Found Money   Leave a comment

Unclaimed funds.  I never understood this.  Why would any sane person who is not in a witness protection program not claim money that was rightfully theirs? It seems to me that “unclaimed” is just a euphemism for “we-forgot-to-tell-you-that-we-have-your-money-and-are-keeping-it-for-you.”

States require banks, insurance companies, utilities and many other companies to turn over inactive accounts. The state then serves as custodian for the funds until they are claimed.

Our estate lawyer suggested that I search the data bases of the states my parents lived in to see if there were any unclaimed funds.  Searching for unclaimed funds is easy and it is free. The states publish the information and it is readily available online.

Sure enough, I found and recovered a couple hundred dollars that belonged to my father. The state data base had his full name and address.  Again, I can’t figure out why they didn’t just send him the money or at least a notification while he was alive, but they didn’t.

There are multiple services online now that offer assistance, but they require your email and I assume, ultimately a fee to recover the money that they found for free. Recovering the found funds should not cost you anything either.

Tips:  Checking for unclaimed funds is something you can do for your parents while they are alive.  Be sure to check for alternate spellings and check in all states where they lived and might have had a bank account.  In fact, this is so easy, you should do it for yourself while you are at it!

Information found on this web site is for general informational purposes only based on personal experience and should not be construed as legal, tax or other professional advice. You should consult an experienced attorney , tax professional or financial advisor concerning your particular factual situation and any specific questions you may have.

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