4 Places You Need to Look for Unclaimed Money

Did you know that tens of millions of dollars are lying forgotten in bank accounts and retirement plans in the United States? Often, this money goes missing because of wrongly addressed checks or mails or due to the recipient changing addresses. Even those who are extremely cautious about their tax filing and finances may have unclaimed money waiting for them in the form of tax refunds, life insurance claims, etc. If you think you may have some unclaimed money, here’s where you need to look. 

Employer Retirement Plans

Sometimes, when people change jobs, they forget about the balance in their previous employer’s retirement plans. Over the years, this balance can grow handsomely. So, it may be worth checking if you have any unclaimed balances in previous retirement accounts. You can do this through the National Registry of Unclaimed Retirement Benefits website. 

IRS Refund Checks

Every year, billions of dollars of tax refund checks are unclaimed or undelivered due to incorrect bank account information, incorrect addresses, or taxpayers not cashing their checks. You can get in touch with the Internal Revenue Service office to track down any unclaimed money or lost tax refund checks. But keep in mind that you only have three years to claim outstanding refunds – if you don’t claim it within this period, your money will legally belong to the US Treasury. 

State Departments of Taxation Refunds

Like tax refunds from the IRS, state tax refunds also sometimes don’t find their intended recipients. This can happen due to numerous reasons, such as the intended recipient changing their name or address or providing an undeliverable address. Make sure you check for state tax refunds in every state you have had an address. 

Old Bank Accounts

Old bank accounts may have funds from insurance policies, phone or utility deposits, escrow accounts, dividend payments, or wages from a former employer. If you’ve had several bank accounts over the years, it’s a good idea to check if you have any unclaimed funds in them.

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

All third-party names (including company and service names), graphics, and logos used here are trademarks or registered trademarks of such third parties. Use of them here does not imply any affiliation with or endorsement by such third parties.