Free Unclaimed Money

If you could use an unexpected windfall, it's worth doing some research to see if you have any free unclaimed money coming to you.

Searching for unclaimed cash and assets is a bit like going on a treasure hunt. Free unclaimed money may include:

• Utility deposit refunds
• Insurance payments
• Trust holdings
• Stocks
• Annuities
• Unredeemed matured savings bonds
• Unclaimed wages
• Money from accounts in financial institutions
• Misplaced money orders or gift certificates
• Travelers checks
• Customer overpayments
• Items from safe deposit boxes, such as stamps, jewelry, watches, or coin collections

In most cases, the amount of the unclaimed assets is usually $100 or less. However, the total value of unclaimed property turned over in 2006 alone was $4.686 billion. In total, more than $32 billion is being safeguarded until the 117 million rightful owners can be found.

Why are items left unclaimed? There are many different reasons, but some of the most common factors include:

• The recipient doesn't know the item exists
• The recipient simply forgot about the item in question
• When the intended recipient moved, he or she forgot to notify everyone of a forwarding address
• A clerical error caused the item to be delivered to the incorrect address and it was later returned to the sender
• The item was misplaced after a divorce or remarriage
• The item belongs to a deceased person and the surviving relatives are unaware of its existence because it's not mentioned in the will

Unclaimed money is usually left in care of the Treasurer of State until its rightful owner can be found. This is because there are laws that restrict companies from keeping items when the owner can't be found. The recipient can claim the item at any time, free of charge, as long as he or she can prove ownership. In most cases, claims can be made into perpetuity – even by heirs.

The Internet has made it easier than ever before to find free unclaimed money.

Missing Money is an easy to use Web site that lets you search for unclaimed cash and other assets from across the United States. Simply enter your last name, first name or initial, and state to see if you are entitled to any unclaimed assets. The site is completely free to use and endorsed by the National Association of Unclaimed Property Administrators (NAUPA).

Many states also have their own separate sites for people interested in searching for unclaimed assets. NAUPA maintains a listing of these sites. For example, Iowans can turn to the Great Iowa Treasure Hunt for their unclaimed money search. This site, created by the Iowa Treasurer of State, lets you search for your name to see if you have any unclaimed property coming to you.

There are certain private companies that propose to help you find unclaimed cash and assets for a fee. While paying for assistance can be a good timesaver, it's important to realize that all of the tools these companies are using to search for unclaimed cash and assets are readily available to the public. You do not need to pay to find what is rightfully yours.

While it can be fun to search for free unclaimed money, it's smart to take a few preventative measures to make sure you don't lose track of any of your assets.

• Cash all checks and redeem any gift certificates as soon as possible.
• Review your account statements on a regular basis to make sure all your contact information is accurate.
• Whenever you move, file official change of address forms immediately.
• Contact all banking institutions directly whenever you have a change in marital status.
• Keep records of all your account information in a safe place, including details for any applicable insurance policies, stock certificates, or rent and utility deposits. Ask all family members to do the same.

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