Banks are the most common and frequently utilized financial institution in a person’s life. It is an unfortunate fact that a majority of the unclaimed funds are because of the abandoned bank accounts and some of these are never claimed back. If you are looking to claim back your lost money which is lying in some bank, the best place to start will be the Federal Deposit Insurance Corporation’s web site at www.fdic.gov. Every type of bank can be found under the “bank Find” tab. The unclaimed money can be requested within a period of one and a half years, and after, the funds are handed over to FDIC.
It is not only the state treasuries that are feeling the heat of unclaimed money and funds. Some of the major banks, insurance firms and public utility companies are also feeling the brunt of the unclaimed funds. The unclaimed assets pile has reached an unmanageable proportion and is on an all time high. This is a major concern for the state treasury official as well as the federal decision makers alike.
Once the personal funds or assets of a person goes beyond the escheatment period set by the state laws, the funds are branded as unclaimed funds or unclaimed money. Fortunately, any unclaimed money is in the safe hands of state treasuries, considering a majority of the American population was convinced that there is no probability of getting back the unclaimed funds.
In a combined effort with the federal government and other agencies, state governments have simplified the process of funds location and reclaim. With banks and insurance firms cooperating in the claim process of the unclaimed money, it is a great relief for the public who are trying to retrieve the funds in the unclaimed bank accounts. Some of the most popular tools for unclaimed property search that can be utilized by people who are in search of unclaimed funds:
Government accredited unclaimed funds websites: Apart from the banks and insurance firms, every state treasury has launched an unclaimed money website which is filled with all the tools and tips for facilitating the claim process. One of the major functions of these websites is the continuous update of information related to a state’s unclaimed money list. This list also includes people who have unclaimed bank accounts.
Locate your lost funds: You can also shortlist all the private ‘unclaimed property search agencies’, which are considered reliable by the authorities and who have been accredited.
State sponsored media outlets: The owners of the unclaimed money should keep their eyes and ears open for every possible media outlets which are utilized by the states to spread awareness about the unclaimed funds. This helps the unclaimed money owners in keeping an eye on any state sponsored news regarding unclaimed funds, including unclaimed bank accounts.
Unclaimed money related State fairs: These publicly announced fairs assist any unclaimed funds or property owner on a walk-in basis. States like Texas, Wisconsin and Colorado have been utilizing the print media to a very great extent. In these fairs, on-the-spot claim of funds can be made through walk-in unclaimed money booths.