Many people today strive to make money and achieve financial stability as early and as fast as possible. Ironically, many people tend to forget some hidden cash or assets they may have abandoned, unintentionally of course. With the busy and fast-paced lifestyle that society lives in today, it is easy to forget about your old bank savings account, utility deposits, or even those free gift cards and certificates worth hundreds of dollars.
So, will you be able to reclaim these assets? The answer is YES. Nowadays, finding unclaimed money is a matter taken seriously by the U.S. federal government. In fact, rules and regulations are imposed to protect the interests of claimers and the assets involved. Furthermore, unclaimed money search tools and heir finders on the Internet have sprung up as a means to find which assets were abandoned and remain unclaimed up to date.
Unclaimed Assets – What is it?
Before pointing to search methods, it is rather appropriate to first establish a solid ground regarding unclaimed assets. A sum of money or a property is considered unclaimed if the rightful owner does not claim it or does not establish communication for a considerable period of time. Prior being labelled as unclaimed, the asset should have been left inactive and abandoned for a set time frame, depending upon the state you are filing a claim in.
If the rightful owner does not claim the asset within the dormancy period, typically around 7 years, it is transferred to the federal government’s unclaimed asset trust fund, known as the escheat. As of last year alone, a report for the state of New York’s unclaimed assets worth $8 billion. Understandably, you may wonder why such cases occur? Who wouldn’t want to get the property or sum of money that’s rightfully theirs?
Reasons for Unclaimed Assets
Unclaimed money and assets emerge from a variety of reasons. Common reasons for unclaimed assets include death of the owner, alteration of name due to marriage or divorce, relocation without a provided forwarding address, records are insufficient or unreliable, or simply forgot about that particular account.
Types of Unclaimed Assets
Assets that are unclaimed are considered intangible and held, issued or owed in the regular course of a holder’s business that has remained abandoned and inactive wherein the legitimate owner has not yet made contact with authorities to claim the asset. Types of unclaimed assets include, but not limited to, the following:
• Ongoing payroll and merchant checks
• Mature certificates of deposit
• Old savings and checking accounts
• Un-liquidated dividends
• Credit principal
• Estate held by federal agencies
Current Unclaimed Assets in the U.S.
At present, the state’s Unclaimed Property Department is in the possession of more than $850 million worth of personal properties and money. These assets are reported to belong to more than one million citizens.
How to Recover Unclaimed Assets?
The process is not at all difficult. But if you aren’t one of those people who enjoy managing tons of paperwork and investing time to learn the correct process, using the unclaimed money search tool of websites like Cash Unclaimed.com can be the ideal solution for all your troubles.
Search companies that work in finding unclaimed assets in a particular state make the process relatively easier and faster over manual searches. Nonetheless, keep in mind that sometimes a small percentage from the overall value of the asset they helped you recover is used for processing fees. Fortunately, the U.S. federal government has implemented rules and regulations that govern and limit how much these companies can charge for their services.