It’s an AWESOME feeling finding money we didn’t know we had. When you put on a pair of jeans or a jacket you haven’t worn in a while and find cash in the pocket it’s like Christmas. Finding Unclaimed Property gives you that same excitement.
What is Unclaimed Property?
The National Association of Unclaimed Property Administrators (NAUPA) states that unclaimed property “refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or a longer period.”
What are Some Examples of Unclaimed Property?
- Customer overpayments from accounts like credit cards and medical bills
- Uncashed Paychecks
- Insurance Refunds
- Utility service deposits
- Stocks, bonds, annuities, savings and checking accounts
What Happens to the Unclaimed Property from the Inactive Accounts?
Each state has its own laws to protect and ensure customers get their funds back should the customer or business lose contact with the other. The business turns these unclaimed funds over to the state. The state holds these funds until the consumer claims them.
Is This a Scam?
This is NOT a scam. Unclaimed Property is yours to claim if the company couldn’t get funds owed back to you. My girlfriend and I have both received money back from the NC department of State Treasurer. I have a couple friends that have received money back from unclaimed property requests as well.
Is There a Fee to Search for Your Money?
No, there should not be a fee to search for your unclaimed property when you search it yourself.
Is it Difficult to Get Your Money Back?
It isn’t difficult to get your money back but it does take a little effort on your part, as well as, a little patience. Each state has its own process for requesting unclaimed property. In North Carolina, for example, if the total amount is under 50.00 then an online form can be completed. The check arrives in the mail in the next week or two. If it’s over 50.00 the form must be completed, printed, notarized and sent in with proof you are who you say you are. It took my payment about a month or so to show up in the mail since it was over 50.00.
Is it Worth Your Time to Make the Claim?
Typically, you won’t know the exact amount of what you’re getting until the check shows up so this question is entirely up to the individual. You could end up with a check showing up for 3.75. Maybe the check is for 150.00. Here are a few things to consider when deciding to make the claim.
- It only takes a few minutes to search the site and make the request if you find your name.
- The money belongs to you. Don’t you want it back?
- Any amount you receive is money you could use for bills, other expenses, savings, or a cup of your favorite coffee.
- You didn’t know you had the money to begin with, so waiting for it to arrive is better than not having it all.
Where Do You Search for Your Name?
To search for your lost cash, go to one of two places. The National Association of Unclaimed Property Administrators website will pull up a map of the United States. Simply click on your state and you’ll be directed to that state’s site for unclaimed property. Follow that state’s directions from there. If you’ve lived in multiple states you can go to missingmoney.com/. After searching and finding your name you will be directed back the state that has the unclaimed property. After you click on your name on this site there is a place on the left side of the screen to click and be directed to the state’s site.
I know that not everyone will find money that is owed to them, but some of you will. Whether you find your name or not, remember to check the sites again from time to time. The sites are always being updated. It’s possible you may find your name next time or even find your name again from another account that was never claimed.
Good Luck in your search!
