There are more unclaimed assets out there than you might think. In fact, some estimates show that there is over $49 billion worth of unclaimed funds in the US and that one in 10 people have some form of unclaimed cash owed to them.
Unclaimed Assets: An Overview
Unclaimed assets refer to money or property that is owned by someone, but that the rightful owner has not claimed. In many cases, this occurs happen when the rightful owner does not know about the situation, or when they cannot be located.
When unclaimed assets occur, the funds are usually turned over to the government, which then becomes responsible for safeguarding the assets and providing a path for the rightful owner to get their funds back.
Next, let’s take a look at the most popular types of unclaimed funds.
Types of Unclaimed Assets
Unclaimed Property
Unclaimed property is property or funds that are considered to be abandoned by the owner. Each state has its own method for determining how to “reclaim” your property.
Here are some of the most common types of unclaimed property:
- Checking and savings accounts
- Stocks, bonds, and annuities
- Safe-deposit box contents
- Money from a trust
- Certificates of deposit (CDs). CDs are similar to savings accounts, but your money is deposited for a fixed term. If you, or a relative, forgets about money deposited to a CD, it can become unclaimed after a certain period of time.
- Security deposits paid to utility companies. For example, suppose you pay a security deposit to your cable TV or cell phone company. You are still owed that money back after your contract is up, or once you switch providers.
- Refunds or payments owed by insurance companies. For example, if you cancel your auto insurance plan and are owed a refund, but then move, you might still be owed money.
- Refunds for goods or services where the owner cannot be located.
- Uncashed checks, dividends, or traveler’s checks
Unclaimed Money
There are many different types of unclaimed money, including the examples above. Unclaimed money can also occur if you are owed a tax return, but the IRS cannot locate you.
For example, let’s say you lived in Texas in 2019 and filed your tax return there. Then in 2020, you moved to North Carolina and set up a new bank account. If the IRS determines you are owed a refund, it may not know how to locate you, but the refund is still owed to you.
How to Find What’s Rightfully Yours
Beware that there are many scams out there that try to take advantage of people looking for unclaimed funds. Only use official government websites and resources when attempting to locate any unclaimed assets that might be yours.
For starters, visit the official USA.gov website to find where to search for unclaimed funds in your state of current or former residence.
