Find Mass Money Being Held by Federal Agencies
Find mass money for unclaimed property. Unclaimed money and assets are those funds or properties that are financially related where their rightful owner is not located or has no activity within the said asset for a long period of time.
Generally, unclaimed money or assets are surrendered to the government by the company, business, organization that owe you money after a long period of time. The government has the right to hold and take the proprietorship of the unclaimed money of its citizens also known as Escheat.
Usually, Escheat happens when a person with funds or properties dies without a will or an inheritor.
However, the main idea of escheat is for the unclaimed money or property will always have its acknowledged owner, this is where the federal or government acts. Each state in the United States has its respective laws and regulation regarding escheat.
Moreover, unclaimed money or assets can be reclaimed by its rightful owner but it needs to undergo a specific process. The process of getting your unclaimed funds or properties depends on your local state.
Want to Find Mass Money?
Here are some of the most common Unclaimed Money or Funds.
1. Gift Certificates
/Unredeemed Money Orders.
2. Inactive Stocks
3. Checking /Savings Accounts
4. Savings Bonds
5. Payment or Refund of Insurance
6. Customer Overpayments
7. Bank Failures
8. Unpaid Wages
9. Payroll Checks
10. Utility Security Deposits
11. Tax Refunds
How Does Funds became Unclaimed
Money or Funds of a person becomes unclaimed when the owner of the asset cannot be found or has no activeness with his/her assets according to its dormancy period. The dormancy period of an asset is the allocated time when a company or financial institutions evaluates an asset as unclaimed until the government considers the asset as unclaimed.
Usually, the common dormancy for several states is a 5 years period. After the said program, the asset will undergo escheatment and will be under the government until the rightful owner will reclaim the said asset.
Various causes can be counted in as specific money or funds becoming unclaimed. For instance, a person will have a tax refund. Before the process of tax refund, the person moves from another house but did not update his/her new address with the tax authority.
In this case, the tax refund of the person will be unclaimed since the tax authority doesn’t know his/her new address. Another common situation for unclaimed funds is someone’s pension. If a closed company did not give information regarding the administration of pensions, the pensions of its employees will be unclaimed.
In terms of tax, as a specific property is considered unclaimed, it does not have tax. After the reclamation process wherein the property already belongs to its rightful owner, it can be recognized as taxable. However, some unclaimed property funds like investments can reclaim tax-free by their owner.
How to Find Mass Money?
You can find your unclaimed money by navigating to official databases for free.
If you will find unclaimed money in your State:
Businesses and other financial institutions send the unclaimed money to respective state-run unclaimed property offices when the rightful owner of the money is not active. Mostly, insurance policies and bank accounts are the common unclaimed money held by each state.
If you will find unclaimed money from your Employer:
The Department of Labor (DOL) manages the unclaimed money from employers, especially those unpaid wages, you can recover them once your employer broke labor laws. Visit the department of labor website, write your employer's name and search whether your employer owes you money.
If you will find unclaimed money from Insurance:
If you want to know whether you have unclaimed money or funds from your insurance, you can simply visit the insurance website of the U.S. Department of Veterans Affairs
If you will find unclaimed money from Tax Refund:
The Internal Revenue Service (IRS) is in charge of when an individual has an unclaimed tax refund. Simply visit the IRS website and check if you have unclaimed tax refunds.
If you will find unclaimed money from Investments and Banking:
The Federal Deposit Insurance Corporation (FDIC) handles unclaimed money when there’s a failure on the bank or financial institution of the owner.
How to Reclaim my Unclaimed Money?
Reclamation is the process where the rightful owner of money reclaims his/her funds. Each state in the U.S has its own rules and regulations on how an individual can reclaim their money.
Moreover, the steps on how to reclaim your unclaimed money can be seen from the same websites or databases where you found your money or assets (you can see these websites above).
Also, you can check your local government offices to have information about reclaiming your money in your area.
What are the Documents I Need Upon Reclamation?
The requirements upon reclaiming the unclaimed money or funds of an individual depend on the type of unclaimed money. If your funds are held by your state, visit the unclaimed official website to see the documents you need to present upon the process of reclamation.
You can search for your local state and find the requirements as each state has its own rules and regulation in terms of reclamation. Within the said process, you must prove that you are the rightful owner of your unclaimed funds and undergo various steps in order to reclaim them properly.