The one thing I didn’t consider when I retired was how many major projects around the house I’d want to take on. I knew I’d want to travel, take classes, and maybe do a little gardening but full-on renovations? I’d always been way too busy with work to even consider taking anything like that on. But retirement has me dreaming. Dreaming about that extra bathroom, dreaming about that updated kitchen. And while I had carefully calculated how much I needed to live my day-to-day life (with a few little extras thrown in), I’m finding that my savings is falling short for those big-ticket items I’m now wishing for.
This has led me on a search for money. And that, in turn, led me to the world of “unclaimed property”!
What retiree doesn’t need a little extra money from time to time? The stories are everywhere about people discovering that long-lost fortune or reclaiming that missing safety deposit box filled with treasures. I head into my search with faith and naive optimism!! Any unexpected find will be most welcome.
The Search Begins.
The first thing you need to understand is that there is no central database for all unclaimed property in the United States. Each state has its own database, and you pretty much have to search state by state. There is a database, MissingMoney.com, which includes multiple states but not all states are included. It is a good place to start but if the states you have lived in are not included, then your search will need to go further.
The basic process is that you go to the Unclaimed Property Division website for each state you have lived in. The search form asks for basic information – last name, first name, address, and city. The only required field is Last Name. The less you fill in, the broader your search will be. If you have a fairly common last name like I do, completing the city field will help narrow it down. You’ll need to do multiple searches for each city you’ve lived in. Searching with your last name and only your first name initial is also a good strategy. This type of search will give you results that include variations on your name or unclaimed property linked only to your initial.
Who Knew?
Interestingly enough, there is a National Association of Unclaimed Property Administrators (NAUPA). A network for the National Association of State Treasurers, it is the “foremost authority on unclaimed property”. They represent all 50 states and the District of Columbia, some provinces in Canada, Puerto Rico and, here’s the shocker, Kenya. How Kenya became involved and joined this group is unclear but NAUPA’s fundamental purpose, to protect the unclaimed property rights of the public, is admirable. They work on legislation and policies to protect consumers and they have educational programs to assist businesses in reporting unclaimed property.
According to NAUPA, over US$ 3 BILLION is returned by states on an annual basis. Approximately 1 in 10 people have unclaimed cash or property waiting to be returned to them! Property or accounts at financial institutions or companies is considered abandoned when there is no activity or a period of dormancy for one year or more. The most common unclaimed property includes forgotten bank accounts, insurance or mortgage refunds, unredeemed cashier checks or gift certificates, utility security deposits, trust distributions, and contents safe deposit boxes.
Free and Easy
Searching for unclaimed property is 100% free and very easy to do. It will take a bit of your time but if you haven’t moved around much, it is a virtually effortless and a quite simple task. Even if you have lived in multiple places or have a very common name, the process is straightforward and can be accomplished in no time at all.
As I learn more and more about unclaimed property, I’m excited, I’m sure I’m going to find something. I’ve moved around a lot in my life, surely I’ve left something behind somewhere that I can claim! And how did it work out for me?
As I start searching by my last name, I notice that family members are popping up. I discover $80 for my sister, $120 for my mom, and I even find $200 for my dad (who has been deceased for 20+ years). I start expanding my search to friends. The numbers are impressive, $680, $830, $356, and for one friend, over $1000 in unclaimed property!! Now, I’m thinking, maybe I should be getting a cut of each of these finds!!
Locator Investigator
There are locator firms and asset investigators who charge fees to search and file claims for unclaimed property. Different states have different laws but generally, it is against the law for an investigator to charge a fee greater that 10% of the value of the property being returned to you. In the end, the investigators are offering a service that you can do yourself quite easily. The important thing to know is that you do not have to use a locator firm!! It took me less than an hour to find the unclaimed property for my family and friends. And the owner of the unclaimed property can file the claim themselves.
How to file a claim
Of course, finding the property is only the first step. You then must file a claim for the property. Here it gets a bit tricky. In most cases, you must provide your current ID (driver’s license is the most common), your social security or tax form that shows your current address, and, here’s the kicker, a document that shows your name and the address your unclaimed property is associated with. This can be an old utility bill, mortgage statement, or any other document that has your name and address. If your name has changed, you will need to provide proof of the name change too.
As a self-proclaimed pack rat who seems to keep every “important” piece of paper, I realized it would have been wise to keep at least one official type document from each place I have lived. That would make filing a claim for abandoned property much easier. As it is, it is a moot point for me personally.
While MY search for money was wildly successful for my friends and family, I was not as lucky myself. I had moderate success in one state where a forgotten utility deposit resulted in $50. But otherwise, most of my unclaimed property was in the under a dollar range. My favorite was the 3 cents I found from an apparent overpayment on a phone bill. Just for grins, I think I’ll file a claim for the 3 cents. I figure it is just like picking up that penny you find on the ground in the parking lot. See a penny, pick it up, all the day you’ll have good luck! It might not buy me a renovated bathroom but I figure maybe that 3 cents will bring me luck.
