Missing Money

Articles on Money | Topic: money

by Ellinor Underwood

I’ll bet you would be surprised to learn that there are millions of dollars that belong to average citizens just like you that are sitting unclaimed. This missing money consists of everything from forgotten bank accounts to insurance proceeds. Every year more and more money goes unclaimed waiting for its rightful owner to turn up. It only takes a few minutes to determine whether or not you have a small fortune just waiting for you.

Every state has different laws when it comes to unclaimed money but the general rules are typically the same. Whenever missing money is discovered it is sent to the state Comptroller’s office. They set up a system whereby anyone can check to see who has unclaimed funds. If funds are discovered the claim process can then begin.

If you’ve ever gotten a cryptic call or a letter from someone telling you that they’ve found money belonging to you, this is likely what it is. Typically these money finders will tell you that they will hand over the information to you as soon as you pay them a fee or agree to pay a fee once the money has been recovered. Most of these businesses will want a fee that is a percentage of the claim. This can quickly add up to a lot of money, so it’s best to do the footwork yourself.

After receiving a letter like this, get online and start looking for your money. Begin by looking at the website for your state. There you are likely to find a link to missing money. A search feature will allow you to enter your name and voila you can see what awaits you. If you’ve moved in the past you might have to visit a few sites to determine where the missing money is.

Quote of the Day

It doesn’t make any difference how much money a father earns, his name is always Dad-Can-I.... Like all other children, my five have one great talent: they are gifted beggars. Not one of them ever ran into the room, looked up at me, and said, “I’m really happy that you’re my father, and as a tangible token of my appreciation, here’s a dollar.”

—Bill Cosby (20th century)

The claim process may vary a bit from place to place but generally it consists of you having to prove that you are indeed the individual due those funds. If the missing money is in your name, you’ll be required to sign a claim form and provide some documentation to support your identity. If it’s a family member who has passed, you’ll have to provide a death certificate along with documentation that shows you are the rightful heir.

You may think that paying someone to help with this is the easier route to go. This may be the case but since the claim process is so easy and painless, the money you are paying for assistance isn’t really worth it. If you are unsure about how to claim your funds, ask a family member to help you with the forms or call the Comptroller’s office directly for assistance.

Even if you don’t think you have unclaimed funds, it just takes a moment to do a quick online search. Some things just slip our minds and if you do have some money owed to you, there’s no better time to claim it than today.

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Please note: All personal opinions expressed in the "Missing Money" article belong to the contributing author and are not necessarily shared by BusinessInvestingFinance.com.

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