Money I was Owed!
As I was going through the mail this week, I opened an unexpected letter from a health care provider used long ago. To my surprise, the letter said I had unclaimed property worth at least $50 and I should call to collect it before it was sent to Nevada Unclaimed Property. What a great reminder–sometimes we’re missing money we either forgot about or didn’t know was owed to us!
What is Unclaimed Property?
Believe it or not, billions of dollars have been lost. Unclaimed property is money that goes to the state after the rightful owner fails to collect it. Think old bank accounts, uncashed payroll checks, utility deposits, insurance proceeds, overpayments, contents of safety deposit boxes, etc., were the company has lost contact with the owner. After a year, companies are legally required to send these funds to the state of the owner’s last known address. At the state, the money is lawfully protected and held while efforts to return the funds to the rightful owner are made.
Where to start?
Most states participate in the national database, Missing Money. For those that don’t, Missing Money provides contact information to the website of the appropriate state for unclaimed property. Using the online search, simply type in some basic information (First Name, Last Name, City), and see what pops up! I spent a few minutes on California’s unclaimed property search and found over $200 owed to a family member. In some cases, you’ll even be able to file a claim online and get your money in just a few weeks.
Take a couple of minutes and see if you have a few dollars owed to you! Let us know if you find any!
With a passion for finance and education, Deirdre loves reading and helping others with financial literacy. Outside of work, she loves to travel–with Italy being her favorite destination. While originally from San Diego, she has called Las Vegas home since 2005.