Have you ever found a twenty-dollar bill in the pocket of an old pair of jeans? It feels like winning the lottery, doesn’t it? You didn’t work for it today, but suddenly, you have extra cash for lunch or a movie.
Now, imagine finding $500, $1,000, or even $10,000 that you forgot all about.
It sounds like a dream, but for millions of Americans, it is a reality. Right now, state governments are holding onto more than $70 billion in unclaimed money. This isn’t the government’s money. It isn’t the bank’s money. It is your money.
At Ask The Money Coach, we want to make sure every dollar you earned stays in your pocket. Checking for this money is one of the easiest ways to get a massive “return on investment” for your time. If it takes you 10 minutes to search and you find $200, you just made $1,200 an hour. That is a win in any book!
What Exactly is “Missing Money”?
You might be thinking, “Earl, I’m not messy. I know where my money is!”
But life happens. You move to a new house. You switch jobs. A relative passes away. In the middle of all that noise, things get left behind.
“Unclaimed property” is just a fancy way of saying “stuff you forgot about.” When a company has money that belongs to you and they can’t find you for a few years, they can’t just keep it. That would be stealing. Instead, they have to send it to the state government. The state holds it in a giant digital vault until you come to get it.
Here are the most common types of “treasures” hidden in these vaults:
- Old Bank Accounts: Maybe you opened a savings account as a kid and forgot it existed.
- Uncashed Paychecks: Did you leave a job and forget to pick up your last check? It happens more than you think.
- Utility Deposits: When you move, the electric company might owe you back your deposit. If they can’t find your new address, that check goes to the state.
- Insurance Payouts: Sometimes life insurance policies or refunds from car insurance go unclaimed.
- Tax Refunds: If the IRS or the state tried to send you a check and it bounced back, it might be waiting for you.
- Stocks and Bonds: Dividends or old shares of a company can sit for years.
Why Do States Take the Money?
You might wonder why the state gets involved at all. It is actually a law meant to protect you. Before these laws existed, if a bank had an old account that no one touched, the bank would eventually just keep the money.
By law, after a “dormancy period” (usually three to five years of no activity), the company must send the money to the state. The state acts like a lost-and-found box. They are supposed to keep it safe forever. In most states, there is no time limit to claim your money. You could find money that belonged to your great-grandfather from 1950!
How to Start Your Treasure Hunt (For Free!)
The best part about this is that searching is completely free. You should never pay a person or a website to find this money for you. If someone asks for a “finder’s fee,” walk away. You can do this yourself in minutes.
Step 1: Use the National Database
Start at MissingMoney.com. This is a massive website supported by state governments. It lets you search many states at the same time. Type in your first and last name. If you have a common name like “Smith” or “Jones,” add your city to narrow it down.
Step 2: Check Every State You Have Lived In
Don’t just check where you live now. If you lived in Florida ten years ago and moved to Texas, check both! Go directly to the official state treasurer’s website for every state where you have ever had a job, a bank account, or an apartment. You can find these by searching “Official [State Name] Unclaimed Property” on Google.
Step 3: Check for Your Relatives
Did your parents or grandparents pass away? You might be their legal heir. Search their names too. If you find money in a deceased relative’s name, you can claim it by showing proof that you are the person who inherited their estate.
How to File Your Claim Without the Headache
Once you find a match, you will feel a rush of excitement! But don’t stop there. You have to actually ask for the money.
The process is usually done online. You will click a button that says “Claim This Property.” To make sure the state sends the money to the right person, they will ask for some proof.
What you will usually need:
- A Photo ID: A picture of your driver’s license or passport.
- Social Security Number: To prove you are the person listed in the records.
- Proof of Address: They might ask for an old bill or a piece of mail that shows you really lived at the address listed with the money.
- Name Change Info: If you got married and changed your last name, you might need to show a marriage license.
Once you submit your papers, the state will check everything. Simple claims usually take 30 to 90 days to process. If the claim is big or belongs to a relative who passed away, it might take a bit longer. But be patient: that check in the mail is worth the wait!
Beware of “Money Finder” Scams
Because there is so much money out there, bad people try to take advantage of it. You might get a letter or an email saying, “I found $5,000 in your name! Pay me $500 and I will tell you where it is.”
Do not fall for this.
These people are called “private investigators” or “finders.” While some are legal, they are charging you for something you can do yourself for free in five minutes. More importantly, some are just scammers trying to steal your Social Security number.
Always remember:
- Official state offices will never charge you a fee to get your money.
- You should only enter your personal info on websites that end in .gov or are linked directly from MissingMoney.com.
- If a deal sounds too good to be true, or they ask for money upfront, it is a scam.
Turn Your Found Money Into Real Wealth
Finding $100 is great for a nice dinner. But what if you find a large amount? We talk a lot at Ask The Money Coach about making your money work for you.
If you find a “windfall” (a sudden pile of money), don’t just spend it all on a new TV. Use it to change your life.
- Pay off a credit card: Get rid of that high-interest debt.
- Build an emergency fund: Put it in a savings account so you are ready for a rainy day.
- Invest it: Let that “found money” grow into even more money over time.
For more tips on what to do when you get a sudden boost in cash, check out our guide on affordable financial planning services. We want to help you turn every dollar: even the ones you forgot about: into a tool for your freedom.
Take Action Today
Your homework is simple. Today, while you are thinking about it, go to the official sites and search your name. Then search your spouse’s name. Then search your parents’ names.
It costs you $0 to look. The “downside” is that you find nothing and lose five minutes. The “upside” is that you find a check that could pay your rent, buy your groceries, or kickstart your savings.
Don’t let the state keep your hard-earned cash. It belongs to you. Go get it!
If you found this helpful, you might also want to learn how to keep more of the money you are currently earning. Take a look at our variable income budget system to help manage your cash flow, no matter how much (or how little) is coming in this month.
Your future self will thank you for taking ten minutes to check the “lost and found” today!
FAQs
1. What is unclaimed money?
Unclaimed money is money or other financial property that belongs to you but has been turned over to a state after the holder could no longer reach you. It can include old bank accounts, uncashed checks, utility deposits, insurance payments, and other financial assets.
2. How can I find unclaimed money?
You can search for unclaimed money through your state’s official unclaimed-property website. You can also use nationwide search services that cover participating states. Search your current name as well as previous names and addresses when applicable.
3. Is it free to search for unclaimed money?
Yes. Searching a state’s official unclaimed-property database is generally free. You should be cautious about companies that charge fees for finding or claiming money that you could locate and claim yourself.
4. Can I claim unclaimed money belonging to a deceased relative?
Possibly. If you are the legal heir or authorized representative of a deceased person’s estate, you may be able to claim eligible unclaimed property. The state will typically require documentation proving your relationship or legal authority.
5. How long does it take to receive unclaimed money?
Processing times vary by state and by the complexity of the claim. Simple claims may be processed relatively quickly, while claims requiring additional identity, address, or inheritance documentation can take longer.
