How to Recover Unclaimed Money From the Government
Consider possible sources of unclaimed property., Start by searching your home state., Search other states or every state., Search local governments., File your claim.
Step-by-Step Guide
-
Step 1: Consider possible sources of unclaimed property.
You might assume there is no way that unclaimed money is waiting for you somewhere, but such assumptions are part of the reason that some $42 billion is sitting around in treasuries, unclaimed by deserving Americans.Based primarily on state laws in the U.S., after a set period of time unclaimed property or money is, if not already in the government's hands, turned over to them for holding (usually, again, for a set period of time).
Think of it as a state-level "lost and found" with a time limit.
How does property/money become "unclaimed"? As one example, say you were owed $100 from an insurance policy, but moved and failed to provide an updated address.
After engaging in efforts to track you down as required by state law, the company would turn the $100 over to the state as unclaimed property in your name.
The state treasury doesn't then try to hunt you down; rather, it expects you to make the effort to claim what is yours.
Unclaimed property, such as abandoned bank safe deposit boxes, is usually sold for cash (which is then held by the state) after a period of time, so most of what is unclaimed is indeed money.
Common sources of unclaimed money also include: abandoned bank accounts; uncashed payroll or other checks; tax refunds; travelers checks; stocks or bonds; unclaimed money orders; insurance payments or refunds; annuities; certificates of deposit; and mineral rights royalties.
The list goes on and on, and therefore could easily include you as a recipient.
The best ways to prevent having unclaimed funds in the future include: keeping accurate records of all your financial, insurance, and tax accounts; cashing checks immediately; and drawing up a detailed will that lists and distributes your assets. -
Step 2: Start by searching your home state.
In the U.S., most unclaimed property is directed to the last known home state of the person for safekeeping.
So it makes sense to start your search for unclaimed money in the state where you currently live, or the one where you have lived the longest.An easy and free way to search the unclaimed property records of any U.S. state and several Canadian provinces is offered by the National Association of Unclaimed Property Administrators.The website is not government-affiliated, but your initial search will direct you to the results on the official site of your state of choice.
Even better, you only need to enter a name and state to begin the search. , If you come up empty in your home state, expand your search to others in which you have lived or worked.
Even if you have a less direct connection to other states, perhaps such as a relative who may have left you some money in his/her will, it may be worth it to take a look.
Another NAUPA-affiliated site supports searches of multiple states at once.
Not every state supports this function, but you can (at present) search the records of 37 U.S. states at once.You can search any or all of the 13 remaining states individually with just a name. , Unclaimed funds are usually held at the state level, but different states have different rules on what must be turned over and what (if anything) can be held at the county, city, or other local level.There is no centralized way to search for unclaimed property at the local level.
Most likely, your best bet is to pick up the phone and call the treasurer’s office of your locality of interest.
Ask if they hold unclaimed property in general, then inquire about procedures if they do. , If you find a likely match for unclaimed property in your name, follow the directions on the relevant state website for initiating a claim.
Expect the process to take some time and require evidence both of your identity and that the money is indeed yours.
As an example, to file a claim in the state of Pennsylvania:
Conduct a name search on the state Treasury website.If you find a likely match, fill out the Request Claim Form, which links from the results screen.
Print and sign the form, have it notarized, and mail it to the Pennsylvania Treasury’s Bureau of Unclaimed Property.
Wait patiently, and don’t be surprised if you have to provide additional documentation. -
Step 3: Search other states or every state.
-
Step 4: Search local governments.
-
Step 5: File your claim.
Detailed Guide
You might assume there is no way that unclaimed money is waiting for you somewhere, but such assumptions are part of the reason that some $42 billion is sitting around in treasuries, unclaimed by deserving Americans.Based primarily on state laws in the U.S., after a set period of time unclaimed property or money is, if not already in the government's hands, turned over to them for holding (usually, again, for a set period of time).
Think of it as a state-level "lost and found" with a time limit.
How does property/money become "unclaimed"? As one example, say you were owed $100 from an insurance policy, but moved and failed to provide an updated address.
After engaging in efforts to track you down as required by state law, the company would turn the $100 over to the state as unclaimed property in your name.
The state treasury doesn't then try to hunt you down; rather, it expects you to make the effort to claim what is yours.
Unclaimed property, such as abandoned bank safe deposit boxes, is usually sold for cash (which is then held by the state) after a period of time, so most of what is unclaimed is indeed money.
Common sources of unclaimed money also include: abandoned bank accounts; uncashed payroll or other checks; tax refunds; travelers checks; stocks or bonds; unclaimed money orders; insurance payments or refunds; annuities; certificates of deposit; and mineral rights royalties.
The list goes on and on, and therefore could easily include you as a recipient.
The best ways to prevent having unclaimed funds in the future include: keeping accurate records of all your financial, insurance, and tax accounts; cashing checks immediately; and drawing up a detailed will that lists and distributes your assets.
In the U.S., most unclaimed property is directed to the last known home state of the person for safekeeping.
So it makes sense to start your search for unclaimed money in the state where you currently live, or the one where you have lived the longest.An easy and free way to search the unclaimed property records of any U.S. state and several Canadian provinces is offered by the National Association of Unclaimed Property Administrators.The website is not government-affiliated, but your initial search will direct you to the results on the official site of your state of choice.
Even better, you only need to enter a name and state to begin the search. , If you come up empty in your home state, expand your search to others in which you have lived or worked.
Even if you have a less direct connection to other states, perhaps such as a relative who may have left you some money in his/her will, it may be worth it to take a look.
Another NAUPA-affiliated site supports searches of multiple states at once.
Not every state supports this function, but you can (at present) search the records of 37 U.S. states at once.You can search any or all of the 13 remaining states individually with just a name. , Unclaimed funds are usually held at the state level, but different states have different rules on what must be turned over and what (if anything) can be held at the county, city, or other local level.There is no centralized way to search for unclaimed property at the local level.
Most likely, your best bet is to pick up the phone and call the treasurer’s office of your locality of interest.
Ask if they hold unclaimed property in general, then inquire about procedures if they do. , If you find a likely match for unclaimed property in your name, follow the directions on the relevant state website for initiating a claim.
Expect the process to take some time and require evidence both of your identity and that the money is indeed yours.
As an example, to file a claim in the state of Pennsylvania:
Conduct a name search on the state Treasury website.If you find a likely match, fill out the Request Claim Form, which links from the results screen.
Print and sign the form, have it notarized, and mail it to the Pennsylvania Treasury’s Bureau of Unclaimed Property.
Wait patiently, and don’t be surprised if you have to provide additional documentation.
About the Author
Jerry Nguyen
Writer and educator with a focus on practical creative arts knowledge.
Rate This Guide
How helpful was this guide? Click to rate: