7 Signs You Might Have Unclaimed Money Waiting for You
Did you know that a third of all Americans have unclaimed money waiting to be claimed? When that seems implausible, it is time to change your mind. Unclaimed property is more prevalent than you can imagine, and many people are missing out on money that they are entitled to without even knowing it. Old accounts, forgotten policies, relocations, the signs of unclaimed property are everywhere in life changes. To help you see whether you have unclaimed money that could be found, let us look at seven indicators that may lead to a discovery.
You've Moved Multiple Times in Recent Years
Frequent moves, whether for work, school, or personal reasons, can easily create unclaimed property. When you change addresses, there’s a good chance that you may lose contact with various financial institutions. This could be due to utility deposits, rental deposits, or even final paychecks that never made it to your new address. For example, people who relocate for work or military families often find that their old utility companies or landlords never return their security deposits. Furthermore, when mail forwarding expires, institutions can lose touch with you, leaving money behind.
You've Had Bank Accounts or Credit Cards That Went Inactive
Inactive bank accounts and credit cards can also cause unclaimed funds. Dormancy periods differ, but the majority of banks and financial institutions close down accounts after a time of inactivity, usually 1 to 3 years. Unclaimed rewards on credit cards, small balances in checking or savings accounts, or certificates of deposit (CDs) can be lost in a black hole. Once accounts are rendered dormant, they are normally escheated to the state, i.e., the money in them is given over to the state government.
You've Received Insurance Payouts or Refunds in the Past
Lost money is also due to unclaimed insurance refunds. Did you ever get overpaid, have a policy canceled, or have a claim settlement that you never received? Well, money could still be resting with the insurance company. This may occur with auto, health, life, or property insurance policies. The money can later be treated as unclaimed property when the beneficiaries fail to claim payouts or premiums on terminated policies. Such cases normally occur when citizens change their addresses or fail to change their beneficiary details.
You Have Inheritance or Estate Connections
Inheritance may also result in unclaimed property, particularly when a late relative has left behind assets that you did not know or you were not fully aware of all his/her assets. Tools like Claim Notify are particularly useful, as they provide a convenient way to handle the extensive documentation and verification required for estate-related unclaimed property. Heirs can fail to be told about all the assets because the estates have been distributed incompletely, or they can be unaware of long-lost cousins who have given them property. With the help of tools such as Claim Notify, you can find your way through these frequently complex estate issues and get what you deserve.
You've Worked for Companies That No Longer Exist
Unclaimed funds could also be associated with businesses that are no longer in operation. You may have a claim to unpaid wages, unused vacation pay, 401(k) distributions, or expense reimbursements that may be due to you as a result of a company going out of business or being involved in a merger. In other instances, businesses may close without dispensing all the funds to the workers, and the HR departments may have lost contact with former employees. When businesses close down, they are unable to contact previous employees, and thus, money is left lying around.
You've Had Utility Services, Security Deposits, or Membership Fees
Utility companies, gyms, and other service providers sometimes forget to return money when services are terminated. Landlord’s security deposits, utility deposits, or membership fees on gym memberships or clubs that have been canceled are frequently unclaimed. For instance, imagine you lived in an apartment and never received your security deposit back after moving out. The money may still be sitting in an account somewhere. In most instances, these firms fail to make concerted efforts to repay these funds, and they end up gathering dust.
You've Received Court Settlements or Government Refunds
Another typical type of unclaimed money is a court settlement and government refund. This includes class action settlements, government tax refunds, or overpayments of benefits to which the rightful recipient is not entitled. You may not realize that you were the subject of a class action lawsuit or that you are due a refund. Did you ever get involved in a lawsuit or government program? There might be money that you did not claim because you were not aware that it was available. Some settlement administrators or government agencies manage the funds, but in some cases, they may not reach you because they lack your updated contact details.
What to Do If You Recognize These Signs
When any of these symptoms resonate, it is time to do something and ensure that you are not owed unclaimed money. Unclaimed property is legal and more widespread than most people realize. The search can be free and simple, and most states have a database where they can search for funds. Do not leave your money lying unclaimed; take an initial step to claim what belongs to you.
