(AscendHealthy.com) – It’s easy to miss or ignore things in life. Sometimes, life can pass you by too quickly. It is not surprising, then, to find that many Americans are owed unclaimed funds from forgotten or never claimed sources of money. It may seem like a scam, but it is the truth!
According to the National Association of Administrators of Unclaimed Property (NAUPA), 1 in 10 people has unclaimed money pending collection. Our regional governments typically hold this money in a fund. That’s why the federal government has allowed Americans the opportunity to check if they are owed funds that they have not claimed.
Understanding Unclaimed Money
Although the words “unclaimed money” might make you think of free money, the truth is deeper than that. This is because the money is actually your money, but from a source you forgot about. There are many different types of unclaimed funds that people can find. Other types of unpaid funds include:
- Utility Security Deposits
- Unredeemed Money Orders or Gift Certificates (Only in Some States)
- Uncashed Payroll Checks
- Uncashed Dividends
- Trust Distributions
- Traveler’s Checks
- Stocks
- Refunds
- Mineral Royalty Payments
- Insurance Refunds
- Insurance Payments
- Customer Overpayments
- Contents of Safe Deposit Boxes
- Savings Accounts
- Checking Accounts
- Certificates of Deposit
- Annuities
How to Avoid Having Your Money Become Unclaimed?
Although states are required to return your unclaimed funds, it can still be a difficult task to deal with. That’s why you should learn some tips to help you avoid your losing your money! Some tips you may want to consider include:
- Maintain Records
- Keep Your Information Up-to-Date
- Keep Accounts Alive
- Maintain Records
You need to keep accurate records of all your transactions, including any transactions involving cash, checks, and other types of instruments. Although financial institutions are required by law to have up-to-date records, account holders are responsible for following up. That’s why having records can help you avoid unclaimed money!
Keep Your Information Up-to-Date
If your information changes, such as your address or your name, it can be easy to forget to update it with every business. However, it is essential that you do this, especially with your financial institution or your employer, regularly. If your company sends an asset to the wrong address or recipient, that money can go unclaimed because it has nowhere to go.
Keep Accounts Alive
It can make a big difference if you keep your accounts alive. To do this, you must ensure activity on your account. It includes all types of such accounts:
- Checking Accounts
- Savings Accounts
- Certificates of Deposit
Making a deposit or withdrawal may be the only action you need to keep your account open. Doing this eliminates the risk of your account becoming inactive again, which can result in countless costs.
How to Find Unclaimed Money
If you do lose access to your funds, you may think you cannot get it back. Finding unclaimed money doesn’t have to be difficult, but to expedite things, you will want to ensure that you learn the process. The process will vary by country, but you’ll usually want to check the website maintained by your country’s finance department to get started. In addition to checking your state’s website, you can find unclaimed funds from public information, news reports, or state surveys. When applying for unclaimed funds, you may be expected to provide personal information such as your name.
Many Americans do not know that they can have the money they deserve, but unclaimed money is easy to find. Unclaimed money is easy to find. You can get information on unclaimed funds via your state’s finance department. However, you can also check websites, classifieds, or general information. If you have any questions, you may want to contact your state for more information!
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