What is unclaimed money?
Unclaimed money, sometimes called unclaimed property, is the monetary or physical assets separate from the owners over a period of time. If you set up an account but does not make contracts and the account is inactive after a particular time, the money or property will then be considered unclaimed. The unclaimed money will be turned over to the state.
Unclaimed money has many forms. The most common type is usually intangible. Typical intangible unclaimed money includes stocks, uncashed paychecks, checking or savings accounts and tax refunds. Tangible unclaimed money, on the other hand, exists in the form of cash, coins, stamps, etc..
How to find out whether I have unclaimed money?
Search from MissingMoney.com
Usually, the unclaimed money will be sent to your state’s unclaimed property office. You may start your search by using the national database. Most states will participate in a website called MissingMoney.com. You should enter your name, your city, and your state and you will quickly find out whether there is any unclaimed money for you.
Search from employers
You are likely to have unpaid wages provided that your boss breaks labor laws. If you think your employer may owe you wage, you can search the database established by the Department of Labor (DOL). Notice that if the company in which you work goes out of business or ends a defined pension plan, you may have unclaimed pensions or money from your former employer.
Search from NAUPA
If you change your address or name, or if one of your family members dies, you may not be aware of the existence of a certain investment, bank account or other possible holding funds. You may search on the website of the National Association of Unclaimed Property Administrators (NAUPA) with all the possible variations of your name like your middle names, initials, previous maiden or married names, nicknames, and common misspellings to make sure if you have any unclaimed money.