According to an article from ABC News, there are several places to look for unclaimed money and unclaimed property. Here is our take on some tips for unclaimed money searching.
Unclaimed money is a common name for unclaimed property which is defined as monetary or physical assets which have become separate from their rightful owners over time.
Search The States For Unclaimed Money
This is probably the most important tip for unclaimed money searching. While there are some federal databases that contain missing money, the vast majority of money and property resides with the states. Searching any of the 50 states and District of Columbia is your best bet to find a claim in your name or of a loved one. Also be sure to search in states you have lived in as one of the largest reasons for unclaimed property is moving.
You Don’t Have To Pay Fees To Claim Your Money
There are many sites on the internet that offer unclaimed money searching for a fee. Searching is free in all databases, and you DO NOT have to pay any fees to simply complete a search. That being said some of these sites will offer search assistance. This can benefit you as these individuals know how to search to optimize the results. In some cases there are deceased relatives or claims that are misspelled in which these individuals can help. Many take their fees based on contingency, meaning they take a percentage of the claim and only get paid if they indeed find unclaimed money. Be sure to do some research before signing up!
Search Credit Union / Closed Bank Accounts
While this is more a needle in a haystack approach, its simple and easy to search this ‘database’. These accounts are a result of a credit union closing that is federally insured. Many of these ‘refunds’ go unclaimed and there is a list on the National Credit Union Administration website. There ‘database’ is a PDF file with about six pages of names that is updated several times annually.
The FDIC also has a site to search closed banks that are not credit unions. The database for this site contains unclaimed funds for either unclaimed insured deposits (for receiverships established between January 1, 1989 and June 28, 1993).
Search Unclaimed Pensions
The Pension Benefit Guaranty Corporation, which is a government organization, holds onto any unclaimed pensions throughout the country. According to their website, there are over 38,000 accounts totaling over $300 million. The site offers an easy search feature detailing the name on the pension as well as the company the pension is from. The accounts range from $.12 to nearly $1 million and New York State has the most in over $42 million in pensions.
Veterans Unclaimed Insurance Funds Search
The Veterans Administration is holding unclaimed insurance payouts for veterans that have either been returned via the mail or remain uncashed. The VA does not list the total amounts held or the number of accounts they have that contain these unclaimed insurance payouts. This website allows you to search their database by last name and does have quite a few names based on our basic searches. In many cases these could be veterans who have passed away and not willed their insurance policies correctly.