Millions of dollars in unclaimed assets go unclaimed every year, simply because people don’t know where to look. From forgotten bank accounts to unused insurance payouts, there could be funds out there with your name on them. Here’s how to discover and reclaim any unclaimed assets that might belong to you.
- Start with State Unclaimed Property Databases
Each state in the U.S. has a dedicated unclaimed property program, where you can search for forgotten funds. This could include unclaimed bank accounts, stock dividends, uncashed checks, or even insurance proceeds. To start, visit the National Association of Unclaimed Property Administrators (NAUPA) website at unclaimed.org. From there, you can access your state’s official site to conduct a free search using your name or business name. This is a simple and effective way to locate any lost funds.
If you have lived in multiple states, be sure to check each one, as assets are often held by the state in which they originated. It only takes a few minutes to complete, and if you discover something, most states allow you to file a claim online. Typically, you’ll need to provide some proof of identity and a bit of paperwork, but once verified, the state will release the funds to you.
- Check for Federal Unclaimed Assets
Beyond state databases, federal agencies also manage unclaimed funds that may be owed to you. For example, if you had a U.S. savings bond you never cashed, or you believe you’re owed a tax refund from the IRS, there are ways to search for these funds:
- Treasury Hunt: Visit the U.S. Department of the Treasury’s website at treasurydirect.gov and use their Treasury Hunt tool to search for any matured savings bonds that may belong to you.
- Internal Revenue Service (IRS): If you think you might be owed a tax refund, visit the IRS website and use the “Where’s My Refund?” tool to track down any unclaimed refunds. The IRS holds onto unclaimed refunds for three years, after which the funds are forfeited, so act quickly.
- Pension Benefit Guaranty Corporation (PBGC): For those who may be entitled to pension benefits from a former employer, the PBGC provides a searchable database for unclaimed pension funds.
- Search for Unclaimed Assets from Financial Institutions
Sometimes, banks, credit unions, or other financial institutions may owe you money from a forgotten account or abandoned deposit. If a bank account has been inactive for a long period, the bank may turn over the funds to the state as unclaimed property. Additionally, some companies owe dividends or stock payouts that are never claimed by the shareholders. Here’s where to search:
- FDIC: The Federal Deposit Insurance Corporation (FDIC) provides a tool to search for funds from failed banks. If you held an account at a bank that has since closed, this could be a valuable resource.
- National Credit Union Administration (NCUA): If you held funds in a credit union that has shut down, you can use the NCUA’s website to search for unclaimed funds.
- SEC: If you owned stocks or other securities that went unclaimed, the U.S. Securities and Exchange Commission (SEC) offers guidance on how to locate lost assets. Many companies provide online tools that allow you to search for unclaimed dividends or shares.
Locating and reclaiming unclaimed assets may take a bit of effort, but the potential rewards make it worthwhile. Conducting regular searches through state and federal databases can help you uncover hidden funds that you may have forgotten about or didn’t realize you were entitled to. If you follow the steps above, you may just find some money that you didn’t know was out there—and it could make a significant difference to your financial picture. Start your search today, and you might just discover some unexpected wealth!
