, uncashed checks, CDs, escrow accounts, insurances, and more.
3. Unclaimed Money at Old Banks
You might have had an old bank account that was closed down. Not exactly a common situation, but it does happen. And if that bank was insured and a member of the Federal Deposit Insurance Corporation (FDIC), you have money waiting for you currently.
The FDIC covers up to $250,000 per person, per institution and per account category. And the accounts within the bank that are insured will include checking and savings accounts, money market accounts, and even certificates of deposit (CDs).
If you might have unclaimed money from a past bank that closed, you can go to the unclaimed fund banking website. You will need your account info from that bank and then just follow the instructions on the page.
4. The Internal Revenue Service
Surprisingly, many people still get tax refund checks instead of opting for direct deposit. But, everyone’s preference is different. However, every year many refund checks are returned to the IRS because they were undeliverable. Typically because someone moved or the address was marked wrong on the check.
If this is a scenario you face, you’ll want to move relatively quickly on tracking down the refund you are owed as after a few years, any refunds not claimed becomes property of the U.S. Treasury. The best way to start tracking this down and figure out more about your tax refund is to use their website on the “Where’s My Refund?” page.
5. Find a Trusteed Pension Plan
You’ll be able to find refunds on their way, unclaimed, and any other questions about your tax return or refund. If you worked for a company whose pension plan failed, don’t assume all is lost. It might be that the Pension Benefit Guaranty Corporation (PBGC), which insures pension benefits, owes you some money; it may not be the full amount due, but it’d be something. Start digging for your long-lost treasure at the Find a Trusted Pension Plan section of the PBGC site.
6. Employer Retirement Plans
If you switch jobs or are laid off but have a 401k retirement plan, typically the best thing to do is rollover into a new plan or your own IRA. But as you are switching jobs or trying to find a new one, typically your 401k might be the last thing on your mind. And after a few weeks, it’s easy to forget about your account.
However, over time it might be compounding and growing, but you’ll want to have that in your new plan or your own rollover IRA. A great free resource to use here is the National Registry of Unclaimed Retirement Benefits, which helps you locate forgotten employer benefits like a 401k.