Let the treasure hunt begin. Yes, you could be owed money by the State or US Government and not know about it. Let’s find it!

Money Owed to Me, How? 

Yes, unclaimed money or unclaimed funds are held by all states and the federal government. If a business or bank owes you money and cannot locate you to pay it – like maybe you moved – they are not allowed to just keep the money. They are required to turn that money over to the State as unclaimed funds. 

This goes back to 12th century England, feudal times when the common law doctrine of escheatment came into existence. Escheat presumes property always has an owner, and that owner was the Crown if there is no other owner to claim the property. 

Escheat also applied if the owner went to jail for a crime, or worse, for treason. Then, all their property would be forfeit to the Crown. This forfeiture exists today in many forms including assets used or purchased with proceeds from the drug trade with the forfeitures typically funding law enforcement efforts.

So, escheat refers to the right of the State or Government to take control and ownership of the estate and assets of anyone who dies without a will, heirs, or when a property is otherwise unclaimed. All states have escheat laws requiring disclosure and forfeiture of unclaimed funds. 

Note: If you are a business that either writes checks to individuals or businesses, has other amounts due that have not been claimed or you cannot find, you have a legal obligation to turn those funds over to the state or other jurisdiction.

How Much Unclaimed Money is There?

A variety of sources estimate the amount of unclaimed funds at around $50 billion! By doing a search as explained below, millions of dollars have been discovered and returned to rightful owners.

For Example:

Jack and Jill each were born in separate counties and moved around quite a bit within the same state. They met in college, married, moved around a bit more from their childhood. They had multiple addresses with some in other states, multiple names, multiple accounts, and so on.

One day, Jill received a solicitation letter offering to help her claim funds held by the State’s Unclaimed Property Division that had originally been in her maiden name jointly with her mom. It was a nice sum. And the fee was a healthy 12% to claim the funds. So, they called to confirm the letter was legitimate.

Is This Legitimate?

Yep, it was. But they did not need to pay that fee at all. They could apply for the funds for free. 

How Can I Find Any Unclaimed Money Owed to Me?

Here Are the Links:

NC Residents: https://unclaimed.nccash.com/app/claim-search

All States: https://unclaimed.org/

Matured, Uncashed Savings Bonds: https://www.treasurydirect.gov/indiv/tools/tools_treasuryhunt.htm

IRS: https://www.irs.gov/refunds

If you had a HUD mortgage: https://entp.hud.gov/dsrs/refunds/

If your bank closed: https://closedbanks.fdic.gov/funds/

If your credit union closed: https://www.ncua.gov/support-services/conservatorships-liquidations/unclaimed-deposits

Unclaimed Funds in Bankruptcy: https://www.uscourts.gov/services-forms/bankruptcy/unclaimed-funds-bankruptcy

Any Tips on How to Search for Unclaimed Money?

Of course. Make a list of all your names if you have married or changed your name. Include your parents, as they may have opened joint accounts in their and your name. Also, make a list of all the states and cities where you have resided. Try combinations of these searches.

What About Those Fees?

Well, you can agree to pay fees. But generally, you should be able to claim your property without paying a fee by following the instructions on the website. If you do choose to pay a fee, make certain it is reasonable in relation to the amount sought.

We hope you have success on your treasure hunt. 

And if you are fortunate to find unclaimed funds, consider contributing a small portion to help those in need in your community. To make it a better place, visit https://www.thehealingplace.org/.