Where is my Money?

January 28, 2019

 

Have you ever wondered what happens to missing money? It happens on occasion. Maybe you move before the last interest payments come in and never get the change of address form filled out. Maybe a life insurance policy that you never knew about named you as a beneficiary and now there is money owed to you.  The question you're probably asking yourself is how do you find it?

 

The good news is that this is not an uncommon situation and systems have been set up for you to claim your lost property. State law dictates that they can’t keep any money owed to you, but are required to turn it over to the state where it is held in your name until you claim it. However, it is up to you to come after it.

 

What type of property does the state hold onto? Unclaimed property law does not typically include real estate. The most commons types of unclaimed property include:

  • Bank accounts and safe deposit box contents

  • Stocks, mutual funds, bonds, and dividends

  • Never cashed cashier’s checks and money orders

  • Certificates of deposit

  • Matured or terminated insurance policies

  • Estates

  • Mineral interests and royalty payments

  • Trust funds and escrow accounts

How do you check if there is anything a state owes you? Luckily, states make it incredibly easy to see if you have some unclaimed property. The first link below is for our California readers, the second link is for quick links to the rest of the states.

 

https://ucpi.sco.ca.gov/UCP/

http://www.naupa.org/

 

If you do happen to find unclaimed property, you would then make a claim through the state to verify that you are the owner. While writing this article I stumbled across $500 myself from an old job. I hope you are able to find something as well. We'd love to hear the story if you happen to come across something!

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