4 Free Ways to Find Unclaimed Money

On the hunt for money that has been misplaced or forgotten? Unclaimed money is forgotten funds that go to a state agency until it’s rightfully claimed. Funds become unclaimed when the money in an account is unused or if an institution has been unable to contact the owner. 

Accounts are considered dormant if there has been no financial activity for a long period. When the dormancy period comes close, efforts are made to find the rightful owner. If they can’t find the recipient and transfer the money, the institution declares it unclaimed and sends the funds to state agencies in charge of unclaimed finances. 

If you’re wondering how someone can forget about money they’re owed, it’s easier than you think. Financial accounts can be forgotten about after a move or during the process of inheritance. For instance, if all of a decedent’s accounts aren’t listed during estate planning, it can be easy for an heir to overlook an account. The bank account could then remain dormant for years, accumulating interest, dividends, or capital gains.

2. Go to your state’s agency site

If you’re sure you don’t have unclaimed money in another state, head straight to your state’s site and start looking. Though some third-party sites may ask you to pay, your state’s official site is free to use. 

3. Find money from a former employer

Think you’re owed wages? Turn to the Department of Labor’s database to see if it’s holding your cash. You could use the Pension Benefit Guaranty Corp site if you’re looking for unclaimed pensions because a business has closed. The organization holds unpaid funds for up to three years. 

4. Check accounts from failed banks

If you have to claim money from a failed bank, you can find it on the Federal Deposit Insurance Corp website. Track your cash on the National Credit Union Administration website if you had an account with a credit union that later failed. 

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The content of this article is for informational purposes only and should not be relied upon since it is subject to change.