The rate at which the number of unclaimed funds has been increasing is very alarming. One of the easiest ways for one to increase their finances is through unclaimed cash. Despite the efforts of government to inform the general public about lost funds, $58 billion in unclaimed cash and benefits still remains. It is surprising that many people forget about retrieving money that is owed to them. This happens unfortunately frequently these days for so many reasons.
How Could This Be?
Many of our banking and bill paying is done online as a result of technology is one of the primary cause of having unclaimed cash. Many people opt for paperless statements and if or when the time comes to change your address or any other pieces of pertinent information, it may seem unnecessary as most of our communication is done electronically. Providers may not enable to properly reach you without your current information which includes physical address, email address and name for financial institutions, health care providers and utility bill. Make sure you provide all necessary parties with accurate and updated information so that any of your funds owed to you will not become unclaimed.
Another reason companies are unable to reach you is due to your account information being lost. This can occur due to a number of situations but especially if a merger or acquisition takes place. It’s possible data may be lost during this transition. It’s best to make sure these types of institutions (financial institutions, healthcare providers, and utility bill providers) have your last known address listed on your account whether you continue to use their service or not. This will help ensure you receive any refunds owed to you.
Types of Unclaimed Funds
The most common types of unclaimed property are listed below:
- Bank Accounts and safe deposit box contents
- Stocks, mutual funds, bonds, and dividends
- Uncashed checks and wages
- Insurance policies, CD’s, trust funds
- Utility deposits, escrow accounts
Retrieve Your Funds
The process of reclaiming the lost property has been simplified these days when compared to what it looks like in the past. These top free sites to find your unclaimed cash are a god place to start. You will receive the assistance in searching for missing, lost and unclaimed property, money and assets in all participating states by visiting the website. Make sure you check back weekly as data is updated constantly if you do not find any matches for unclaimed money.
States attempt to find the owner of unclaimed funds through newspaper ads and booths at events like state fairs in addition to these search sites. A better way to keep track of your lost funds and increase finances is by being alert to these press releases.