Unclaimed money has been a major burden for most states. The total amount compiled up in the U.S. in the form of unclaimed money is not easy to estimate as the figures are in billions. This money, in form of unclaimed cash and properties, are still waiting for their rightful owners to come and make a claim.
These piles of unclaimed properties are a huge burden on the state agencies who manage them for years. The major contributors to the growing piles of unclaimed property are forgotten apartment security deposits, insurance refunds, and un-cashed checks. The main reason behind the growing pile of unclaimed properties is growing ignorance among people and the fear of legal tangles. Searching for unclaimed money requires proper method and approach that this article will make you familiar with. Here are five foolproof ways and strategies that can assist you in locating unclaimed money:
- To start with, the best thing to do first will be to find all the combinations of your name, as this will assist in searching the property that may be unclaimed under a different name. For example, if your name is Tim J Cooper then the possible variations will be Cooper Tim, Cooper J Tim, Tim Cooper and so on.
- The second step is to start searching the entire database state wise, because unclaimed property may be located in any part of the state. The search needs to be deep and refined because it is not necessary that the property you are searching for be in the same state you are residing in. Searching an entire database of a state accurately is very difficult as it takes a lot of time. Therefore, one should opt for an all-in-one database that is updated on a regular basis.
- To improve the search in the database of different countries, try to filter your search by entering different addresses or areas of past residences to get accurate results. You can also conduct the search based on any other past information like that of account information.
- The claiming process is never simple as there are certain formalities that need to be carried out in a proper manner. These formalities include the submission of application form along with certain documents as evidences that are submitted to the concerned authorities for action to take place.
- While checking all your accounts make sure you take into consideration every account you had in the past or since childhood as there are chances of unclaimed money left with the bank authorities. Searching the State Treasurer’s website in the unclaimed assets department will provide you information related to all assets like abandoned gift items and properties under your name.
Following the above-mentioned steps can help you get the unclaimed property that you have been searching for in past years. Unclaimed money is one of the biggest problems that the state treasuries and the federal agencies are dealing with as the pile is increasing at an alarming rate.