Have you moved but forgotten to close your bank account? How about that utility deposit refund that you have not yet received? What happens to all that money? Very few people can answer these questions, making these appear as well kept secrets. Although information about government unclaimed money is not a secret anymore, millions are still unaware of these funds that actually belong to them.
Money Left Behind
Millions of Americans have moved ahead leaving government unclaimed money behind in various companies and financial institutions. Many have not yet been contacted regarding the millions of government unclaimed money that they inherited from family members and close relatives.
There is at least $25 billion of government unclaimed money accumulated in state and federal treasuries, earning huge interests for the government, as they wait endlessly to be claimed by their rightful owners. There is government unclaimed money lying with the Internal Revenue Service (IRS) in the form of tax refunds. There is government unclaimed money also in the form of mortgage insurance refunds lying with the Housing and Urban Development (HUD). The Federal Deposit Insurance Corporation (FDIC) has millions of government unclaimed money in the form of dividends that couldn’t reach the owners. The Pension Benefit Guaranty Corporation (PBGC) also has government unclaimed money in the form of monthly pensions. The good thing is that each of the above-mentioned companies has its official website where you can go and look for any dues pending and claim the same.
In order to prevent your money from being used up by companies holding them, escheat laws have been framed. These laws require the companies to hand over the money to the respective state or to the federal government. This government unclaimed money remains in the state or/ and federal treasuries until you claim the same. If your deceased relatives have abandoned any safe deposit lockers, the contents are handed over to the government. These contents are auctioned and converted into government unclaimed money.
The good news is that you can, at any time, produce relevant identification documents and claim your hard-earned government unclaimed money, or whatever you have legally inherited from your previous generation.