Government Sites for Unclaimed Property Key Terms

Understand How to Use Govenment Sites to Claim Property

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.

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.
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.
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.
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.
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.
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.
National Association of State Treasurers provides a thorough definition of unclaimed property.

Copyright © 2013 Business.com, Inc. All Rights Reserved.

---