Unclaimed property is a familiar term for a US citizen. But do you know what is the actual concept underlying in this term?
A property is declared as unclaimed property if the owner of the property neglects his assets or the owner of the property discontinue all his contacts with the company or institution or individual currently using the property, and the company or institution or the individual using the property can not communicate with the owner of the property because of various reasons such as change of phone number or address.
• Failure to the trust or inheritance of a property by an individual is an example for unclaimed property
• Unclaimed salary checks of an individual is a unclaimed property
• Unclaimed Money in stocks and bonds and various dividend funds of an individual is regarded as unclaimed property
• Unclaimed money in the deposit box or other real assets of the owner is considered as unclaimed property.
• Unclaimed bank checks and savings bank accounts is another example for unclaimed property
• Unclaimed utility funds of a person also falls under the category of unclaimed property
The various names for unclaimed properties are free money, unclaimed money, lost money, unclaimed assets, found money, or free money. So many financial institutions cannot locate the owners of this kind of unclaimed properties. The growth of unclaimed property is showing a sharp increase in USA.
There are a number of data bases to help you in finding your unclaimed property across USA if you lost your contacts. You can use one of such good data base to search for your bank accounts or any other unclaimed property. You should select a database that can offer a wide search for locating unclaimed property using the Internet. You can use your legal name or variations of legal name for making searches using these databases. You are required to give all the information such as bank account number, address, and the properties you claim in the database. The database will compare your information with the original information and will report about your unclaimed property, within seconds.
After locating the unclaimed property, you can make claim over the unclaimed property by submitting all the documents to prove your identity such as ID card, Social Security and birth certificate.