Is it possible you have government unclaimed money you might not be aware of? According to statistics, it is entirely possible. While you might think it unlikely that you have unclaimed government funds awaiting you, the IRS alone is holding millions of dollars in tax refund checks that remain uncashed. Around the country, states are also holding other forms of gov unclaimed money.
Government unclaimed money and property can come from a variety of different sources. These sources of unclaimed funds can include uncashed payroll checks, money orders and travelers checks, forgotten checking and savings accounts, unpaid insurance policies, unused gift certificates, tax returns, child support payments, alimony payments, utility and security deposits, inheritances, unclaimed commissions or wages, royalty payments, credit balances, stocks and bonds, securities, dividends, mutual funds, refunds, forgotten layaway balances, safe deposit boxes, military benefits, pension benefits and mortgage insurance refunds. Most unclaimed government money arises whenever someone changes their name due to divorce or marriage or they change their address. Money and property can also become unclaimed whenever an individual dies and their heirs or family is not aware of a certain bank account, investment or some other source of funds.
Whenever unclaimed government money is not claimed for a period of between three to five years, the organization or company that is holding that property or those funds is required to report it. That report is made to the state where the owner last resided. The state then has a responsibility to hold that money or property until the true owner makes a claim.
The problem arises when someone is not aware they even have unclaimed funds or properties. To resolve this situation most states now have made a website available to assist citizens in searching for unclaimed money from the government. Through the use of a searchable online database you can instantly discover whether you are due any government unclaimed money; either in your name or potentially through an inheritance. There are also website’s that will allow you to conduct a search for unclaimed government money by paying a fee. The fee is often a percentage of whatever money is found in your name. Many of the companies which advertise such databases are quite legitimate and can provide excellent services; however, it is also important to exercise caution when using such sites. In many states such sites and firms are required to be registered or licensed and legal limits are imposed regarding the size of the percentage of the unclaimed government property the company is allowed to charge.
When searching for government unclaimed funds, it is important to remember to search in any state in which you may have resided. You should also make certain you use all potential variations of your name. This includes any prior married names or maiden names as well as all initials, middle names and nicknames. You should also use common misspellings of your name to ensure you conduct a thorough search. Remember to search in any states in which your family members may have lived over time as well.
You should also conduct a search for government unclaimed property if you have ever moved, if you have been laid off from a job, been re-assigned, if you have retired, if you have stopped making payments on any insurance policy, if there is a deceased family member’s estate which has been settled or if you have a savings or checking account on which you have not made any transactions in more than three years. The size of unclaimed money from the government can vary from a small amount to amounts or property of significant value, so it is certainly important to take the time to search for any unclaimed government money that may be due you. It only takes a few minutes to search for government unclaimed funds; however, the results could certainly be well worth it the time spent.