Woman using her laptop on her living room flo.width CvTcp

Does a Government Agency Owe You Money? Here’s How to Find Out — and Get Your Money

Woman using her laptop on her living room floor

Image source: Getty Images

An estimated 33 million Americans are owed around $70 billion worth of unclaimed property. State treasurers currently hold these assets. If you don’t think you’re one of the estimated 33 million, you may be surprised. In research for this article, I typed my name into MissingMoney.com, part of the National Association of Unclaimed Property Administrators website, and learned that I’m owed money from four separate sources. Typing my husband’s name revealed that he has a ridiculous 12 batches of unclaimed funds.

Let’s take a look at what you need to know about these funds and how you can claim yours.

Where do the assets come from?

Here are some of the more common types of unclaimed property that end up in state treasurer’s offices:

If you left money sitting somewhere, there’s a good chance it found its way to a treasurer’s office somewhere. Because we move so often, my husband and I have unclaimed funds sitting in Illinois, Wisconsin, California, and Missouri.

It’s all thanks to unclaimed property laws

Unclaimed property laws in the U.S. began as a consumer protection program. At one time, they only protected the property owners, but over time, they have evolved to ensure heirs and estates are also covered. Once property is in the custody of a state’s unclaimed property program, that state will maintain it forever or until the rightful owner or heirs step forward to claim it.

No centralized source

While sites like MissingMoney.com let you know there’s money waiting to be claimed, there is no government-wide source for funds or assets. Each agency keeps its own records of what you’re owed.

Even though I can’t claim my money through MissingMoney.com, the site did point me in the right direction. Each link included my name, which party sent the money, where I lived at the time, and roughly how much I’m owed. When I click that link, it tells me which state currently holds the funds. Interestingly, it may not be the state in which the property was first reported.

Whenever I clicked on a link, it directed me to a state treasurer’s office.

If you need more information

If your search leaves you more confused, here are some other legitimate sources you can check for your own piece of the unclaimed treasure.

And if you’re looking for another federal agency, you’ll find the contact information at:

Rascals abound

Where there’s money to be found, there are of course scammers. You don’t need anyone to help you locate your money. Comb through enough websites, and you can do it on your own. However, some companies use the Freedom of Information Act (FOIA) to find information regarding federal, state, and local government checks that have yet to be cashed.

If these scammers can find you, they will contact you and offer to match you with your money for a “finder’s fee.” Again, you don’t need them, and you don’t need a third party to make a claim if you’re owed money, despite what they might tell you.

The amount of money we’ve cumulatively left behind is staggering. Now, it’s just a matter of going back, making a claim, and putting the money in the bank.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2024

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts