Unclaimed Money Checklist

Did you know...

• Insured accounts from closed banks and credit unions may be held by the FDIC or NCUA.

• A wave of bank mergers resulting in name changes and branch closings has resulted in millions of lost accounts nationwide.

• Uncashed travelers checks are generally not considered legally abandoned until 15 years after the date of issue.

• The Social Security Administration has a "suspense file" of uncredited earnings and unpaid benefits totaling more than $250 billion.

• 25% of all life insurance polices go unpaid on death of the insured.

• Often overlooked are union benefits that include group life insurance policies.

• Many credit cards include insurance to pay off outstanding balances upon the cardholder's death.

• Each year hundreds of thousands fail to collect tens of millions of dollars in security and utility deposits (phone, cable television, water, sewer, and electric) after a move.

• Back military pay may be subject to a statute of limitations, so prompt action is necessary.

• Unclaimed final paychecks and severance benefits are a substantial source of unclaimed funds, especially among part-time workers and those who switch jobs frequently.

• "Outs" - winning bets at the racetrack that go uncollected - total millions of dollars each year.

• HUD had to be "specifically encouraged" by Congress to return hundreds of millions of dollars in overpayments owed homeowners.

• Each year $4-600 million in gift certificates go unused. By law most never expire, despite the fact many have "good until" or "must use by" verbiage printed on them.

• The Pension Benefit Guarantee Corp. insures over 55,000 private pensions covering 42 million workers.

• OPM, the Office of Personnel Management, stores personnel records in a cave 268 below ground.

• IRA's may be considered abandoned if withdrawals do not start by age 70½.

• You may be able to claim cash to offset losses from theft and burglary.

• Often overlooked by departing employees are year-end bonuses and reimbursements.

• 1.2 million Chapter 7 bankruptcies were filed in 1998. Less than one-in-ten creditors entitled to collect distributions does so.

• Box contents are often sold at auction, but owners or heirs can claim the funds received.

• A huge source of unclaimed funds rarely claimed by those entitled - nearly everyone.

• Unions, service and special interest clubs and groups often offer life insurance to members.

• Shoppers leave behind tens of millions each year in unclaimed credit balances and unrefunded layaway deposits.

• Easily overlooked, especially by those who are due lease payments as a birthright, i.e. Native Americans.

• The Securities & Exchange Commission estimates 3 million lost securities holders nationwide.

• Failure to cash a dividend check, exchange stock after a merger, or the return of a statement or annual report by the post office as undeliverable, establishes abandonment.

• In many instances beneficiaries don't know they're entitled to receive payments.

• In some cases bonus awards and credits may be recoverable.

• Unclaimed legacies from distant relatives are a huge source of abandoned funds.

• Nursing homes and hospitals are frequently are left with money and property after the death of a patient.

• Earnings can reach a substantial sum after a long incarceration.

• Most states do not include their own stale drafts and warrants in missing owner databases.

• Pre-paid but unused amounts on telephone and gift cards are one of the fastest growing types of abandoned property.