Home » Guides » Finance » Finance » Government Sites for Unclaimed Property Basics

Government Sites for Unclaimed Property Basics

Find out more about using government Web sites for unclaimed property

By Trisha Schulz
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.

 

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.
Try: 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.
Try: 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.
Try: 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.

 

  • 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.

Copyright © 2011 Business.com, Inc. All Rights Reserved.