Billions in government unclaimed funds sit idle while oblivious owners lose out on what is rightfully theirs. Retirement funds, rebates, bank accounts, savings bonds or other funds become unclaimed property when such accounts sit dormant or abandoned. The owner may have died, had a name change or moved without notification and the bank or company can no longer find the owner. Contact with that individual has been lost.

But government sites for unclaimed money can be used to search for potential unclaimed assets. A simple search with your name may be all that it takes. Business owners can also search for unclaimed property by typing in their business name. The database will bring up any unclaimed property associated with the name.

Consider these other government sites for unclaimed property basics:

1. Each state has its own set of laws for handling unclaimed property.

2. Life insurance makes up a large percentage of unclaimed funds, as it is up to an heir to file a claim before funds can be released.

3. A photo ID and proof of address is required in most states to pursue a claim on government unclaimed money.

Action Steps
The best contacts and resources to help you get it done

Learn about how funds become unclaimed property

It may seem difficult to lose money. But what if you never knew you had it? That's often the case. When funds or an account becomes dormant after a certain period of time, the money or property is turned over to the state. While some states promote their unclaimed property service through public relations campaigns, it is up to individuals to find out if they have unclaimed property and go through the proper channels to reclaim it.

I recommend: Check out the National Association of Unclaimed Property Administrators' website to learn some facts about unclaimed property. Want to learn more? Consider ordering a webinar on CD-ROM from the Association of Certified Fraud Examiners.

Search government sites for unclaimed property

Each state runs its own database of unclaimed property. Many times, you can go to the state's website and conduct a search there. Otherwise, you can contact the state by phone or e-mail. For federal unclaimed property, you must search each individual agency separately.

I recommend: Think you may have an unclaimed tax refund? You can check out the Internal Revenue Service database. To search for unclaimed property in California, tap into the California State Controller's Office database.

Consult unclaimed property sites for policies on claiming property and auctions

Each state may have its own policies on how property is claimed and when unclaimed property is then turned over for auction. Although some states may charge a handling fee to those claiming property, it should be minimal.

I recommend: The ACS Unclaimed Property Clearinghouse offers information and tips on how to claim unclaimed property. If you're in Washington, check out the Washington State Department of Revenue for their auction policies.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Don't pay to search unclaimed property databases. A government site for unclaimed money will let you conduct a search for free; some private services may try to make a profit by charging for that information.

Every year, millions of dollars go unclaimed by their rightful owners. Whether it’s unclaimed funds from failed or merged banks, uncollected tax refunds, pensions from bankrupt businesses or simply unclaimed property, people often just lose track of the money and property that’s due them, or they may feel like they have no recourse to recover it.

As a small business owner, you should take advantage of government sites for unclaimed property. If you monitor the sites on a regular basis, you may find unclaimed property that’s yours. As you review government websites for unclaimed property, you should gather a few things together:

1. List all of the banks, credit unions and any other institutions that you’ve held your money in over the last decade.
2. Write down any company, whether insolvent or not, that you have been promised pension benefits from that you aren’t receiving.
3. Review your tax records to make sure you’ve received all refunds due you so you can retrieve your government unclaimed money if it’s due you.
4. Create a list of any financial property you’ve lost, if you know of any, as well as the contents of any safety deposit boxes, so you can check unclaimed property sites.
5. Gather any currency or bonds you have that are damaged or mutilated beyond use.

Action Steps
The best contacts and resources to help you get it done

Check for unclaimed property from failed financial institutions

When a financial institution fails, depositors may overlook getting their insured deposit back, may lose or misplace a check or may have the wrong information on file so the institution isn't able to contact them.

I recommend: Search the FDIC for unclaimed deposits in your name. You’ll also need to have the name or location of the failed institution. Print off and mail in the FDIC Claimant Verification form if you do find your unclaimed property through the search.

See if you have unclaimed credit union deposits

When a credit union is dissolved, its funds go to the National Credit Union Administration (NCUA), who then attempts to find the rightful owner. However, the owners aren't always found.

I recommend: Visit NCUA’s listing of unclaimed deposits, which includes the depositors’ names, as well as the name and location of the defunct credit union. If you’re listed, download the claim form, complete it and mail it to the NCUA.

Get the pension funds due you

If a private company you worked for liquidates its pension plan, the pension funds generally go to the Pension Benefit Guaranty Corporation (PBGC), who then locates and reimburses missing participants.

I recommend: Search for unclaimed pension benefits at the PBGC website. You’ll need to enter the company name and state in addition to your name. Contact the PBGC if your name is on the list.

Claim your uncollected tax refunds

One of the largest sources of government unclaimed money is uncollected tax refunds, usually caused because the IRS doesn't have your latest address.

I recommend: If you suspect you have an uncollected tax refund from last year, update your address with the IRS immediately using the IRS Change of Address, Form 8822. The IRS will send out your refund as soon as they receive the form, if you have a refund coming to you.

Find unclaimed property on the state level

Even if you find no unclaimed funds or property searching federal web sites, you may find something on the state level.

I recommend: Search for unclaimed property in individual states at NAUPA or Missing Money. Both provide links and contact information for individual state agencies.

Get reimbursed for damaged money and bonds

The Federal government will replace currency or bonds that are too damaged to use.

I recommend: The Federal government will replace currency or bonds that are too damaged to use. Review the guidelines at the Bureau of Engraving and Printing website for mailing damaged currency to the Department of the Treasury. For damaged bonds, complete form PD F 1048, which is available from the Department of the Treasury.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  In addition to government web sites for unclaimed property, you should also check out commercial unclaimed property sites, such as the National Unclaimed Money Database.
• •  Check for deceased relatives' property, as well. You may be able to claim it.

Wonder if you have some money out there due to you? Unclaimed property sites can help you search for "lost money" from savings or checking accounts, payroll checks, unredeemed gift certificates and many more. You may think that losing money would be difficult, but a name change, address change or unfinished paperwork can all lead to unclaimed property.

State agencies and even some federal agencies who handle unclaimed funds go about tracking down the rightful owner in a number of ways, including searchable databases you can access online. You can search by asset type, by federal agency or through a state agency, too.

Consider the following information when using government sites for unclaimed property:

1. Unclaimed money sites include that property about which the financial institution or company has not had contact with the owner for a year or more.

2. It may be helpful to check out government sites for unclaimed money in several states or through a federal agency, because the unclaimed property notification will be sent to the owner's last known address.

3. While some companies charge you to search for unclaimed property, a government site for unclaimed money will let you search for free.

Action Steps
The best contacts and resources to help you get it done

Search government sites for unclaimed property by asset type

Usually an unclaimed property holder isn't going to track you down; you must be the one to start an unclaimed property search. There are a variety of assets that can be lost. If you think you have money coming to you from stocks or a security deposit, it may be easier to check the online databases under those categories first.

I recommend: Whether it's a lost bank account, social security benefits or an unclaimed inheritance, search via Asset-Recovery-Services. Veteran benefits, class action lawsuits and even actor residuals can be searched through National Unclaimed Property Associates.

Find government unclaimed money through a federal agency's website

A few federal agencies also hold onto unclaimed property. Those agencies include HUD, U.S. Savings Bonds and the Internal Revenue Service. Although there isn't one overall database, you can search each agency individually for unclaimed property.

I recommend: To find out if you are eligible for a refund from your FHA-insured mortgage, check out the U.S. Department of Housing and Urban Development. Missing a pension, annuity or other benefits? Search Pension Benefit Guaranty.

Locate unclaimed property through your state government

Most states keep unclaimed property until the owner is found. The process for claiming the property may vary from state to state but all include some kind of identity verification and filling out a claim form.

I recommend: ACS Unclaimed Property Clearinghouse provides addresses and phone numbers of your state agency that deals with unclaimed property. To search unclaimed property in Texas, check out its Comptroller of Public Accounts site.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Even if a state requires you to pay a handling fee to get your unclaimed funds, the charge should only be about 1% of the unclaimed property value.

There are various government sites for unclaimed property, just as there are many types of unclaimed property. Anyone who may have property that was forgotten or abandoned may have the right to claim this property. In doing so, there may be some terms that can be confusing. They include unclaimed insurance deposits, FHA refunds, defined benefit and unclaimed refunds. Individuals should understand what these types of unclaimed properties are so that they can find them and get them back.

Action Steps
The best contacts and resources to help you get it done

Unclaimed insured deposits

The Federal Deposit Insurance Corporation (FDIC) may have unclaimed insured deposits. These deposits have not been claimed by their rightful owners from the associated financial institutions.

I recommend: The Federal Deposit Insurance Corporation allows individuals to search for these claims and provides additional information about what unclaimed insured deposits are.

Unclaimed refunds

Individuals who fail to file a tax return may have unclaimed refunds or other funds that have not been claimed from the Internal Revenue Service. These are taxes that individuals paid over and above what they owed in taxes.

I recommend: The Internal Revenue Service provides more information on unclaimed refunds on its website. Individuals can also learn how to search for these refunds.

FHA refund

There are two forms of FHA refunds -- distributive share and premium refund. Both are part of the of the Federal Housing Authority (FHA) mortgage insurance program. The refunds are given to those who have held an FHA backed loan and meet other requirements.

I recommend: The U.S. Department of Housing and Urban Development explains more about FHA refunds including exceptions and determining factors.

Defined benefit

Some individuals may be eligible for refunds or distributions from pension plans. This occurs when a company goes out of business and can't find employees that participated in a defined benefits program. A defined benefit is a specific amount of money that was to be paid out over a set period.

I recommend: The Pension Benefit Guaranty Corp. provides more information on defined benefit claims.

Credit union surplus funds

Members of defunct credit unions may be entitled to a claim federally insured funds. These unpaid funds become credit union surplus funds.

I recommend: The National Credit Union Administration provides more information on credit union surplus funds and refunds.

Unclaimed property

Unclaimed property is any account held by financial institutions or companies that have had no contact with the owners for at least a year. These include annuities, stocks, checking and savings accounts, trust distributions and customer overpayments.

I recommend: The National Association of State Treasurers provides a thorough definition of unclaimed property.