It is a well known fact in the government that the pile of unclaimed funds is a major source of headache for the decision making officials. State and Federal governments have taken all the right steps in creating a viable and effective outreach program to spread the awareness about the unclaimed funds. The fact that all the lost property from over the years is safe with the government is a great relief for most of the residents who are aware of the fact that they have an unclaimed fund lying somewhere.
In a concerted effort with the federal government and other agencies, state governments have simplified the process of funds location and reclaim. Residents have been provided with all the logistical and information-based help by the collaborative action of the state and federal governments. Some of the major tools of assistance are:
Almost all the State governments have put up a very practical website which provides all the relevant information regarding the claim process for lost funds or property. These websites guides the claimants towards taking the right steps for locating and claiming their lost funds.
Perform due diligence to identify and accredit all the private ‘unclaimed property search agencies’ which are considered reliable by the authorities
Many of the states have started organizing State sponsored and managed public fairs. These publicly announced fairs assist any unclaimed funds or property owner on a walk-in basis.
In most of the cases, on-the-spot claim of funds can be made. In addition, these fairs help to spread the awareness about the unclaimed funds.
Unclaimed funds in Banks
If you have some funds which might be lying with some bank in any state, the reclaim process might not be as complex as you might think. Unclaimed bank funds form the majority of the unclaimed funds pool and is also one of the most common kinds of unclaimed public funds. It is prudent that the bank be identified where the money might be located and whether the bank is still in business. The history of banks can be found on 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. After that the funds are handed over to FDIC.
According to the Treasury more than $15 billion savings bonds are now unclaimed and which have stopped earning interest. One of the most reliable sources for locating and reclaiming your unclaimed savings bonds is the record-keeping office of the U.S Treasury.
Unclaimed Pension Funds
As of last estimate, about $135 of unclaimed pension funds were waiting to be claimed and still lying with the state treasuries. Pension Benefit Guaranty Corporation (PBGC), the federal pension insurance program, takes over the pension program if a company goes out of business. PBGC tries to locate the owners of abandoned pension funds. If you or your relatives might have a pension which is still unclaimed, then it can be tracked down at PBGC at search.pbgc.gov/mp/. There, you can type in your name and company in a search tool.