States have Billions in Lost Money -- Some of It Might Be Yours
It’s time for your annual “Trick or Treat” visit to the state Controller’s web site to look for bank accounts, investments, security deposits etc that you lost track of years ago. It is remarkably easy, and can actually be fun. In less than 10 minutes, I found at least 5 of my clients on the list!
All states have “unclaimed property” laws that require unclaimed property to be turned over to the state after a specified period (usually 7 years). The states then hold this money, indefinitely, until someone turns up with a valid claim. Most states offer searchable web sites to help reunite owners with their lost funds.
In New York, the search begins at http://www.osc.state.ny.us/ouf/index.htm
To find sites for other states, go to http://www.unclaimed.org/ and click on your state. Or, try CreditKarma.com to search multiple states.
Besides funds that were turned over to state authorities, there are other types of unclaimed funds. The Pension Benefit Guarantee Corp can help you locate pension benefits from a terminated pension plan. You might find unclaimed federal tax refunds by searching the IRS. Lost or forgotten US savings bonds can be recovered. Unclaimed VA benefits can be discovered. And there’s more. Refunds may be available on FHA/HUD insured mortgages. A good place to start is at http://www.unclaimed.org/other/
Here in Rochester, NY, there is a good chance that you, or someone you know, hails from Canada. For Canadian bank accounts, search http://www.bankofcanada.ca/unclaimed-balances/.
"Corporations are people too"
And this is not just for human-type people. Corporations and nonprofits sometimes lose track of bank accounts and security deposits. And, I've even seen pension funds show up, with big dollars involved, having lost track of investments after name changes and stock splits.
My advice, when you are playing “Lucky Bucks”: don’t just search for your own name or your own state. Check any state where you ever lived, including your college state. Check for relatives who moved away years ago, and definitely check for relatives who have passed away. Anyone who changed their address more than 6 years ago is a likely prospect for an unclaimed property search. If you find an old friend's name, it's a great reason to track them down and renew your friendship. "Hey, buddy, good news..."
And remember to come back and search again next year. The states do keep these files forever, and new accounts can be reported at any time. I just found two accounts that belonged to my grandfather, who passed away over 40 years ago.
If you find your treasure, let me know. Everyone loves a little feedback!
Happy hunting!
