5 Tips to Ensure Your Funds Don’t Go Unclaimed

Yearly, millions in unclaimed dollars are given over to state coffers for safekeeping. Every state maintains a registry for unclaimed property, and it’s up to the recipients to search for and find those funds. So, if you’re worried about losing money, here’s how you can avoid having your funds go unclaimed. Let’s get started! 

Keep your accounts active

An emergency fund is essential, and putting money aside is the right thing to do. But, you must keep your bank account active, even if it’s earmarked for an emergency fund. The reason is that the account can go dormant when not frequently used. This leads to the cash ending up on the state database of unclaimed property. Making even a single transaction each year can help you avoid this fate. So, ensure you keep tabs on your savings and keep all your accounts active.

Make sure your contact info is up to date

Have you moved since you opened your bank or retirement account? Did you get a new number when you changed carriers? Have you stopped using an email address? If so, your contact info could be out of date, and your bank won’t be able to reach you. Check your contact info and ensure it’s current, as it’s one of the easiest ways to avoid unclaimed property.

Review your old insurance policies

Insurance proceeds regularly end up in the state coffers of unclaimed property. The rightful recipients won’t even know that they were eligible to receive a payment. If you are the beneficiary of an insurance plan, you should check with the carrier about claims and payouts to be sure.

Ask the IRS about tax refunds you may be owed

Death and taxes are a reality of life. Unfortunately, hard-earned money can be forgotten when it comes to collecting government refunds. In fact, most IRS refund checks are never cashed in. You can avoid this by creating a free IRS account and regularly monitoring it to see if you have any money coming your way.

Don’t forget about your mail

Most banks send statements via mail. Since many people prefer paperless communication, it’s easy to miss these notices. Ensure that you regularly check with your local post office, so you’re informed if you have mail from your bank or other financial institutions.

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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.