There Are Billions Of Dollars In Unclaimed Money. Here’s How You Can Claim Yours (2024)

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There’s a whopping $49 billion in unclaimed funds waiting to be claimed, according to SmartAsset. And more than $3 billion in unclaimed money is returned to its owners by the states each year, according to the National Association of Unclaimed Property Administrators.

Due to the financial woes related to the pandemic, states are eager to disperse unclaimed money. Oregon, West Virginia and Missouri in particular are ramping up their efforts to reunite residents with lost funds.

It’s estimated that about one in 10 people have unclaimed cash. If you’ve never checked to see if you have any unclaimed money with your name on it,, here’s how you can search for a potential hidden windfall.

How To Find Unclaimed Money

Click on your state below to get the link to your state’s treasury website. Once you click through to the website, you can search for unclaimed money in your or a loved one’s name.

Here are some tips to help you find any unclaimed cash:

  1. Check states you previously lived in for unclaimed money.
  2. If you are or were a small business owner, you can search for unclaimed money from your business. Most states’ unclaimed money websites give you an option to search as an individual or as a business.
  3. If you have ever changed your name, search for records under those names.
  4. If you are an heir, check to see if the deceased person has unclaimed funds. If you can prove you are the heir, you may qualify to inherit the funds.

Credit Karma and MissingMoney offer free tools that aggregate information from state treasury departments to find any unclaimed money in your name.

How To Claim Your Cash

The steps to claim any unclaimed cash are simple. You can use the map above to get to your state’s unclaimed money website. If you find unclaimed funds, follow the filing process on the website.

To claim the money, you must verify your identity by giving your Social Security number and state whether you’re claiming this money for yourself or for a deceased relative. From there, you will fill out your contact information, and the state will verify the information to determine if you are eligible to receive it. If everything is approved, your payment will be mailed directly to you.

There Are Billions Of Dollars In Unclaimed Money. Here’s How You Can Claim Yours (1)

What the unclaimed money form looks like on the California state website.

Each state has its own timeline for processing your information and sending out payment, but the process can take several weeks to complete.

How I Filed To Receive My Unclaimed Cash

While researching this story, I checked my previous states of residence for any unclaimed money. Sure enough, a whopping $0.23 was in my name in California, even though I haven’t lived there since 2015. It was a refund from a bank account I had as a child.

I filled out an online form, including my Social Security Number and current contact information. I was given a claim number, and a link to track the status of my claim.

In my case, the unclaimed money was nominal. However, there are stories of people being reconnected with significant amounts of money, including one Connecticut resident who had 1.3 million stocks worth over $32 million. So it’s absolutely worth checking to see if you have any unclaimed funds.

What Is Unclaimed Money?

Unclaimed money is money that belongs to you but because the payer couldn’t contact you, it is sent to your respective states’ treasury department.

Unclaimed money can come from a range of sources, including abandoned checking and savings accounts, company refunds, annuities, customer overpayments, payroll checks, investment accounts, trust distributions, life insurance payments and utility security deposits. It can also include physical items that were abandoned in safe deposit boxes such as precious metals.

If the payer is unable to contact you to deliver your money, the money enters a “dormancy” period. Once that dormancy period exceeds a specific amount of time, the money must be turned over to the state treasury department.

Each state has different lengths of dormancy periods based on the type of property. For example, California has a one year dormancy period on wages, three years on dividends, and 15 years on travelers checks. But once the dormancy period passes and the payer has done their best to deliver the money, the money is turned over to the respective state, and remains there until it is claimed.

What To Know About Unclaimed Money Scams

You should never pay to find unclaimed money. There are third-party services, typically referred to as locators or finders, out there willing to search for you, but they aren’t necessary.

In addition, be on the lookout for letters, text messages or emails alerting you about unclaimed property. Be sure to verify it is from the state treasury department, as several states have reported unclaimed money fraud schemes, including using stolen identities to make fraudulent claims.

There Are Billions Of Dollars In Unclaimed Money. Here’s How You Can Claim Yours (2024)

FAQs

How do I know if I have money from the government? ›

www.unclaimed.org is the website of the National Association of Unclaimed Property Administrators. This is a legitimate site created by state officials to help people search for funds that may belong to you or your relatives. Searches are free.

How do I claim unclaimed amount? ›

Fill up the “claim form” with all relevant details about yourself and the account. Submit the form along with relevant documents such as KYC documents, deposit receipts and photographs. If you are a legal heir, you will also have to submit a copy of the death certificate of the account holder.

What is the largest amount of unclaimed money? ›

When reclusive Chicago resident Joseph Stancak passed away at 87, his neighbors were surprised to discover he was the “Millionaire Next Door." In fact, despite living like a miser, his estate is valued at $11 million — the largest unclaimed property amount in American history.

How much unclaimed money is there in the US? ›

About 1 in 7 people — 33 million altogether — collectively have an estimated $70 billion worth of unclaimed property being held by state treasurers, according to the National Association of Unclaimed Property Administrators.

How do you get the government to send you money? ›

The government does not offer "free money" for individuals. Federal grants are typically only for states and organizations. But you may be able to get a federal loan for education, a small business, and more. If you need help with food, health care, or utilities, visit USA.gov's benefits page.

How to get what the US government owes you? ›

Below are government agencies that have databases you can search for unclaimed money.
  1. Treasury Hunt: Unclaimed U.S. Securities and Payments.
  2. HUD/FHA Mortgage Insurance Refunds.
  3. Credit Union Unclaimed Shares.
  4. National Association of Unclaimed Property Administrators. ...
  5. U.S. Courts: Unclaimed Funds in Bankruptcy.
Dec 23, 2022

What happens if the money is unclaimed? ›

Unclaimed funds are money and other assets whose rightful owner cannot be located. Unclaimed funds are typically turned over to the government after a specific period of time has passed.

How to claim money from a closed bank account? ›

If you have money in the account at the time it's closed, the bank is required to return it to you minus any outstanding fees. If an automatic deposit goes into that account after it's closed, those funds must also be returned. Typically, the bank will send you a check.

How to claim unclaimed mutual funds? ›

Investor has to submit request to redeem unclaimed units. Investor can either submit redemption on 'Common Transaction Form' OR simple request letter for claiming of unclaimed units can also be submitted at any of our Branches.

Which state has the most unclaimed property? ›

Most of the capital consists of 401(k) accounts, unpaid wages, insurance payouts, abandoned savings accounts, trust distributions, royalty payments, and countless other types of valuable assets. The top 10 states with the most of these assets are: New York: $17 billion. California: $10.2 billion.

What is the largest amount of money that can be gifted? ›

This is an annual limit. You can give up to $18,000 to as many individuals as you choose every year without owing a gift tax. Suppose you have three kids. In 2024, you can give $18,000 to each of them—for a total of $54,000—without owing any taxes on those gifts.

What is the largest amount of money ever found? ›

1. The Sinaloa Cartel Bust (2012) One of the largest cash seizures in history occurred in 2012 when Mexican authorities raided a property linked to the Sinaloa Cartel, headed by the notorious Joaquín “El Chapo” Guzmán. The raid, which took place in the city of Culiacán, uncovered a staggering $205 million in cash.

What is the best website to find unclaimed money? ›

Most states participate in MissingMoney.com—a free website, sponsored by NAUPA, from which you can search participating state's databases for unclaimed property.

How do I find misplaced money? ›

Most unclaimed money is held by state governments from sources such as bank accounts, insurance policies, or state agencies. Search for unclaimed money from your state's unclaimed property office. If you have lived in other states, check their unclaimed property offices, too.

How do I find unclaimed stimulus money? ›

What if my stimulus money was issued, but was lost, stolen or destroyed? You can start a payment trace by calling the IRS at 800-919-9835. Or mail or fax a completed Form 3911, Taxpayer Statement Regarding Refund, to the IRS. For more information about payment tracing go to IRS Payment Trace.

How do I know if I'm getting money from the IRS? ›

Tracking the status of a tax refund is easy with the Where's My Refund? tool. It's available anytime on IRS.gov or through the IRS2Go App.

How can I find out if I owe the government money? ›

If you're unsure whether you owe money to the IRS, you can view your tax account information on IRS.gov.

How do you find out if you have money in a bank? ›

You can get a current view of your finances by visiting the bank's website or mobile app. An ATM visit, phone call or bank statement are other convenient ways to check your balance. If you prefer to speak with someone in person, you also have the option of talking to a bank teller.

How do I check my funds? ›

How to Check Your Bank Account Balance
  1. On Your Bank's Website.
  2. Through Your Banking App.
  3. At an ATM.
  4. Over the Phone.
  5. With Bank Statements.
  6. Through Account Alerts.
  7. With a Bank Teller.
Jan 12, 2024

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