Each year, employers hand over unclaimed paychecks from employees who never cashed their payments to the unclaimed assets departments of state governments. So, state governments are at all times holding thousands of dollars in unclaimed paychecks.
The good news is that, once you realize you have money waiting to be claimed, it’s easy to receive your money from your state government. And, chances are, the longer you wait to claim your money, the less likely you are to ever follow through to receive it. Learn how to receive your unclaimed money below.
Have you ever heard of an escheated check?
An escheated check is a check, for any amount of money, that has been turned into the state department by an employer. Employers will turn paychecks into the government if their employers do not cash the checks, typically after 1 to 5 years.
Employers are not allowed to keep the money that their employees earned, even if their employee does not cash the paycheck. So, employers are required to send the money to the state government. State governments hold the money until the rightful owner of the money files a claim to receive it.
However, before unclaimed checks are turned over to the government, employers are required to try and reach you first. They might make an effort to get in touch with you by phone, mail, or even email to notify you that you have money waiting to be collected.
Oftentimes, wages and paychecks can go uncashed and unclaimed by employees because:
- You change jobs often, and you lose track of your payments.
- You changed addresses, moving to a different home or even to another state, and your check was not mailed to your current address.
- You resigned or quit your job, and forgot to pick up for the last check.
- Your direct deposit information was entered incorrectly.
No matter the reason, if you know you have funds waiting to be claimed, now is the time to take steps to claim it. Finding unclaimed paychecks is easy, and begins with visiting a website, entering your information and then seeing if your name comes up in the results. Even if you think you don’t have any money waiting unclaimed, isn’t the possibility of finding out worth double-checking?
This is why many people often check their state website every few months to see if they have any money waiting for them. It only takes a few minutes to search for uncashed paychecks, and the best part is, it’s free.