Unclaimed Property Blog

For some people, missing money may sound weird. But wait, do you know that you may have your share in the unclaimed property and money that accounts to over $35 billions? Just think how you can benefit form $50,000 of your missing money.

Unclaimed money and property are new and it has been existence for many years. The problem is many people don’t know how to claim their missing money and much worse, many people don’t even know that they have a huge sum that can be claimed. Each and every US state government has billions of money in the unclaimed property category.

Missing money is generally locked up in big financial institutions like banks, insurance companies, oil companies, retailers etc. There are many people who are careless about their money and they don’t follow up their accounts.

The owner of the account may become sick or even die and the information will not reach the financial institutions. As a result, the financial institution does not know who is the heir and they lock the money as unclaimed money. If one of your ancestors has such money, then it is your missing money. If you are a legal heir of your ancestor, then you are eligible to claim your money.

After a few years, the financial institutions will shift the unclaimed property to state government’s custody and there too, the missing money sits as unclaimed money. The state will not be able to locate the owner of the property, as there is no centralized database containing the names of actual heirs.

The state is also less interested to give you your missing money because the state is actually enjoying the interest from unclaimed money.

Studies show that about 70% of Americans have their missing money in the unclaimed properties. You can even get more than $10,000 as your money from this unclaimed money. You can find a lot of websites offering services for locating your missing money. However, you have to be careful because there are many scams trying to eat your money taking advantage of your burning desire to claim your share.

This entry was posted on Thursday, July 10th, 2008 at 9:21 am and is filed under Lost Money. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.