Every day hundreds of people are added to the long lists of people that don’t know they are owed money. While unclaimed cash might not result in a large windfall, it can be more money in your pocket than you have now.
As for how a person is owed such money, there are many reasons. For instance, you might have overpaid a bill and didn’t realize it. Sometimes, companies will apply that dollar amounts to future bills. Other times, the money is to be given back in the form of a refund. If you move or the system simply glitches, you end up with unclaimed money.
How Unclaimed Money Happens
The primary reason why people are owed money is the fact that electronic communication sometimes breaks down. If you have ever opted for paperless billing or statements, important information can be missed. There’s also the fact that not mailing information to you, you might forget to notify a company of your address change. One way to prevent having unclaimed funds is to make sure every company you do business with has your information.
Another reason for unclaimed funds is lost account information. If two companies merge or one company is acquired by another, data can be lost during the transition. If you ever hear of a company you do business with merging with another or being bought out, make sure they have your current information.
Types of Unclaimed Funds
Unclaimed funds come in many forms, but the most common types are:
- Escrow accounts and utility company deposits (water, electric, gas, telephone, etc.)
- CDs and trust funds
- Insurance policy payments
- Unpaid wages
- Uncashed checks
- Stocks, bonds, dividends, and mutual funds
- Safe deposit box contents and old bank accounts
If you have ever felt you should have been paid money and weren’t, it is good to check the top free sites for finding unclaimed cash.
Claiming Your Lost Cash
The process of reclaiming your lost funds is si
Even if you don’t find your name listed on any of the websites, that doesn’t mean that you aren’t owed money from someone. It is good to do a periodic check because you never know when your name will be added to any of the databases.
In addition to searching these websites, your state most likely performs searches for the owners of unclaimed funds through newspaper ads, online, and a booth at the state fair. Be on the lookout for these things so you can see if you are one of the people they are searching for.