Unclaimed Money from State Government

Do you know in United States there are $41.7 billion in Unclaimed Money. States are collectively holding on to $41.7 billion in unclaimed assets, including dormant bank accounts, stock splits, life insurance payouts, gift cards and uncashed payroll checks among other funds, according to the National Association of Unclaimed Property Administrators, a collective of state officials.

What money is this ?

When a business owes you money but can’t send it to you, they may turn it over to the state. Each state holds onto that money and keeps a detailed list of who it belongs to. If some of it’s yours, you can file a claim to get it back into your pocket. Unclaimed money is more common than you think — like that deposit you paid to the cable company, some leftover dough in a closed bank account, insurance money refund, or a rebate check you didn’t cash.

Over the past two years, for example, Minnesota has reached six settlement agreements with insurers to track down residents owed unpaid insurance policies, annuity contracts and retained asset accounts. The agreements have resulted in $30 million in new insurance payments, they said, with unclaimed assets now residing in the state’s unclaimed property fund. (Source CNBC)

Most unclaimed funds go missing in the first place due to simple lost contact—moving without telling financial institutions your new address, or failing to respond to mailed notices. That can set the dormancy clock running even on assets you’re aware of, like safe deposit boxes, mutual fund shares and pensions from former employers, said Joyce. It also results in plenty of surprise lost funds, such as utility deposits and last paychecks. (Source CNBC)

Where and How to get this money?

The best place to start a search is MissingMoney.com. Its easy and free process to get the money. All you need to do is, provide necessary proof that you are the right person. I do check at Credit Karma.

There are other unclaimed money like tax refunds, mortgage, insurance etc. Check at the Government website

If you are still not sure, just search for unclaimed claim money from your respective state, for example Illinois state unclaimed money can be checked at https://icash.illinoistreasurer.gov/