Unclaimed money or abandoned property under government custody comes from numerous sources. Unclaimed investment assets, life insurances, bank accounts, pensions and payrolls are some examples of assets that end up unclaimed. These funds are turned to corresponding government agencies after failed attempts to locate the owners. The Agencies provide free lookup services for these funds online or by mail. Once a name is found in the unclaimed government money registers, claims can be completed at no charge.
Unclaimed Money - Federal Government
These unclaimed funds generally come from bank accounts, mortgages, pensions, government bonds and taxes. Individuals looking for unclaimed money should visit the government agency’s website with custody and perform a name look up online, by telephone or mail.
- Federal Deposit Insurance Corporation, FDIC – Look for bank accounts from failed financial institutions under FDIC supervision.
- Pension Benefits Guarantee Corporation, PBGC – Search for unclaimed pension money and benefits from pension plans no longer in business.
- Internal Revenue Service, IRS – Find out if the IRS has any unclaimed tax refunds from un-filed taxes.
- Department of Housing and Urban Development, HUD – Find unclaimed money from old FHA loan escrow fees.
- Department of Veterans Affairs – Look for unclaimed benefits for US veterans, their spouses and minor children.
- Treasury Direct - Search for lost US savings bonds and unclaimed matured bonds.
Abandoned Property - State Government
Unclaimed money in state’s governments’ custody consists mainly of abandoned bank accounts, safe deposit box contents, utilities deposits, mineral royalty money, money from courts, payroll checks, gift certificates and insurance money. Each state has an Unclaimed Property Division charged with the administration of abandoned property. This office offers free look up services online and by mail. NAUPA provides links to each State’s unclaimed money division on its site at NAUPA.org.
Money Tracer Services
There are many companies on the internet offering to find unclaimed funds. These companies charge fees based on a percentage of the money recovered for the account owner. It’s important to check with the Better Business Bureau or BBB to find out if the company has ethical or legal violations in the background. The State Unclaimed Property department can also be contacted to investigate money tracer services.
Tips
There are simple precautions that can be taken to avoid having assets go into dormancy status and later turned to the government. Individuals with financial assets should consider doing the following:
- Maintain an updated list of assets with institutions names and address
- Change account names and address as the person’s legal name or address changes
- Let at least one person know about the list of financial assets
- Inquire if regular payments for dividends, bonds or insurance policies stop or are missed
- Ensure to activate old bank and credit union accounts, including Certificate of Deposits.
Resources: Public information at NAUPA.org, current as of May 5, 2010.
Sylvia Cruz - Sylvia holds Bachelor and Master degrees in Business Administration with majors in Finance and Accounting. She is also a CIA - Certified ...
