Feb. 1 Is Unclaimed Property Day. Here's How to Find Out if You're Owed Money
1 in 7 Americans have unclaimed property. Don't miss out on funds that belong to you. Learn how to search for unclaimed funds and make a claim.
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Unclaimed Property Day is coming up on Feb. 1. Now is the perfect time to claim any money that you're owed. According to the National Association of Unclaimed Property Administrators, nearly 33 million Americans are owed money. If you're owed unclaimed property, like an uncashed paycheck, refund check, or security deposit, you can claim to collect your cash. Learn here how you can check whether you have unclaimed property so you don't miss out.
What is unclaimed property?
The National Association of Unclaimed Property Administrators is a group that works to return unclaimed property to rightful owners. Each year, Unclaimed Property Day serves as a way to bring more awareness so Americans can reclaim property that belongs to them.
Unclaimed property is held within financial institutions or companies. Property becomes unclaimed after a set time period of inactivity and must then be turned over to the state.
Each state maintains a database of unclaimed property. If your state's database shows you have some, you can file a claim to collect it. You'll need to provide proof of ownership during the claims process. After the validity of your claim is verified, you'll get paid.
Some examples of unclaimed property include the following:
- Uncashed payroll checks
- Customer overpayments
- Refunds
- Money in checking accounts or savings accounts
- Utility security deposits
- Trust distributions
- Contents of safe deposit boxes
Find out if you have unclaimed funds
According to the National Association of Unclaimed Property Administrators, 1 in 7 Americans have unclaimed property. You or someone you know could be one of them. Here are two ways to find out if your state has property that belongs to you.
Check MissingMoney.com
An easy way to check whether you have unclaimed funds is by searching on MissingMoney.com. This website is endorsed by the National Association of Unclaimed Property Administrators and the National Association of State Treasurers. According to the website, the average claim value is $2,080.
To search, enter your first and last name. This tool makes it easy to search across multiple states, so it's a great resource if you've lived in several states. If unclaimed property of yours is found, follow the instructions to get more information and start the claims process.
Search your state's unclaimed property database
Each state maintains an unclaimed property database. You can go directly to your state's database to search. It's free to search and make a claim. Before filing a claim, verify that you're accessing an official state government website. Unfortunately, online scammers are getting more creative with their efforts, so it's essential to consider your online safety.
My experience making a claim
I found unclaimed funds after searching my state's database a few years ago. My husband was owed a few hundred dollars from his former college due to an overpayment for his tuition. He never cashed the initial overpayment check because we had lost it during a move.
After realizing we were owed money, we started the claims process through our state. It took a few weeks to process the claim, but we eventually received payment and put it in the bank. I now make it a point to check to see if we have any unclaimed property at least once a year.
File a claim to collect your cash
If you're owed money, make sure you claim it. Every extra dollar makes a difference, especially in today's expensive world. You could boost your savings account balance or reduce your debt faster using extra money. Check out our personal finance resources for more tips.
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