Have you ever found money in your pocket that you forgot about? It’s like finding a little bit of treasure.
Many people forget about accounts as they switch banks, move, or start a new job. According to the National Association of Unclaimed Property Administrators (NAUPA), over 30 million people in the United States have unclaimed property that they either forgot about or never knew was theirs.
Financial accounts can transition to abandoned property by having undeliverable mail or prolonged periods of inactivity. Each state’s law varies on when a financial account becomes abandoned property and escheats to the state.
How do you see if you have lost funds? NAUPA makes this easy by having a database of each state’s site. Simply go to https://unclaimed.org/state-reporting/ and click the link to your state’s official unclaimed property website. Then do a search for your name in their database. If you have moved to different states remember to search your previous states of residency.
While the state sites will show most assets, they do not serve as a central database for all unclaimed funds and property. Here are some additional sites you can check for more specific types of assets:
- Retirement assets: National Registry of Unclaimed Retirement Benefits at unclaimedretirementbenefits.com.
- Matured Savings Bonds: TreasuryHunt.gov
- Bank and credit union accounts: The Federal Deposit Insurance Corporationand the National Credit Union Association. These sites can also help you find unclaimed funds from banks and credit unions that went out of business.
- Unpaid Earnings: The Department of Labor’s Workers Owed Wages site
- Lost insurance policies: The National Association of Insurance Commissioners
Each site and state have their own requirements for claiming the assets but typically you’ll need to submit information such as your name, address, social security number, and official documentation proving your identity.
How can you avoid having lost accounts? The best way to avoid losing accounts is by consolidating old accounts. Workplace retirement plans (like 401ks) can be moved into your Fidelity IRA or new workplace plan when you change careers. Also regularly check that your financial institutions have up-to-date contact information.
As Carolyn likes to say, “It is always better to simplify!” Limiting the number of accounts you have is a great way to simplify and greatly reduces the chance your accounts will end up in the ether.
Finally, steer clear of companies wanting to charge you a fee to claim your money. Searching and filing for unclaimed assets is free. If you are ever unsure on where to start, please reach out to us. We would be delighted to help!