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You May Have Some Secret Money Waiting

You May Have Some Secret Money Waiting

Secret Money

From time to time as you move around from state to state or even around your own community you may be building up some secret money that you may not even know existed.   These monies are in the form of security deposits on rentals, returned service charges from utility companies, or even old bank accounts from a long time ago.

Unclaimed Funds

There is a place that will take and hold funds for people who are not easily found when you move.  Most of the time these monies are completely forgotten about.  When a person or company has these funds and they cannot find the person to return the money to the company has to turn over to somebody because they cannot legally keep it.  In 1999 the U.S. government set up an agency to help alleviate this problem.   This is on a state and federal level.

Federal Level Funds

At the federal level, this can be tax refunds that are owed to a taxpayer but the person moved without notifying the government of the move.   The government will hold onto these funds in hopes of finding the rightful owner.  They may hold on to this money for up to 5 years.

State Level Funds

As with the federal level, the state level can also be involved.  When a bank closes or your account gets closed for some reason without a forwarding address these funds will go uncollected.  In order to find the rightful heir, the bank will send these monies to a state organization to hold onto the funds.  This is so that the banks or other institution doesn’t have to keep the monies on their account.

The place that holds onto these monies is called Unclaimed Funds.

Show Me the Money

To find out if you have any unclaimed funds you will need to search both the state and federal level.  On the state level, you will need to check with any state that you have lived.

You can search by state by going to www.unclaimed.org.   And then clicking on each state where you have lived.

As an example, at the time of this writing, there were over $69,000,000 in North Carolina alone of unclaimed money.   There is a lot of money out there.

Claiming the Money

If you happen to find money that is owed to you then all you need to do is file a claim for it.  Each state has its own process to do this.  Most are online forms and they are free.

You will most likely find money under $100, but it can be a lot more.

I recall doing this about 15 years ago when I lived in North Carolina and I did find some funds from when I was living in Florida.  I recall it was around $35.  It wasn’t much but it was nice to find and claim.

Conclusion

As we go through life we all may leave behind some money.  It can come from any source from an old employer’s paycheck to uncollected interest on a closed bank account.  We are all legally entitled to those monies.  And, it is always nice to find a little forgotten, albeit, secret money.

 

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Kevin A Dunlap

Kevin Dunlap is an author, podcaster, speaker and a licensed Nevada REALTOR® since September 2012. He has been involved in real estate since buying his first investment property in February 2002. He has also owned two small apartment complexes. He has specialties in creative real estate deals such as lease options and seller financing, as well as the normal purchase or sale of homes, condos, and townhouses. Kevin also has a team to help people who are employed in the Cannabis industry to buy homes, too.

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