Bolster Your Budget: Find Unclaimed Assets

Our Consumer Credit Counseling Services (CCCS) agency shows you how

If you keep money in a savings in a bank and leave the account alone for three years, financial institutions may consider your account dormant and hand your assets over to the state. Unclaimed income tax refunds, rebates, uncashed checks, deposits on utilities, consumer overpayments and trust distributions are other common sources of unclaimed funds.

States will typically hold the assets in their unclaimed property offices until the owner surfaces, but in recent years, due to budgetary cuts, many states have loosened laws to allow them to seize the money permanently. Search soon to protect any of your unknown potential assets.

CNNMoney (Dec ‘09) reports that of those who collected funds from their state, the average claim was $900. It’s worth a shot.

How to find it

• Check each state you’ve lived in at www.unclaimed.org.
• Also run your contact information through www.missingmoney.com.
• Look for lost savings bonds at www.treasurydirect.gov. Use the site's "Treasury Hunt" function and search by Social Security number.
• Missing corporate pensions can be tracked down at www.pbgc.gov.

If you have time, check for your relatives while you’re at it.

Avoid fees
If you have assets, a company will contact you and offer to do a search for a fee. There is no reason to waste your money. Internet searches are quick and can even be fun (if you’re lucky). If you locate any funds, it’s simple, just complete and submit a claim form.

Prevention
To prevent your assets from being sent to the state, make sure to inform relatives of any security boxes and give someone a key, keep your address and contact information current with any company with which you do business, occasionally check your or your child’s back account online, and deposit or withdraw money in long-standing accounts at least once a year.

Any found money can help you cover periodic expenses such as car registration, auto repairs, vacation costs, auto insurance, etc. The credit counselors at our Consumer Credit Counseling Service (CCCS) agency can help you develop a customized budget to cover your needs and pay down your credit card debt. Free credit counseling appointments are available.