What is and why is there unclaimed money? Unclaimed Money or Property encompasses any financial obligation that is due and owed to another party (customer, vendor, employee, contributor, etc.). The key rule to remember is that this property never becomes the organization’s property – it always belongs to the person or entity owed. Unfortunately, many organizations do not realize that un cashed checks, escrow balances, customer deposits, mysterious credits, and unclaimed payroll and insurance benefits qualify as unclaimed property. These organizations are often referred to as the Holder of the abandoned money or property.
• The fields of information or data points are varies and not consistent; many States by law cannot display the actual dollar amount
• If a dollar amount is displayed and the amount is “$0.00” or “unknown”, that does NOT mean that there is no unclaimed money but rather the unclaimed property cannot valued. Examples would be if the unclaimed property is stock(s) or a Bond whose value can change daily..IF the State has not yet sold the stock(s) or Bond. Another example would be jewelry or precious coins found in an abandoned Bank Safety Deposit Box. Its value is moot and cannot be accurately valued.
• Check any State in which one has resided
• Women should check both maiden, married and divorced last names
• Never use a single apostrophe. i.e.) if last name is O’Brian, the last name search would be O’Brian.
• A search for a Business unclaimed money must be the Company’s exact name:
• The Auto Glass Co. not Auto Glass Company
• A & B Company not A and B Company
• Check the common varies spellings of specific last names as:
• Thompson, Thomson
• Smith, Smyth
• Robertson, Robinson
• Schmidt, Schmid, Schmit, Schmitt
• Barry, Berry
• O’Brian, O’Brien
The remainder is placed in a small reserve fund from which owner claims are paid. Therefore, unclaimed property represents, in essence, a “quiet” source of revenue that does not require the government to raise taxes. As a result, state enforcement efforts have steadily grown and audits to drive compliance are at an all-time high.
• Federal Income Tax refunds
• FHA Mortgage Insurance premium refunds
• FDIC for failed Banks
• Unclaimed Pensions
• Lost Treasury Bonds
• American Indian Trust Royalties
• War Claims for US Nationals