Many states are holding billions of unclaimed or lost money belonging to individuals, heirs and businesses. States like New York, Florida and Pennsylvania have set up online databases for anyone to conduct unclaimed funds searches. The National Association of Unclaimed Properties Administrators or NAUPA provides free information about states missing money. The pool of assets held by the states doesn’t include funds that the Federal government may be holding for the public.
Unclaimed Funds
Unclaimed funds consist of any money, financial assets or properties abandoned by the owners. Each state has different laws regulating the claiming and monitoring of abandoned properties. These funds generally come from banks, insurance, investment companies, credit unions and utilities. Owners often forget about these accounts or fail to file a change of address when they move to a different state or country. The following are common assets that often go unclaimed:
- Bank accounts
- Insurance policies proceeds
- Safe deposit boxes contents
- Utilities deposits
- Court awards
- Bonds, stocks
- Mutual funds
- Physical assets
- Dividends
- Pensions
- Trust holdings
Unclaimed Funds in New York
Unclaimed properties are searched and claimed online at the New York State Comptroller’s Office at osc.org. An automated form is completed and results received within seconds. For individuals who can prove ownership of the funds the state will return them without charge. Banks, utilities, insurance and investment companies are required to turn abandoned properties to the Office of the Comptroller within a specified time. Other methods to claim funds are by calling or writing the state at:
- Telephone - 1-800-221-9311
- Office of the State Comptroller Office of Unclaimed Funds110 State Street Albany, New York 12236
Unclaimed Properties in Florida
In the state of Florida the Bureau of Unclaimed Properties holds more than one billion dollars worth of assets for individuals. For people who have lived in Florida or have relatives that lived in the state, there may be unclaimed money at the Bureau at fltreasurehunt.org. In addition to unclaimed funds from banks and other institutions, Florida holds physical assets from safe deposit boxes such as jewelry, coins and collectibles.
Missing Money and Assets in Pennsylvania
In Pennsylvania the State Treasury has custody of unclaimed accounts and assets, currently valued at over 1.5 billion dollars. The online database for searches and claims is at patreasury.org, the office may also be reached by telephone at 1-800-222-2046.
Private Missing Money Companies
There are many private companies doing searches of unclaimed funds for individuals and heirs for a fee. Some of these companies are legitimate, while others use this service for scams. Legitimate companies are registered with the State and may be registered with other bodies as well. Individuals using these companies’ services should contact their State via the unclaimed properties site; or by phone to verify their legitimacy and the fees allowed to be charged by the State.
Article: Free Unclaimed Money Search - Government
Resources: Public information at the following websites, current as of March 30, 2010:
Unclaimed.org
Patresury.org
Fltreasurehunt.org
Osc.state.ny
Sylvia Cruz - Sylvia holds Bachelor and Master degrees in Business Administration with majors in Finance and Accounting. She is also a CIA - Certified ...
