Make $2,000 in 45 minutes. That’s what the author, Mary Ann Martello, did when she searched state databases looking for old forgotten utility deposits and bank accounts set up by grandparents. Every state has an office that collects money in that state that has been abandoned, forgotten, or left unclaimed, including:
- Savings and checking accounts
- Uncashed payroll or cashiers checks
- Money orders and travelers checks
- Certificates of deposit
- Customer deposits or overpayment
- Paid up life insurance policies
- Health and accident insurance payments
- Uncashed death benefit checks
- Gift certificates and Christmas club accounts
- Stocks and dividends
- Utility deposits
- Oil and gas royalty payments
The money could be a savings account that grandma set up for you when you were born. Or it could be a Christmas fund Great Aunt Rose contributed to before she passed away. Your father may have even had a safe deposit box he never told you existed.
According to reports, state agencies across the U.S. May be holding over $8 billion dollars in abandoned money. Although the rules vary from state to state, generally after two or more years without activity on an account (no deposits or withdrawals),the bank will try to contact you. If their efforts fail, the property is considered abandoned and transferred to the state of your last known address.
To locate funds, contact the unclaimed property office in the state (usually part of the state treasurer’s department) where you or your benefactors have lived or conducted business. Most state agencies have websites, and many have searchable databases. You can contact the National Association of Unclaimed Property Administrators, P.O. Box 7156, Bismarck, ND 58507; www.unclaimed.org Not only does the website give you a listing of state offices, it also links you to those that have existing websites. A listing of state Unclaimed Property Offices is listed at the end of this section.
$75 Million In Unclaimed Retirement Checks
What happens if the company you’ve worked for private-sector pension plan runs out of money before you’ve gotten your fair share? Did you work some place twenty years ago that is no longer in business? What about an old pension fund that was in financial trouble? Don’t give up. The Pension Benefit Guaranty Corporation (PBGC) is a federal agency that insures that you will receive your benefit up to the limits of the law. You can also search the website by name, company worked for, or by state where the company is/was headquartered to see if there is a pension that you are owed. For the 26,000 people still missing, individual benefits range from $1 up to $264,548 and average about $3,675. The states with the most missing pension participants and money to be claimed are: New York (5,436/$23.55 million), California (2,929/$5.85 million), Texas (1,747/$5.32 million), New Jersey (1,388/$5.30 million ) and Pennsylvania (1,321/$4.28 million). To learn more contact Pension Benefit Guaranty corporation, 1200 K St., NW, Washington, DC 20005; 
800-400-7242
; www.pbgc.gov
Missing HUD Money Is Waiting For You
If you ever purchased a home using a HUD/FHA insured mortgage, you may be eligible for a refund on part of your insurance premium or a share of the earnings. There are certain requirements you have to meet. If you are unsure whether your loan was FHA, you can call HUD on 1-(800) 697-6967 and provide your name and property address, or you may contact us at sf_refunds@hud.gov. You can also search online at http://www.hud.gov/offices/hsg/comp/refunds/index.cfm
Beware of people (known as "tracers") offering to help you collect your refund for a fee. You do not need to hire someone to collect your money. You can obtain your refund directly from HUD for free. For more information, contact U.S. Department of Housing and Urban Development, P.O. Box 23699, Washington, DC 20026; 800-697-6967.
When you move or are away for a time, checks in the mail sometimes go missing. If you feel you are owed any missing money contact the following agencies:
Internal Revenue Service: The IRS has a new service where you can track your refund check at http://www.irs.gov/individuals/article/0,,id=96596,00.html You must enter your name, social security number, and exact amount of refund. If you think you are missing a check from a previous year, you can call 800-829-1040 and talk with an IRS representative. An average refund of $963 is waiting for 95,746 taxpayers whose refund checks have been returned to the Internal Revenue Service as undeliverable. The checks, worth a total of $92.2 million, can be claimed as soon as their owners update their addresses with the IRS. In some cases, a taxpayer has more than one check waiting.
State Tax Agencies: Your state may also be holding a check of yours that they could not deliver. Contact your state Department of Revenue to find out whether they owe you any money. To locate the correct office check online http://www.taxsites.com/agencies.html
Social Security: Social Security Administration pays benefits to more than 53 million people. 90% of married couples and 88% of non-married persons aged 65 or older receive benefits. The average check per person is close to $1,000. If you are missing a check, you must call Social Security at 800-772-1213 and a representative will assist you.
Veterans Benefits: The same deal holds true with the Department of Veterans Affairs. If you are missing a check, you must call the Veterans Administration at 800-827-1000 and a representative will assist you.
$657 Million Available in Uncollected Child Support
The government has been very successful at collecting child support money from deadbeat spouses’ tax returns and other sources, but families are not getting this money. The government is sitting on it waiting for custodial parents to call. The government likes this money because it generates over $50 million in interest and income. For the national office contact Office of Child Support Enforcement, Administration for Children and Families, U.S. Department of Health and Human Services, Washington, DC 20447; 202-401-9383; www.acf.dhhs.gov/programs/cse
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