In under 5 minutes, we determined that the letter was legitimate and that there were funds our client could claim. However, he could claim the property on his own without hiring this company, thus cutting out this middleman and their fee. The client was happy to hear that and was elated a few months later when his previously unknown thousands in long lost money arrived in his mailbox.

One in ten US residents have unclaimed funds in their name and you could be one of them. The National Association of Unclaimed Property Administrators (NAUPA) reports that states hold more than $45 billion in unclaimed property and only $3 billion of these “dormant accounts” get returned to rightful owners each year. I have found money for my old business, my late parents, other relatives, friends, and clients.

These lost funds are often from bank accounts, forgotten safe deposit boxes, uncashed paychecks, dividend checks, investment accounts, stock certificates, retirement accounts, tax refunds, pensions, security deposits, and countless other things. When assets go unclaimed, it is often because someone moved and a check wasn’t forwarded, a clerical error occurred or a myriad of other reasons. Unable to locate the owner, the issuer sends the funds to the state. However, states are overwhelmed and typically don’t go looking for you. Some states claim the money as theirs after the accounts go inactive. And in some states, after a certain amount of time passes, the money reverts to the state automatically.

Of course, chances are the unclaimed amounts are trivial. But if you have a few minutes to look in the right places, you can go on a little treasure hunt. After all, if there is money owed to you, not only is it yours but it is also usually tax free.

Where Do I Start?

Anecdotally, we see the most success using these official websites: www.missingmoney.com and www.unclaimed.org. However, some states (including GA) don’t participate.  Navigate through both websites to see what you can find, searching nationwide and by individual states.

Follow these steps:

1. List all the states where you might have had accounts, along with your addresses in each state.
2. Go to missingmoney.com website and search all the states applicable to you. Not all states are listed. If your state is not listed on missingmoney.com, check unclaimed.org to search your specific states one at a time. You will be redirected to that state’s unclaimed funds site.
3. Enter your name in the search section and follow the directions.
4. Repeat with any variations of your name (maiden name, shortened version of first name, etc.)
5. Make certain you have searched all the states where you have connections or lived.

If you really want to dig, repeat these steps searching in Delaware, Massachusetts, and Maryland. Many financial services firms are registered in these 3 states and occasionally, dormant accounts are listed at the firm’s address instead of your address.

Where Else Should I Look?

In our experience, the simplest method of finding most of our clients’ recovered funds is listed above. The vast majority of people do not need to look further. However, it is possible that some less common missing assets, for example savings bonds and retirement accounts, are not listed on the aforementioned sites. These searches are not as easy to perform; but read on if you suspect it might be worth it to do so.

Finding and Claiming Lost Savings Bonds

Savings Bonds are the next most frequent lost asset we see; as they mature over time, the paper can be misplaced. Maybe you are certain you (or a deceased relative) held Savings Bonds you can’t locate. There are billions of dollars of savings bonds that are lost and billions more of matured Savings Bonds (no longer collecting interest) that have never been cashed in. If you suspect you own or may be entitled to a lost savings bond, the place to start is https://www.treasurydirect.gov/indiv/tools-videos/fs-form-1048/. The video will explain how to use the Fiscal Service Form 1048 Claim for Lost, Stolen, or Destroyed Savings Bonds. This form is accessed at www.treasurydirect.gov/forms/sav1048.pdf.

Finding and Claiming Lost Retirement Plans

While lost retirement plans are not common with our clients, millions in pension benefits can be left unclaimed after companies go out of business or close their retirement plans. When a person can’t be located, their pension money goes to the Pension Benefit Guaranty Corporation (PBGC). If you suspect that you or a relative may have an unclaimed former pension plan, check https://www.pbgc.gov/tags/unclaimed-pensions. In addition, the PBGC program recently expanded to cover 401k plans and certain other defined benefit and defined contribution plans that ended after 2017. For these searches, go to https://www.pbgc.gov/prac/missing-participants-program. Please note that unlike the previous search websites discussed, you must send documents to register before you can search the PBGC program website.

Finding and Claiming Lost Federal Tax Refunds

Another not-so-common scenario for our clients is lost federal tax refunds. Some people are due tax refunds from years where they didn’t file a return. Unfortunately, the IRS only gives a three-year grace period to file and claim any money you overpaid in taxes. To claim within this grace period, you must file a previous years’ return and wait for your refund. There is no “failure to file” penalty for filing late if the government owes you a refund.

Finding and Claiming Lost Bank Accounts

Finally, if you think you left money in a bank that closed, it may still be possible get your money back. The FDIC keeps a list of unclaimed insured deposits from closed banks on this site, https://closedbanks.fdic.gov/funds/. You may have to research the FDIC’s list of closed banks to figure out what happened to your old bank https://banks.data.fdic.gov/bankfind-suite/bankfind before looking for your funds.

Conclusion

Finding missing money in your name isn’t difficult when using the websites and guidance provided. If you have the time, why not go on a treasure hunt? If you have unclaimed assets that belong to you, it’s worth the effort to make sure you keep what’s rightfully yours. As always, we are here to help you.  Please reach out to us at any time.