$35 billion dollars lying waste, idle and unused! Read ahead to know about unclaimed money
What exactly is this money? The money is the nation's Unclaimed Money.Unclaimed Money comes into existence from many different sources. To recover the money owed to you, you must search the Unclaimed Money databases to find all instances of money owed against your name. How to find unclaimed money? When searching for money owed to you, search for money owed to your family and friends as well.
It may sound unbelievable but it true that eight out of nine individuals are owed money but have no idea about the same. It could even be you! I know who took your money, where it is kept and how to recover it.
Without their knowledge, millions have lost their money. So much so that the sum of unclaimed money is in excess of 35 billions dollars
What exactly is this money? The money is the nation's unclaimed money.
Now that you know about the existence of unclaimed money, are you wondering how it come into existence? Unclaimed money comes into existence from many different sources. Some of the most common sources are checking accounts or savings accounts that have been forgotten, utility deposits that were never recovered, inheritances that one did not know about, insurance payments, stocks, bonds and dividends that were forgotten uncashed child support or alimony, tax refund and pay checks
When individuals do not operate their accounts and when the person holding the money cannot contact the individual and if the account has been lying dormant for three years or more, the money becomes unclaimed money. This happens when people move residence without providing updated contact information.
Ideally, the agency getting possession of your money must locate you and hand it over to you. However, apart from a few advertisements, nothing else is done to find the owners of the money. The money remains missing and unclaimed until and unless the owner of the money, that is you, takes effort to find and claim the same.
To recover the money owed to you, you must search the unclaimed money databases to find all instances of money owed against your name. Each state has its own database. Each database is updated regularly. To search 50+ databases on a regular basis is neither possible nor advisable. Rather, one should search 'All Inclusive Database' that has the records of all the state as well as the federal agencies.
How to find unclaimed money? Some tips!
Do not search just under your legal name. Search under the variations of your legal name as well. P. Jones, Pat Jones are variations of Patrick Jones and the individual must search under all the variations possible.
Technology is the best bet you have to recover your unclaimed money as quickly as possible. Databases offer Name Match Technology that search for not just your name and other versions of your name but also for minor variations of your name. Such a database would include Pat Jones, P. Jones, Partick Jones and Patrick Jonse when you search for Patrick Jones.
When searching for money owed to you, search for money owed to your family and friends as well. They too may be owed money and your efforts may help them recover it.
Many people diligently search for unclaimed money owed to them but then do not proceed any further. Never make such a mistake. Once your have completed your search, fill your claim and submit the documents to claim the money.
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