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State treasuries and other agencies are holding some $41.7 billion in unclaimed assets, according to the National Association of Unclaimed Property Administrators (NAUPA). Some of it could be yours.
Unclaimed assets—accounts that have been inactive for at least a year—can include checking and savings, payroll checks, utility deposits and tax refunds. They may also include stock certificates, certificates of deposit, insurance benefits, pension payments and safe-deposit-box contents.
This slide show will point you toward resources that will help you track down your missing money.
By the editors of Kiplinger's Personal Finance
| March 2015
Whether you’re just curious or you suspect that you or someone in your family has missing assets, the best place to start your treasure hunt is Missingmoney.com. The national database is endorsed by the National Association of Unclaimed Property Administrators (NAUPA), as well as participating U.S. states and Canadian provinces. You just need to enter a last name and state or province to start your nationwide search.
For a more targeted search, you can try NAUPA's www.unclaimed.org. The site connects you directly to each state's program. It also includes links to Puerto Rico, the U.S. Virgin Islands and a few Canadian provinces. The specific search can help you avoid getting overwhelmed by MissingMoney's nationwide results, especially if you have a common name. Just be sure to check all the states in which you've ever lived.
The Internal Revenue Service is a treasure trove of lost loot. In 2015, the IRS reported that nearly $1 billion in refunds were waiting to be claimed by people who had not filed 2011 returns. The average unclaimed check is for $698. You have three years to file past returns and claim your refund—so you have until April 15, 2015, to file your 2011 return. And you will not be penalized at all for filing late if you get a refund.
If you did file your return and have yet to receive your expected refund, go to the IRS's Where’s My Refund? page. You need to enter your Social Security number, your filing status and the amount you were due as shown on your tax return.
Over the past decade, some major insurers, such as John Hancock, MetLife and Prudential, have demutualized. That is, they converted from mutual life insurance companies, owned by their policyholders, into publicly traded firms, owned by shareholders. In this process, the firms give their policyholders shares of stock or cash. The size of the payout depends on the face value of the policy, the length of time the policy has been in force, and the total amount of premiums paid.
However, many of the insurers couldn’t find policyowners. If you suspect that you or family members might be affected, contact the insurance company and ask about the possibility of missing demutualization money. The firm may have already surrendered the unclaimed assets to the state, in which case you can try tracking it down via Missingmoney.com or www.unclaimed.org.
Another common missing asset, old stock certificates, may be harder to track down. If you have the CUSIP number—an identification number used for stocks and bonds—call your broker and find out the value of the security. If you don’t have the CUSIP number but know the name of the company, try the investor-relations department of the firm and ask the registrar to help you.
If the company already surrendered your unclaimed assets to the state—if it failed to locate you after it was acquired, for example—again you can check for the funds through Missingmoney.com or www.unclaimed.org. Just be sure to look for your name in three states: where you lived at the time of purchasing the stock, where the company was based and where it was incorporated.
Were you a participant in a pension plan offered by a company that went out of business or closed its plan? Millions of dollars of pension benefits go unclaimed because those owed the money can't be found.
When your former employer can't find you, your pension money goes to the Pension Benefit Guaranty Corp., a government agency that protects retirement income. Check the PBGC's unclaimed pensions database to see if you're on its list of people owed benefits.
If your bank or financial institution closed and you didn't claim the funds in your account, you still might be able to get your money. The Federal Deposit Insurance Corp. has a list of unclaimed insured deposits at firms that were shut between 1989 and 1993. Post-1993 bank assets go directly to state treasuries.
Using the FDIC's BankFind tool, you can also trace what became of the old bank—for example, if it was absorbed by an existing financial institution that you can contact.
Savings bonds are more often forgotten than lost—billions of dollars of matured savings bonds have never been cashed. The Treasury Hunt tool can help you lay claim to a misplaced series E savings bond from 1974 or later that has matured, as well as most registered Treasury notes and bonds.
To file a claim for lost bonds, you can submit a form PD F 1048 to the Treasury, with dates of purchase, names on bonds and other pertinent information.
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