Intro
Did you know that many people have free money owed to them in the form of unclaimed property, just waiting to be found? Read on to learn how to easily find and reclaim money owed to you by governments, businesses, and organizations using a free search tool!
Why This Money Exists
First, let’s talk about where this money comes from. Â
When governments, businesses, and organizations owe you money but fail to find you to return it, they don’t get to simply pocket it.
Thanks to federal law, they are legally required to turn over money or property owed to you to the state where your last known address resided. Â
The state then takes this money or property and holds on to it under your name. Â
But since most states have no obligation to notify you about this, they often don’t, and these assets simply sit there unnoticed for years collecting dust.
And this happens more often than you might think, especially for people who have changed physical addresses and states multiple times over their lives. Â
Here are a few scenarios that can result in unclaimed free money waiting to be found:
- Inheritance where next of kin was unable to be located
- Tax refunds undelivered due to moving states
- Funds owed to your business that weren’t delivered
- Final paychecks undelivered due to moving
- Security deposits that landlords failed to return to you
- Forgotten bank accounts including from childhood
Where to Find Free Money
Now that you know where this money can come from, let’s talk about where to find it!
In the old days, tracking down free money or unclaimed property owed to you was a more laborious process.
But today, there’s a fast, free, and easy way to locate these assets with the great search tool at MissingMoney.com.
This site is available through a partnership between US state governments, Canadian provinces, and the National Association of Unclaimed Property Administrators (NAUPA).Â
Here are some facts according to the site:
- Over $3+ billion unclaimed property was reclaimed last year
- 1 in 7 people have unclaimed property
- The average claim value is $2,080
- 95% of these claims are able to be made online
Steps to Locate Free Money
Step 1: To get started, visit the MissingMoney Search Page.
Step 2: Then enter the required fields of last name or business name and your state and click “Search”.
Tip: Adding optional first name & city is a great way to help filter down the results.
Step 3: Multiple records will appear showing name and address. Â
You’ll also find some broad ranges for dollar value of the assets on the far right. Â
Find yourself in the results based on past addresses and click “Claim”.
Step 4:Â You now have two options:
1) If your state supports it, you can proceed to file your claim through MissingMoney by entering information to prove your identity via the 3-step form below, or for a potentially better option (read on)…
2) You can bypass MissingMoney and file your claim directly on your state treasurer’s official site.
I recommend filing with the state treasurer directly since going through MissingMoney, although quicker, requires you to provide sensitive personal information to pass along to your state including your social security number.
While MissingMoney is a legitimate and trustworthy website by all accounts, I prefer to limit channels my personal information travels through as best I can.
So to file directly with your state treasurer, use this handy map tool created by the National Association of State Treasurers (NAST) to quickly locate your state treasurer’s website. Scroll past the photos to find it.
Once on your state treasurer’s site, look for a link to “Unclaimed Property” to find your unclaimed property and start the claim process.
Additional Search Tips
To ensure you’ve left no stone unturned in terms of unclaimed property, I recommend repeating the search steps above with the following variations:
- All states you’ve ever lived in
- All name variations (including maiden names and nicknames)
- Names of businesses you’ve owned
- Names of deceased loved ones (for lost inheritance)
- Names of friends and family (and notify them – you could be a hero!)
Bottom Line
Unclaimed property is a potential gold mine of free money just sitting there, waiting in your state’s coffers for you to discover and claim it.
Misplaced inheritance, forgotten bank accounts, and lost mail are just some of the ways money and property owed to you can end up in your state’s hands, and it’s up to you to find it.
With an average claim value (per MissingMoney) of $2,080, spending a few minutes searching for unclaimed property using the tips in this article could net you some of the best earnings per hour of time spent!
So, how much free money did you find tucked away? Let me know in the comments.
Earnings
The math behind the earnings:
Earn:
- Avg claim value (per MissingMoney): $2,080
- 1 in 7 people have unclaimed property
- $2,080 x (1 / 7) = $297 avg earned per person
Time Required:
- +0.5 hr to search site and file claim with state
- =0.5 hr
Results:
- $2,080 x (1 / 7)
- =$297/yr avg earned per person
- $297 earned / 0.5 hr
- =$594/hr earnings rate
