If you do not collect the money which government owes to you, then it becomes unclaimed. It pertains to banks and other sources also. Here are some sources where you can search your unclaimed money.
The majority of unclaimed money lies in the custody of the state. The rationale behind this is that the state law necessitates banks, insurance companies and other corporations that deal with people's money to transfer it to the states for custody if they are unable to locate the lawful owners. Hence, you should begin your search with the states.
Below are some sources you can seek to find your forgotten money:
- Your State
First of all, you should look for the unclaimed money in your home state. These funds are held in the custody of the state where the account was located in the beginning. The NAUPA (National Association of Unclaimed Property Administrators) represents unclaimed money departments, operates a free website that will connect you to any state you want to search.
- Other States
The unclaimed money remains in the custody of the state where the account was initially located, thus if you have been a resident of multiple states, you would like to seek out all of them. Moreover, in some cases, unclaimed funds are held by the state where the business has its headquarters.
- Local Governments
Not all the states necessitate local governments to transfer unclaimed money to them. Therefore, your city, county, village or town is another rich source of unclaimed money. While searching, remember that governments commonly refer unclaimed money as unclaimed property, however, they don't usually signify real estate, and by property, they mean money only.
- The Treasury Department
Thousands of dollars worth matured and unredeemed savings bonds are held by the Public Debt Bureau of Treasury Department. Unclaimed savings bonds usually mature in 30 years. The Treasury Department has a website to search your forgotten bonds that are not earning interest anymore. You can search with your Social Security number. If you received the savings bond as a present, then you must check the Social Security number of the individual who presented it to you. As a person who gives these bonds as a gift often doesn’t know the Social Security number of the person they are presenting it to.
Thus, they apply their own.
- Federal Deposit Insurance Corporation
The FDIC (Federal Deposit Insurance Corporation) insures the banks. It signifies that if the bank becomes insolvent, the FDIC checks that all depositors receive their money back. It is a consumer-friendly system developed to encourage people to deposit money in banks without any fear. If your bank has failed and you didn't receive your money, then you must get in touch with the FDIC. If you are right, the FDIC will be keeping your money in its custody and will give it back to you.
- Internal Revenue Source
If you are expecting a refund of the tax but haven’t received it then, you can take help from the IRS. In 2012, the IRS made an announcement that 111,893 nationals had not got their tax refund for the amount of over $16 million. Are you one among them? The website of Internal Revenue Source now offers a "Where's my Refund?" feature. With this feature, you can search your lost check of tax refund by entering your owed amount and your Social Security number.