$62 Billion in Unclaimed Assets Sitting in State Treasuries
Updated: June 17, 2020 | Posted by: foodsupport.org | Related: Unclaimed Property
Claiming Your Unclaimed Money
The process for claiming unclaimed cash is pretty simple but has to be done right, or it will delay the processing of your claim and thus delay you receiving your lost money check. After you conduct a search for the unclaimed money, you have to claim it. The process may differ from state to state or claim to claim, but there are basic things to watch when submitting your lost money claim.
Submit the Claim Form:
• Each state or federal agency has a claim form that you submit with the claim.
• Ensure to fill out the claim form COMPLETELY before sending it in.
Include Proof of Identification
A check cannot be sent without proving you are who you are. Therefore, you need to submit proof of identification. This is most easily done with a Driver's License or Identification Card and either a birth certificate or social security card. Make sure the copies are clean copies and readable.
How Do I Know This Money is Yours?
When submitting a claim for unclaimed cash think like the person reviewing the claim. How do I know you are owed this money?
How do I know this is not owed to another person with your name? Submit any forms or that show you are the person who owns this unclaimed cash account.
These documents might include statements from the account, proof that you lived at the address associated with the account, papers that you received associated with the account, etc.
Are You the Heir?
If you are sending a claim for an account that is not in your name due to inheritance, submit forms showing you are the executor, heir or power of attorney so that does not have to come into question during your claim process
Make sure to keep copies of all the forms and documents you submit with your claim. Also, you will have the forms in the event anything was not received by the agency you submitted it to.
Follow Your Claim
Make sure you follow the progress of your claim. Claims normally take about 2 to 16 weeks to process, depending on the agency processing the claim.
Many of the states offer updates online or by phone. Don't forget to follow-up and make sure your unclaimed cash claim is processed and your lost money check is received!
Claiming your unclaimed cash does not have to be difficult.
The US Government gives many funds and grants. Many times people fail to take their claims. These become unclaimed federal grants.
These tips would also help you get your share in the pie:
You must understand that no one would come home to give your grants. People believe that the banks contact the persons in case they have some unclaimed property, funds or the bank accounts. The less known fact is that they the banks make three feeble attempts to contact the person. For this, they mail three letters to the address that they have. They ignore that the fact that the person is not there at present.
to claim these funds you must check the government websites on the internet. They always give the details of this money and property. As per the law, any item is enlisted in this list only when the owner is not in contact for three years or more.
Another interesting fact you must know is that the Government unclaimed funds are often not exact. For instance, the funds for the state of New York are often not posted properly. Right now they are worth $ 22 million, but the website shows only $ 3 million.
Another common myth that people have in this connection is that the state pays you an interest on the unclaimed federal funds. The fact is that none of the states pays you anything extra. In fact, in the sate of Ohio, they charge 5% processing fee on the claims.
Further, another less known truth is that when the banks fail, the money becomes unclaimed. The user's thing that they have lost their savings & earnings, but it is not so. Usually, the banks are a member of the Federal Deposit Insurance Corporation (FDIC). This organisation has ensured the account holders against the loss of funds if the banks close down. They protect the funds up to the limit of $ 100,000 per account.