While nearly all people have good memory when it comes to money, the diversity of investment venues, portfolios, and money sources have made it difficult to keep track of where your money goes and where you can get them back. As a result, thousands of dollars worth of assets and money remain unclaimed and covert.
What are Unclaimed Assets?
Unclaimed assets and cash pertain to financial properties owed to a person or business. A property or an amount of money is considered unclaimed when there has been no contact from the owner for a specific time frame, typically between 1 to 3 years. When measures put forth by the holder to find the owner fails, the funds are transferred over the Department of Revenue. The department is tasked in protecting the funds until the legitimate owner comes forward and claims the asset.
Unclaimed assets refer to any property that is intangible and is held, issued or owed in the common course of a holder’s firm that has been unclaimed for a considerable amount of time after it turns payable or distribution-able. If you strongly believe that you are missing money from unclaimed assets, read on further as we discuss the truth about missing money.
History About Missing Money
According to reports by state authorities, the Unclaimed Property Section of the government is currently holding more than $850 million worth of unclaimed assets that are unclaimed by more than a million U.S. residents. In 1954, the Unclaimed Property Law was imposed by court with the function of offering a core repository in every state where residents can look for any missing assets that are entitled to them.
Who Reports Missing Assets & Money?
Who reports unclaimed money and lands? The truth about missing money and how people are able to recover it is through the help of all organizations with the exemption of federal agencies and institutions. The Unclaimed Property Law encompasses different forms of assets including money, land, securities, and any property that symbolizes money including bank accounts, security deposits, and tax refunds. Only the original owner or the beneficiary of the original owner can claim any missing money or asset. If the estate is open, an appointed representative of the original owner may also claim the missing asset.
Tips in Claiming Missing Assets & Money
The hard truth is that you may be eligible for up to $50,000 without even remembering it. While your refunds are infinitesimal in value separately, they can amount to a considerable value if consolidated. Using this money, you can quit your dead-end day job and retire happily or purchase big ticket items like a car or new flat screen TV. But to do this, you must first learn how to claim missing assets and cash.
One tip to remember when claiming money is to look for your deposits and checks. This is the simplest and most common money source people forget about. Your security deposit from your recent apartment or the contents in your safe deposit boxes can be easily forgotten once work and family-related issues and activities emerge.
Another noteworthy tip is to consider filing for a claim on your lost money from failed banks. While you made a poor decision in the past on choosing a bank or financial institution that eventually flopped, you can still claim the lost money if there was a guarantee provided for your riches by the bank.
Saving bonds that tardily mature can also be a source of money. Unless individuals have a precise list of where their finances actually go, it doesn’t take much to get saving bonds go unclaimed. Because they don’t mature for another 30 or 40 years, individuals can easily forget them.
The truth about missing money is that it doesn’t really take much to claim it back. Using the intuitive search features of Cash Unclaimed, you can locate the missing assets and cash you are eligible for in a fast and convenient manner.