Cash In on Unclaimed Funds
Aug 19, 2013
Each year, businesses by law must remit to the state any abandoned funds such as outstanding paychecks, forgotten bank accounts, unclaimed funds and even contents of safe deposit boxes that have not had any activity for several years.
Nationally, $58 billion in unclaimed cash and benefits are just sitting, waiting to be claimed by their rightful owners. In some cases, the individuals are deceased and their heirs were not aware that these accounts or items existed but in other cases, employees are not aware that they accrued retirement benefits at a previous job. In fact, there is currently more than $300 million unclaimed pension benefits in the country!
So, where do you start?
ABC Eyewitness news compiled the following list on February 21, 2013 for individuals searching for any unclaimed funds:
- Never pay to search for the funds as there are many free websites.
- Search your own name and even your maiden name, if applicable.
- Begin the search by your last name and only your first initial as your first name may be spelled incorrectly.
- Search databases for relatives, living and deceased.
- Search all states where you have lived.
- Search businesses with which you have been affiliated.
Places to search:
State-held unclaimed property: NAUPA’s unclaimed fund website, www.unclaimed.org . Use the map on the website which links to each state’s unclaimed site.
Life insurance: Check the insurer’s site directly for an online search. Pensions: Use the online search directory at Pension Benefit Guaranty Corp.
U.S. savings bonds: visit www.treasuryhunt.gov
Tax refunds: visit the IRS’s “Where’s my refund?” tool.
By: Tammy Scheuermann, Accountant