April 27, 2022 – Hispanic Solutions Group
We have five free ways to track your lost or forgotten assets Hispanic Solutions Group, identified with users and consumers, informing them and guiding them in a timely manner, so that they make important decisions in their financial activities, today it touches on the investment item and informs them that if you.
Are you looking for money that may have been lost or completely forgotten? It is
You or a family member may have money left over in a previous bank account, a 401(k) from a previous employer, or even a stash of hidden money in an IRA, annuity, or pension. This scenario can happen if a family member dies and the heirs do not correctly allocate all the accounts. Often the unclaimed money ends up being sent to a state office.
A staggering one in ten Americans has unclaimed property, according to the National Association of Unclaimed Property Administrators (NAUPA). More than $3 billion is returned to owners each year, the organization says.
Here’s how you can find unclaimed money and where to look for it, and at no cost!
What is unclaimed money?
Unclaimed money is money that has often simply been forgotten, one way or another, and tends to end up being held by a state agency until it is rightfully claimed. Accounts can be considered unclaimed or abandoned in as little as one year, called the dormant period, if they haven’t been used or the institution hasn’t been able to contact the account owner.
After the period of inactivity and efforts have been made to find the rightful owner, the institution can declare it unclaimed and send the money to the
state agencies in charge of unclaimed money. As part of this process, the institution must include any identifying information it has.
Financial accounts can often be forgotten, especially during the inheritance process. If all of a decedent’s accounts are not listed during the estate planning process, it can be very easy for an heir to overlook an account. The account can sit dormant for years, if not decades, accruing interest, dividends, or capital gains. There are many types of unclaimed accounts, including:
- Retirement accounts, such as 401(k), 403(b), and IRAs.
- Insurance or annuity accounts.
- Unpaid wages.
- Pensions from former employers.
- FHA insurance reimbursements.
- Taxes devolution.
- Forgotten savings bonds.
- Bankruptcy or credit union accounts.
THE DATA. – Unclaimed money can take other forms, too, so if you know there’s money lying around in your name (or working on behalf of a family member), you’ll need to contact the appropriate agency.
Where to find unclaimed money?
More consumers wonder
The type of unclaimed money may affect the type of database you should search or the state agency you should contact.
“Unfortunately, this is a state-by-state issue” says Warren Ward, CFP, founder of WWA Planning and Investments in Columbus, Indiana. “I don’t know of any national database.
So for many types of unclaimed money or property, you’ll need to search your state’s records.
“In Indiana, you can visit indianaunclaimed.gov, a site maintained by the office of the
Attorney General” Ward says. It’s actually something we do every year for our clients, but it’s very easy for one person to do if they care.
Also, Ward warns against treasure hunters who contact you out of the blue and offer to search for lost money for you.
“The claim process is now automated, but we still hear of people going through the database looking for large amounts of money and trying to get the
people pay them to locate the funds,” he says.
So if someone contacts you to find unclaimed money, it may be an indication that you have funds somewhere. That means you have to start a search yourself. You can search for free on any of the state websites and you don’t need to pay anyone to find money for you.
Five Free Ways to Find Unclaimed Money If you think you have unclaimed money or a family member does, one of the best steps is to review old financial statements to see if you can find proof of it. This could be helpful if the relative has passed away and you don’t know where to start. If you discover an account like a 401(k) or IRA, you can contact the plan administrator and go from there.
But many times the process is more complicated. These are the places you need to go next, we point them out
1. Check the NAUPA website
The National Association of Unclaimed Property Administrators (NAUPA, for has a website that can help you get organized and search for unclaimed property. It links you to your own state’s agency for unclaimed money, tells you things to watch out for, and provides an overview of the area.
2. Go to your own state agency website
If you know you’re not likely to have unclaimed money in another state, simply head straight to your own state’s site and start researching. It bears reiterating: while some third-party websites may say you have to pay, the official website for your state is free to use. So use that one.
3. Visit MissingMoney.com
If you have lived in multiple states and think you may have unclaimed money in more than one, MissingMoney.com may be of value to you. The site can run multiple searches at the same time, a useful feature if you’ve lived in the US or even had accounts in other states. The site is free to use and is sponsored by NAUPA
4. Look for money from a former employer
You have at least a couple of ways to track down money from a former employer: If you think you’re owed back wages, you can check the Department of Labor’s database and see if they have your cash. The department retains unpaid wages for up to three years.
If you’re looking for unclaimed pensions because a company went out of business or terminated a defined benefit plan, you can turn to the Pension website
Benefit Guaranty Corp. More than 80,000 people have earned a pension but have not claimed it, the organization says.
5. Find bankrupt bank accounts
You have a couple of options if your bank went bankrupt and you haven’t claimed your money yet:
You can find unclaimed money from banks that have failed on this Federal Deposit Insurance Corp. website.
If your unclaimed money was held at a failed credit union, you can track it on the National Credit Union Administration website.
Finally. – It is important to know that there are free resources available for
find unclaimed money and they are administered by each state. For the
So check out these resources before you even consider working with a site.
third parties seeking to charge you for their services.
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