1What Constitutes Missing Money or Unclaimed Funds?

According to NAUPA, property which has seen no activity for a period in excess of three years is considered abandoned. Such property is then transferred to the coffers of the state indicated in your last known address until such a time when you or your heirs make a successful claim for the same. No time limit is set for when such claims must be made; indeed claims for missing money can be made many years down the line by latter generations of your family.

It is now possible to find missing money that you might have lost when you moved without obtaining a refund for your utility deposit, or even from an old savings account you had completely forgotten about. Regardless of the description, the missing monies are still yours and the state government is obligated to give it back to you.

2A List of the Different Unclaimed Funds and Properties Possible

Going by the description provided by NAUPA with regards to abandoned property, the following are some of the typical properties that often remain unclaimed: court deposits or payments, utility deposits, store refunds, credit balances, bonds, stock certificates or accounts, mutual fund accounts, undistributed wages, savings accounts, checking accounts, proceeds from a life insurance policy or other unclaimed insurance money, gift certificates, royalty payments, safe deposit boxes, unclaimed government funds, Traveler’s checks, etc.

Public utilities, financial institutions and other similar entities are required by state law to make reports about any such properties considered to be unclaimed or abandoned after been inactive for a specified time and with the whereabouts of the owner being unknown. Chances are that you might have missing monies or unclaimed properties in states where either you or your family members and relatives have previously lived or run businesses.

3Scenarios that Could Result in Unclaimed Funds or Missing Money

Most cases where people claim missing money - especially for bank account balances and utility deposits - arise after people have moved without providing a forwarding address. A missing money scenario might also arise in the event that you have been laid off, reassigned or retired from a job. It may also result from the fact that you have not made any savings or checking account transactions for more than three years. Alternatively, you might have an uncashed check that was made out to you over three years ago.

Other events that might result in you having missing money include you settling the estate of a deceased family member; you noticing that previously regular royalty, interest and dividend checks are no longer posted to you; and even in cases where you have a habit of discarding mail without as much as bothering to read it.

4About Finding Missing Money and the Federal Government

It is not possible for the US Federal Government, through any of its employees or agencies, to provide you with assistance to help recover any of your unclaimed funds. Protocol also has it that every state has its own methods and laws for unclaimed property recovery and the subsequent reporting and collection of the same.

These provisions are supported by the following statement issued by the United States Treasury Department: "There is no government-wide, centralized information service or database from which information on unclaimed government assets may be obtained. Each individual Federal agency maintains its own records and would need to research and release that data on a case-by-case basis."

Granted that the Federal Government cannot get involved in finding missing money, it has instead enabled all the states to make the finding and recovery of unclaimed properties much easier with the use of online claim forms or online unclaimed property searches. With these you can gain access to any information regarding unclaimed property, i.e., escheat property, and all the necessary links to the online state property recovery resources available for your case.

5Finding your Missing Money through MissingMoney.com

MissingMoney.com is the NAUPA official database and it contains records that have been derived from the unclaimed property programs of most states. Through the website it is also possible for you to link to the unclaimed property program in your state. Learn more about the services provided via www.missingmoney.com/GeneralHelp/FAQ.cfm.

In using the website you may find records that indicate you have some money lying in an old bank account. The first thing to do in such a case would be to establish if the bank is still in operation. This information, including the bank’s history and any possible mergers, can be accessed on the official website for the Federal Deposit Insurance Corporation (FIDC).

In the case of failed banks, account monies that have not been claimed after one and a half years of a bank’s failure are transferred to the FIDC. Information for this scenario is available via www2.fdic.gov/funds/index.asp and it is helpful to know that if no claims for the monies are made in a couple of years the amount will be lost from your account.

6Finding Unclaimed Funds in the Form of Savings Bonds

The Treasury Department indicates that the value of unclaimed savings bonds that have hitherto stopped earning interest is in excess of $15 billion.

For people with interest-earning savings bonds for which they are unsure of their worth or the location of the required documentation, finding the missing money can be made simpler by contacting the US Treasury Department’s record-keeping office provided that you have some helpful information, e.g., the Social Security number indicated on the bond or even the year of issue. With such it is possible to get your bond reissued or replaced.

Savings bonds that are no longer earning interest can be looked up under ‘Treasury Hunt’ at treasurydirect.gov/indiv/indiv.htm. You will in this case be able to know if any bonds in your name exist and should there be any unclaimed bonds you can be contacted by someone from the Treasury Department. There is currently no statute of limitations that addresses claims for savings bonds – this means that successful claims can be made regardless of how old they are.

7Finding Missing Money in the Form of Pensions

According to the Pension Benefit Guaranty Corporation (PBGC) the total worth of unclaimed pension funds is estimated at $133 million. This body is responsible for taking over the pension plans of companies that have gone out of business. It is possible to find missing money that belongs to you by looking up search.pbgc.gov/mp/ where you’ll only be required to indicate your name and the respective company in the provided search tool.

8Using Paid Property Search Firms

The law in many states requires such firms to be registered and licensed. Legal limits are also imposed to determine what percentage value of a claimed property they can charge. While it is quite okay to use such services for your lost money search, it is most prudent to begin your search with an unclaimed property department check within your respective state government.