January 30, 2024 •Leah Driver
We all know the thrill of putting on last year's coat and finding money in the pocket. Finding even $10 is an amazing feeling! Now, imagine finding out you're owed hundreds, or even thousands.
It's estimated there's up to $20 billion in unclaimed property in the United States and one in seven Americans is due a share, according to the National Association of Unclaimed Property Administrators (NAUPA). The average claim amount is $2,080, so it's well worth taking a few minutes of sleuthing to see if you're eligible.
Where does this money come from? There are a variety of sources - unclaimed deposits, uncashed checks, deserted accounts, and more. Even if you've checked before to see if you're owned funds, experts recommend checking your status annually as the information is constantly updated.
If anyone contacts you about unclaimed funds and mentions charging you a fee to claim them, this likely is a scam. USAGov says you should never acknowledge any call or notice saying to collect your unclaimed money pay a fee.
Following is a list of resources to help you get started:
Indiana Unclaimed - It takes less than 5 minutes to see if the state is holding money on your behalf, including funds from items that might have been auctioned. (For example, from an unclaimed safe deposit box.)
Missing Money - If you've lived or worked in another state, take a look at this site to see if you have money waiting for you.
USA.gov - Find out if you're owed money from the federal government.
Department of Labor - Find out if you're owed unpaid wages from a previous employer.
Pension Benefit Guaranty Corporation (PBGC) - Search for an unclaimed pension from a former employer.
HUD Database - If you've had an FHA-insured mortgage, find out if you're due a refund.
US Department of Veterans Affairs - Search for unpaid VA insurance funds.
Securities and Exchange Commission (SEC) - Find out if you're due money from an investment enforcement case.
U.S. Savings Bonds - Whatever happened to the savings bonds you received from your grandparents? (You can also learn how to replace a lost or destroyed savings bond.)
U.S. Courts Unclaimed Funds Locator - Search for money you may have been owed when a person or business declared bankruptcy.
Check the FDIC or NCUA if you've ever had an account at a bank or credit union that was closed.
Check with the IRS if you believe you're missing a past tax refund. (Nearly 1.5 million Americans haven't claimed their 2019 tax refund.)
Good luck on your search, and if you do find "free" money, don't forget to put at least a portion into savings.
The views, information, or opinions expressed in this article are solely those of the author and do not necessarily represent the views of Citizens State Bank and its affiliates, and Citizens State Bank is not responsible for and does not verify the accuracy of any information contained in this article or items hyperlinked within. This is for informational purposes and is no way intended to provide legal advice.