(Newswire.net — January 27, 2020) — In the past few years, governments in every state have launched campaigns to return missing money to its rightful owners. As of 2020, there is still more than $50 billion in unclaimed money scattered across the United States, and millions of people are still unaware they are owed cash.
What is Unclaimed Money?
In the simplest terms, unclaimed money is money that has accumulated in financial institutions, pension funds, banks, and other entities that hold people money. The most common places where missing money gets added up are:
- State-held unclaimed property
- Life insurance
- Pensions
- Tax refunds
- Uncashed paychecks
- Savings bonds (Only in the U.S)
When individuals relocate within their state, outside their state, when they change their place of work, change their insurance carriers, or perform other changes in their lives that involve their finances, money gets left behind.
Most people are unaware that they are entitled to money that belongs to them, which is why unclaimed funds get accumulated.
Every year, missing money is held in financial institutions that are legally prohibited from using it. While many people in the country claim back the money they are entitled to, there are millions who are still unaware of what they are entitled to, causing billions of dollars to get accumulated every year.
Each state encourages people to claim back the money that belongs to them, and you can also be entitled to missing money in the state that you currently live in, or in states where you used to live in.
How to Reclaim Unclaimed Money?
As mentioned above, states encourage residents to reclaim the money that belongs to them, as they are prohibited from using it. If you are entitled to missing money, you can get it back but you first need to discover if you have unclaimed money registered to your name.
To find this information, you need to perform an unclaimed money search in the treasurer website in your state or in states you once lived in. Then, you need to file a request to get the money back; it takes an average of 120 days to get back missing money and the average sum that people get back is $900.
There have been many cases where people have gotten back thousands and even millions of dollars back in unclaimed money and assets, so it is important to find out if you are also entitled to lost funds.
Family Assets and Unclaimed Money Search
Aside from personal funds and assets, you can also claim back money and assets that belong to deceased family members. Similar to personal unclaimed money, states and authorities cannot use missing money that belongs to deceased people.
If you have elderly family members who cannot claim back assets or deceased family members who have lost money registered to their name, you can claim it back.
Aside from state websites, you can use an online unclaimed money search engine that can provide you with information about lost money that belongs to you or your family members. Such sites, like GoLookUp, provide information about missing money within minutes, so you can perform several queries in no time at all.
With billions of dollars in unclaimed funds and assets, there are many people who are entitled to unclaimed money without being aware of it. With a quick online search, you can find missing money that belongs to you or to your family members, and get what is rightfully yours.