Finding unclaimed money
Unclaimed money to most people might be some forgotten cash in the pocket of a jacket you bought at a thrift shop, or perhaps a wad of $20 bills you might have found in the parking lot of a biker bar.
There is $22.8 billion in unclaimed property nationwide, according to the National Association of Unclaimed Property Administrators. Only $876 million in assets has been returned to their owners.
What defines unclaimed assets? By legal definition, it is any financial asset that has had no activity for at least 5 years. This can include bank accounts, the contents of bank safety deposit boxes, stocks & bonds and various other investments, life insurance, or even money stuffed in a mattress.
If you moved, you might have completely forgotten about a checking account, or money owed to you, or else forgot you had something in a safety deposit box. Unclaimed assets are eventually turned over to the state, until the owner claims it or else it may eventually end up being auctioned off if it’s something other than money. On average 1 out of 8 people in the US have unclaimed assets. The average amount is $920.00.
Most states offer assistance and online forms to file claims. unclaimed.org is a helpful non-profit organization who has information about unclaimed assets.