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Unclaimed Assets: Money The Government Owes You! |
| Unclaimed Money - Unclaimed Property Search |
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Unclaimed Assets: Money The Government Owes You! |
| Unclaimed Money - Unclaimed Property Search |
| Unclaimed Money Frequently Asked Questions |
Unclaimed What |
80 million Americans are owed a share of $300 billion in uncashed checks & non-refunded deposits, forgotten bank accounts & safe deposit boxes, abandoned stocks & bonds, unpaid insurance & retirement benefits, and a host of other financial assets. Assets become abandoned in the eyes of the
law after the owner (or rightful heir) fails to make a
deposit or withdrawal on a bank account; Those left holding the assets: banks, insurance companies, employers, unions, brokerages & utilities; even landlords, retail stores & restaurants - are required to turn them over to the "protective custody" of the government in a process called "escheat." Here they await your claim! |
How much |
New York is holding $4.2 billion for over 15 million citizens. Add $3.9 billion from California, and consider that Florida, Massachusetts and Texas contribute $3 billion more ... well pretty soon it starts to add up to real money! But this isn't just a "big state"
phenomenon. It's happening everywhere.
A conservative estimate is $30 billion waiting to be reclaimed by 80 million owners. The total is growing by more than $8 million per day - nearly $3 billion per year - thanks to recent changes in the law. But that's just what states are holding! |
| What about federal agencies? |
No one knows
exactly how many hundreds of billions of dollars federal
agencies are "safeguarding" but a government
report said return of the money owed would
"negatively affect the deficit!" Here's a small
sample ... |
How come |
Think it couldn't possibly be you?
Think Again! Did you forget about an old bank account, unredeemed savings bond or gift certificate, uncashed check, unrefunded deposit or unused benefit? Were records lost due to theft, fire or flood? Maybe you never even knew you were named an heir or beneficiary in a relative or friend's will or life insurance policy, or that you were entitled to a settlement from a class action lawsuit! If you've moved, changed your name after marriage or divorce, or switched jobs over the years, it can be difficult to find you. And often being declared "missing" results simply from computer or clerical errors, or the expiration of a post office forwarding order! |
Is anyone famous owed money? |
Holders of abandoned funds are supposed to make a good faith effort at finding owners, but often that consists of publishing a single notice in the newspaper. Here are some of the famous people and organizations owed money: Ronald Reagan; Fidel Castro; Bob Hope; Mick Jagger; George Burns; NASA; Richard Nixon; Kofi Annan; Wall Street Journal; George Bush; Kevin Costner; Darryl Strawberry; Paul Newman; Disney World; Microsoft; American Family Publishers; General Motors; Miami Dolphins; Arthur Fiedler; Jacqueline Kennedy; Mel Gibson; Money Magazine; Jack Nicholson; Caesar's Palace; Boeing; Kevin Costner; Dustin Hoffman; Jeb Bush; Muhammed Ali; LA Lakers; Indiana Pacers; Albert Gore; New York Yankees; Janet Reno |
What's the bottom line? |
Refund checks typically average
$800-$1000, but many are for substantially more. There are time limits on many types of claims, despite what you may have heard. There is no "national database" of unclaimed funds. Legal notices in newspapers and missing owner databases online contain only a small fraction of accounts actually available for claim. Assets may be held just about anywhere, regardless of where you now live. Federally-generated assets (unredeemed savings bonds, uncashed IRS refunds, unpaid Social Security and VA benefits, etc.) are not included in state databases. Foreign nationals may need to follow special procedures to locate and claim lost assets. Professional "tracers" and "heir finders" get information on unclaimed assets before they are turned over to government agencies, so standard searches will not work. Certain types of assets are excluded from public databases, and won't show up on missing owner lists. Government agencies holding funds have a strong incentive not to contact owners or heirs ... cash not claimed is transferred to the general fund and may be spent. |
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forgets to apply for a
benefit, insurance policy payout, credit or refund due;
holds uncashed any check, money order, or gift
certificate; even after a statement is returned as
undeliverable by the post office.
Tiny Rhode Island owes 60,000
residents $60 million! And many accounts involve sizable
sums. Recently a Louisiana citizen received a check for
$1,026,738 and one lucky Texas resident collected
$4,251,987.