Finding extra cash in your coat or pants pocket is always a delight, but there are other hiding places where the rewards are higher. Many Americans are unaware of lost or forgotten assets. These assets could be anything from an old insurance policy to a refund or a lost paycheck. Finding and cashing in on these assets isn’t difficult, but may take some detective work to find.
Types of Forgotten Assets
There are a variety of types of assets one may be unaware of. Forgotten bank accounts and old insurance policies are the obvious ones. But a forgotten utility deposit or paycheck could also be lingering out there. Others include refunds for goods or services, stocks, bonds, mutual funds, certificates of deposit, contents of a safe deposit box, and others.Finding Lost Money with State Programs
Finding lost assets isn’t impossible. Every state has an unclaimed property program, and they look for owners of lost assets. State treasuries hold millions of dollars of unclaimed property. One free multi-state website that allows you to enter your information by state is the National Association of Unclaimed Property Administrators (NAUPA). This is a network of the National Association of State Treasurers.Choose the state where you think you have lost or forgotten assets. Then enter your name. It will show any like name in the state that has an asset. You can filter by address if the names are the same. Once you have found your name, you can make a claim.
Although the states have unclaimed property programs, the federal government does not have a website for individuals to check for unclaimed funds. The federal government doesn’t have a centralized database for this. If you want to check for unclaimed funds (except for federal income tax refunds), you'll need to search at the state level.
Lost Federal Tax Refunds
If you think you are missing a tax refund and it’s been over 21 days, don’t refile your return. Instead, contact the IRS. You can call the IRS’s automated line or speak with an employee at 800-829-1954. You can also go to “Where’s My Refund” at the IRS website and enter such information as your social security number and tax year.Unclaimed Wages from Past Employers
You can search the Department of Labor’s (DOL) database if you think you have unpaid wages. Just enter your former employer’s name and tap the WOW search button. If the company name comes up, select it. Then in the window, enter your first initial and last name and submit. You'll be directed to the DOL office, where you can submit a claim.Missing 401(k) Plans
With today’s job-hopping employees, it’s easy to lose a 401(k) plan. If there is over $5,000 in a plan, many will leave it with the old employer. Three jobs later, it’s forgotten. And if contact information hasn’t been updated with the old plan, that plan administrator will lose track of the participant. The abandoned plan is often turned over to the state’s unclaimed property division.Finder Firms
A finder firm may contact you if you have an unclaimed asset. But that doesn’t mean you should hire one yourself. Often finder firms will send out notices to people and ask for a flat fee to look for forgotten assets. After that, they will probably send you the NAUPA website address or use it themselves.Remember that if you are asked to pay for the information, it’s probably a scam. But there are some legitimate finder firms that will make you aware of forgotten property. These firms often have early access to information regarding the assets being transferred from the financial institution to the state treasurer’s department. These firms will probably request a percentage of the assets’ worth to steer you in the right direction. You may want to negotiate a rate. But if you agree to it, they will let you know what state has your assets. Of course, you'll still need to contact the state and complete the paperwork.
Beware of Phone Scammers
Government agencies are prohibited from contacting an individual by phone about unclaimed assets. Beware if someone calls about unclaimed assets and states that they are from a government agency. They will probably try to scam you out of money or your personal information.The Epoch Times Copyright © 2022 The views and opinions expressed are only those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
