It may sound too good to be true, but YES, unclaimed funds are real- they exist! They can come from a number of places. Knowing these types of places will help you be more likely to know if someone is trying to scam you by saying they have unclaimed funds in your name. This is by no means a comprehensive list, but we will cover some of the most popular places to find unclaimed money.
Life Insurance – Many people are unaware they are the beneficiary of a life insurance payout, and the insurance company is not able to find or contact them, so it just goes unclaimed.
Tax Refunds – People who have filed their income taxes but were not able to receive their tax return refund for whatever reason.
Savings Bonds – Many savings bonds go unredeemed every year. Often it’s due to something as simple as people forgetting they have them, or never knowing about them in the first place.
Payroll Checks – Often and employee who does not have any sort of direct deposit will forget to come pick up their last check from a job, and when they company tries to send them the check, they have moved or are unable to be contacted.
Utility Security Deposits – Often times when people cancel or shut off utilities before a move, they forget we even paid a deposit in the first place. Most of the time the utility companies are never given the new address.
Customer Overpayments – Either from a customer paying the wrong amount or the company accidentally over charging. If they are no longer able to get in touch with the customer, the overage becomes unclaimed funds.
Bank Accounts – Accounts that have been closed due to inactivity are the most common reason for this.
These are some of the most common reasons people have unclaimed funds. If you are looking for unclaimed funds in your names, the best way to start is by checking for any of these that my apply to you. Reach out directly to the company of business first, and if they have turned over the money to the government already, they can direct you to the next step from there.