Are you Struggling to find your unclaimed money? Don’t worry here is the process that how to locate and retrieve unclaimed money that is rightfully yours, whether misplaced or forgotten.
Because millions of Americans have been financially drained by the coronavirus outbreak, this is an excellent moment to look for any spare cash.
We’re not talking about rummaging through the couch cushions for loose change or expecting to find $20 in your coat pocket by chance.
Looking online can help you locate the money you may have forgotten about. There’s a good chance there’s some cash with your name on it.
According to the National Association of Unclaimed Property Administrators, one out of ten Americans has unclaimed property or money (NAUPA).
This money comes from monies located in banks, financial institutions, or corporations that have been given over to the state since the owner hasn’t communicated with them in over a year.
The most common culprits are a forgotten bank or savings account, uncashed paychecks, stocks, security deposits, customer overpayments, unredeemed gift cards, or tax returns from the IRS.
Select delves more into how to recover money owing to you and how to cash in on the money you’ve earned but may have forgotten about in the sections below.
How to find lost money
A neglected savings account or a misplaced paycheck might be a lifeline for many people during this period. Fortunately, reputable websites can assist you in your search for these cash windfalls.
First, go to NAUPA’s Unclaimed.org, a national network that collects records from all 50 states.
There are links to each state’s official unclaimed property programme from there. Because they are all verified government resources, you should use NAUPA-provided websites rather than a general search engine.
You’ll be sent to the state’s official website when you click on it. If you officially changed your last name, search for your unclaimed money using both your current and maiden names.
You might also wish to try various search queries, such as using your first name’s first initial plus your entire last name.
Because the unclaimed property is reported to the state where the business or organisation is situated, it’s typical to lose money in multiple locations, especially if you’ve moved between states.
NAUPA recommends using MissingMoney.com, a free website they encourage, to search numerous states at once. Make a list of all the states where you’ve lived and worked.
How to Claim Unclaimed Money
Each state has its unique procedure for claiming unclaimed funds, but it should be straightforward.
You should bring proof of ownership of whatever you’re claiming, such as a pay stub, utility bill, or your Social Security number. You’ll also need identification, such as a copy of your driver’s licence or passport.
According to the NAUPA website, processing timelines vary by state, but some can take as little as 30 days.
Other government databases that can be searched include:
- For any undeliverable tax refunds, go to the IRS website.
- For unclaimed pension funds, contact the Pension Benefit Guaranty Corporation.
- The US Treasury is on the lookout for unclaimed savings bonds, registered Treasury notes, and registered savings bonds.
- Bonds issued by the US Treasury
How to cash in forgotten money
While you may not have lost money in a forgotten bank account, there’s a good possibility you have some money sitting around that you might use right now.
The first thing to consider is your credit card rewards. If you have a cashback credit card in your wallet and use it frequently, keep in mind that you’ve earned money that could come in handy.
Cardholders can redeem cash back for checks or statement credits once they’ve earned $25 with the Citi® Double Cash Card, which offers 2% cashback: 1% on all eligible purchases and an additional 1% when you settle your credit card bill.
Select discovered that, assuming cardholders optimise their rewards potential, the average consumer can earn $437 in cashback after just one year and $2,185 after five years.
However, it isn’t simply cash back cards that are useful right now. You may use your travel credit card points on non-travel options like cash back or merchandise now that travel is arguably on hold for a long time.
(It’s worth noting that the redemption rate is likely to be lower than if the points were used for travel.) For example, suppose you have the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, example.
In that case, you can use your Ultimate Rewards® points for Amazon.com purchases or as cashback in the form of a statement credit or a direct deposit into your checking or savings account.
And, as Americans’ buying habits changed due to the epidemic, credit card companies responded by adjusting their rewards programmes, including changes to travel credit, through the end of the year.
Users of the Citi Prestige® Card can use their $250 yearly travel credit at supermarkets and restaurants to make qualified purchases.
Money transfer platforms like Venmo and PayPal are another area to look for lost dollars.
These applications are lovely for dividing payments and splitting takeout bills, but it’s also a good idea to deposit the money into your bank account.
While you’re quarantined at home, take advantage of the opportunity to do some financial “spring cleaning” and make sure none of your banking apps has money in them.
Finally, don’t forget about those unused gift cards that are piling up in your wallet.
CBS News reported earlier this year that as much as $3 billion in gift cards would go unredeemed this year alone, based on estimates from Mercator Advisory Group.
Consider cashing in an old gift card for cash if you don’t like the store or forgot about it.
Card exchange companies such as Cardpool.com allow you to trade or sell real and electronic gift cards for up to 88 per cent of their original value.