Many people are unaware that they have access to unclaimed money. Lost money can be in the form of bank failures, old 401Ks, back-wages, unclaimed life insurance, and utility deposits. In the majority of cases, unclaimed funds exist because of misaddressed checks, misaddressed mail, and notification failures. It is crucial to know where to look for lost funds if you are to retrieve that money.
Begin With State Repositories
The place where you conduct your search will depend on where you live. Since each state has its own treasury website, you will need to address your query to your local state’s treasury. For example, if you reside in North Carolina, you will have to visit that specific state’s treasury website to search for your unclaimed funds. To find your state’s treasury website, visit Google and then key in “unclaimed funds + the name of your state.”
Employer Retirement Plans
It is normal to change jobs and forget about a balance in your previous employer’s retirement plan. An insignificant balance could grow immensely in a few years. If you want to claim money from your previous employer’s retirement plan, go to the National Registry of Unclaimed Retirement Benefits. This registry will not charge you, because it is dedicated to helping employees claim forgotten or lost benefits. You can also seek out this national registry if you want to claim money left by a deceased person.
Employees are entitled to pension fund, money which they save with their current employer. It is not unusual for you to forget your pension fund with your previous employer. In such a situation, you should go to the Pension Benefit Guaranty Corporation.
IRS Unclaimed Funds
While in many cases the IRS files claims against taxpayers for evading taxes, there are instances where the IRS owes individuals money. You can claim your money from the IRS by updating them about your new residence. Even when you have not moved, but do not know whether there are funds the IRS owes you, the revenue authority will clear this up for you, and tell you when you shall receive your unclaimed funds. If an employer fails to pay your IRS funds, you have three years to make a claim to the IRS. Otherwise, you lose your right to get compensated.
State Tax Refunds
You may be entitled to state tax refunds, but don’t know about it because you changed your address. In such cases, going to the unclaimed.org website, you can search for the funds by clicking on your previous state or address. To make sure you leave no stone unturned, search through all the states where you have resided in the past.
Summing It Up
Unclaimed money can provide relieve, especially during these tough economic times. Many people are either unaware of their lost funds, or do not know how to file claims. Some of these claims have statutory limitations, therefore, it important for you to determine whether you have any unpaid funds and how to claim them.
Edward L. Taylor Jr currently serves as a Clayton County Business Banker with Heritage Bank. With over 15 years of experience in the banking industry, Ed can provide you with the best business products and services to serve your needs now and well into the future.
Vice President Business Banker • 770-515-7032 • [email protected]