Search For Your Unclaimed Money

With the U.S. economy in bleak condition, a lot of people are tightening-up their belts and any source of extra money would be welcome. Americans are making drastic lifestyle changes- selling their beloved SUVs, stocking-up on Spam and inexpensive food, and some companies have even adopted a 4-day workweek to save on fuel expenses. Given the current economic circumstances and seeing how most people are hard-up for cash, it’s a wonder why few people still don’t know that doing an unclaimed money search can be an easy way to get extra cash.

In today’s fast-paced lifestyle, it’s easy for people to lose track of their financial assets. Uncashed checks, uncollected insurance and retirement benefits, stocks, tax refunds, and savings accounts are sometimes overlooked when people are busy with their daily activities. Lost and unclaimed funds can also result from a person moving, getting married (change in last name for women) or passing-away. Mailed financial notices can get lost if no forwarding message is left behind. If they still go unclaimed after 3-5 years, the businesses and institutions holding on to these lost assets are required by law to hand them over to the State where they go into an unclaimed property fund.

The government is required to make efforts in contacting the owners and returning the unclaimed money, but judging by the $35 billion worth of national unclaimed property, it’s obvious that most states are doing a lackadaisical work when it comes to helping owners find unclaimed money. A lot of states publish owners names in a yearly unclaimed property list or set-up unclaimed property booths in State Fairs and that’s it. Some states like California have been accused of being too quick on the draw- selling-off unclaimed property and using the government unclaimed funds to fill-up budget deficits. “In our case, they took 200 shares of GE stock, and sold it. We’ve been at the same address for 34-years, but they couldn’t find us.” Susan Lund, California unclaimed property owner says in a recent report on unclaimed property by CBS. Right now, there’s roughly $5 million worth of California unclaimed property belonging to 6 million people- a great number of whom don’t even know they’re missing assets.

Assemblywoman Lois Wolk recently introduced legislation to extend the time dormancy period for unclaimed assets in the Golden State. “The purpose of the unclaimed property law is to safeguard properties that have been apparently lost or abandoned by owners from being used for private gain. Unfortunately, the short time limit of three years before that ´lost or abandoned´ determination is made has proven totally insufficient for far too many Californians,” said Wolk in a report done by the California Chronicle. “This bill would give rightful owners more time to claim their lost property from the business holder, while also requiring these financial institutions to triple their efforts to locate property owners before turning dormant accounts over to the state.”

Anyone can have unclaimed money in their name- Condoleeza Rice, Hulk Hogan, even Boston Red Sox star Manny Ramirez recently found thousands from an unclaimed check he failed to collect from sports giant Reebok. Turns out the left-fielder was owed Massachusetts unclaimed money worth $10,000 (plus $49.56 in interest) from the languished check. “You might not think you’re on the list, but it’s worth checking.” Park County, Wyoming Clerk Kelly Jensen advises. “It really bugs me that it’s just sitting there, and I know for a lot of people, even $100 would be a pretty big deal.” Jensen comments in another report done on Wyoming unclaimed money.

Contrary to what most people think, doing an unclaimed money search is quite easy- it can be as simple as putting in one’s name and SSS # in a state database. The tricky part is doing a search through several state databases- something you should do if you’ve jumped from job to job across the U.S. It’s easy to go go in a wild-goose chase without the proper methods. Luckily, there are unclaimed property experts willing to share the techniques they’ve uncovered after hours of doing on-line unclaimed money searches. Don’t get them confused with unclaimed money ‘finders’ who can take a big chunk out of your money- these legit unclaimed property experts show you how to search and get back some of your missing money.