Search For Unclaimed Money Increased

Search For Unclaimed Money Increased. Unclaimed money in the United States runs into the billions of dollars. But if you go searching for unclaimed money, do it yourself – at least at first.

After “Good Morning America” recently featured stories of people who found unclaimed money from the government and the experts who helped them, interest in unclaimed money is mounting. You can check the National Association of Unclaimed Property Administrators to see if you are owed any money you didn’t know about.

It was an interesting story about a woman in West Virginia who learned that her mother had purchased a CD (certificate of deposit) years before and after the death of the mother, the money was sent to unclaimed property. Imagine her surprise when the West Virginia State Treasurer showed up with a check for over $14,000! This "found" money can come in the form of federal tax refunds, lost life insurance policies, failed bank accounts, unclaimed savings bonds, misplaced pensions and lost 401(k)s, in your or a deceased relative's name.

Another example, in 2007, Barry Rosen received a notice from the state that he had unclaimed money due to him, so he filed a claim and has since received $3,200 from the state. Mr. Rosen, pictured in his Berkeley, Calif., home, said he was likely to put the money into a vacation.

This reminded me that the State of Illinois has an unclaimed property program called Cash Dash. Have you ever checked the database to see if you or any of your relatives have money that you forgot about and is due you?

And what should you do to make sure that everything you own stays with you or your heirs?

* Make a list of all accounts - include the obvious ones like checking and savings accounts, but make sure to include stocks, bonds, life insurance policies (those you purchase and those that are part of your employment package), CDs, savings bonds, brokerage accounts, accidental death policies, pensions (from current and former jobs), 401(k)s, IRAs and any other financial assets you own.

* Check for unclaimed money in deceased relatives' names - check all states where your relatives lived, although it isn't a bad idea to check out all 50 states because businesses might bank in a state that your relative did not live while working for that company.

Check out MissingMoney (for an almost-nationwide search) or the National Association of Unclaimed Property Administrators to see if you have unclaimed money, you might be surprised because in the time it took to write this post, I found unclaimed money for 2 of my living relatives and they are in the process of claiming their money.

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