Is There Free Money Waiting for You? How to Check for Unclaimed Funds
It all started with a questionable Instagram post that piqued my curiosity: “Find out if you have any unclaimed money.” It looked like a total scam, but being a diligent personal finance enthusiast, I decided to look into it. I visited MissingMoney.com and typed in my first and last name, fully expecting to see nothing.
To my surprise, there was a claim for $1,000. No way, right?
Still, I filled out the form because it couldn’t hurt. Sure enough, about a month later, a $1,000 check linked to an old health insurance account arrived in my mailbox. It cleared the bank without any issues. Just like that, I had an extra $1,000.
This hasn’t really come up here, but my extended family is huge. My dad is the youngest of nine, and I have over 80 first and second cousins. Since the database displayed every record with my last name, I searched through it again and reached out to each cousin I found with a match. Two of them went through the claims process and also received money. One got nearly $200, while the other—who was not pleased to hear how much the rest of us had found—reclaimed $25.
What Is the Unclaimed Money Database?
Unclaimed money refers to funds that rightfully belong to you but were never received for various reasons, such as forgotten refunds, abandoned accounts, or uncashed checks. When businesses or government entities can’t locate the rightful owner, the money is handed over to the state. Each state in the U.S. maintains a database of these funds, with resources like MissingMoney.com and Unclaimed.org acting as centralized platforms to assist individuals in searching for and claiming their money.
What Kind of Money Might Be Waiting for You?
There are numerous sources of unclaimed funds, such as:
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Forgotten bank accounts: If you’ve opened a savings or checking account and forgot about it, it might have been closed due to inactivity, with the remaining balance turned over to the state.
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Uncashed paychecks: Employers will turn over unclaimed wages if employees do not cash their checks.
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Insurance refunds or benefits: Health, life, and auto insurance companies may owe money to policyholders without them realizing it.
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Utility deposits: If you’ve paid a deposit for services like an apartment, electricity, or internet but didn’t receive a refund, there could be funds in the database.
- Stocks, bonds, and dividends: If a company has issued dividends or liquidations for shares you once owned, that money might be unclaimed.
How to Check for Unclaimed Money
If you’re wondering whether you have any unclaimed funds, checking is straightforward and free. Here’s how:
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Go to MissingMoney.com or Unclaimed.org. These are official, government-endorsed sites.
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Enter your name and state. If you’ve lived in multiple states, make sure to check each one individually.
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Follow the claims process. If you find a match, you’ll need to verify your identity and provide the required documents.
- Wait for your check. Processing times can vary by state, but typically, you should receive your money within a few weeks to a few months.
Final Thoughts
Checking for unclaimed money might seem too good to be true, but it is entirely legitimate. States hold billions of dollars in unclaimed funds, just waiting for people to collect them. Take a few minutes to conduct a quick search—you might just be surprised by what you find.
