You’ll Be Surprised How Much Unclaimed Cash the Government Has
You will be surprised to note that the government has over $40 billion of unclaimed cash in its stores today. You might think that such large figures are sure to be noticed but it seems that in certain situations it just gets lost track of. Many people do not update themselves on their funds because of marriage, death or several such reasons. People also lose track on tax returns, stocks, checks and bonds. Such lost assets are handed over to the state’s care. If they are still not claimed, they are transferred to the government. Thus, it is advised that you contact your state officials or do some internet research to locate your unclaimed cash.
Whose Cash Is it?
You might have seen several ads or announcements concerning unclaimed cash in the banks and agencies. These assets can either be located in your state or can also be located globally. Official sources have revealed that most of such frozen accounts consist of large financial assets worth several thousand dollars. The owners are often found to be private individuals, businesses, institutions or the companies. Such unclaimed cash are held by the government, bank, institutions or other agencies. Looking for unclaimed cash is now made easy through the adoption of open record policy that offers a listing on the rightful owners of the cash for public viewing. Conducting a research on the online databases is another good option to consider.
Claiming Your Lost Money
Once you discover your unclaimed cash, the next step would require you to solicit the funds legally. Here are a few tips in this regard:
1. Submit your claim form: every federal agency or the state has its own claim form that needs to be submitted with your claim. Ensure that the form is completely filled and attach an ID proof since a check cannot be verified without meeting this requirement. The copies must be clean and readable.
2. You will also need to submit forms that confirm that you are indeed the rightful owner of the unclaimed cash.
3. It is advisable to keep multiple copies of the documents and the forms that you submit along with the claim.
4. Follow the claim: most claims require a period of 2 to 16 weeks for processing depending upon the agency involved in processing. You can follow-up on the processing of your claim through online updates or through phone.
Reasons Why You May Have Difficulty Finding Your Cash
Finding the unclaimed cash can be truly challenging because of the following reasons:
1. It is found that around 15 federal agencies offer the online database search facilities for the public. Such databases either cannot be found easily or are not linked readily from home page.
2. Certain unclaimed cash may not be listed in the search results since its owner failed to claim them within the allotted time period.
3. If the unclaimed cash is below a certain limit then the probability of not showing up on the search results are high.
4. Unclaimed cash may fail to appear in the search results because some states choose to display only the most recent accounts that were added.