Unclaimed assets exist in various forms and can be personal property, tax refunds and money, like unclaimed money from deceased relatives. If you have assets owed to you, but you cannot be located in a timely manner, they are determined to be “unclaimed” or “abandoned” and given to the state department for safekeeping.
Don’t let your state hold money or other valuables that are rightfully yours. You might not even realize that you have assets waiting for you to claim. Here’s a breakdown of the most common types of unclaimed assets that exist across the nation.
The most common types of unclaimed assets may not always seem the most obvious. While many people anxiously await things like tax refunds and paychecks, some individuals may not realize they are owed money at all.
In a search for unclaimed money, you could find many other types of assets owed to you that you were unaware of.
In fact, many people are currently sitting on thousands of dollars’ worth of assets without even knowing it.
The most common unclaimed assets are:
- Money in bank accounts – If your bank account has long periods of inactivity, the money inside may be turned over to the state.
- Tax refunds – The IRS may owe you money based on your taxes.
- Security deposits – If you have ever rented a home, apartment or condo and paid an upfront security deposit that you didn’t get back, you may be owed money.
- Paychecks – Did you move and forget to give your employer your new address? If so, and old paycheck may be waiting for you to claim.
- Unemployment benefits – If you were out of work and never filed for unemployment, you may be surprised to find unemployment money waiting for you.
You might also find unclaimed money from life insurance policies belonging to deceased relatives or friends. Sometimes, this money is not given to you because the insurance distributor can’t locate you.
Have you ever paid an overdraft fee at your bank? If so, the fee might have been refunded to you without your knowledge. If you have unclaimed assets like this, you won’t usually be notified by the bank.
Bankruptcy money is another common type of asset that goes unclaimed, especially if you did not directly participate in the bankruptcy proceedings. If you lent someone money and they declared bankruptcy, you could be owed a check.
The same goes for banks that failed or went out of business; if you had money in an account, you could be owed unclaimed funds.
Finally, if you ever held a mortgage from the Federal Housing Administration (FHA), you may have a mortgage insurance refund waiting for you.