Nowadays, we could all use a little bit of extra cash. However, many people have no idea that unclaimed money is waiting with their name on it. In state treasuries alone, 1 in 10 people are owed money from places like banks, former employers and unclaimed tax refunds. If you answer “yes” to any of the questions below, you might be eligible for free dough.
1. Did Your Bank Recently Close?
Once a financial institution fails, the FDIC takes over and is
responsible for paying insured deposits and the liquidation of
remaining assets. If you did not claim your funds when the bank
closed, you still can. “If your bank was never bought out by
another bank, there is likely money out there for the bank account
holder or power of attorney,” says Marcia Keppy, an unclaimed
property expert and asset protection specialist. You can search for
unclaimed
funds in your name at www2.FDIC.gov/Funds/Index.asp.
2. Did Your Credit Union Fail?
When a
credit union with federal insurance is liquidated, the National
Credit Union Administration’s Asset Management and Assistance
Center is responsible for paying the share accounts to members. Due
to uncashed checks or incomplete addresses, some of the money
remains unclaimed. If you think the National Credit Union
Administration may have funds in your name, contact its Asset
Management and Assistance Center at 512-231-7900.
3. Do You Have an FHA-Insured Mortgage?
Then you might be eligible for a
refund from the U.S. Department of Housing and Urban
Development. Find out if there’s a refund for you at HUD.gov/Offices/HSG/comp/refunds/index.cfm.
4. Are You a Former Employee of a Company That Went Out
of Business?
If a company you worked for went belly-up, you may still be
eligible for any pension earned while you were there. When a
company goes out of business, the pension plan is generally
transferred to the Pension Benefit Guaranty Corporation (PBGC).
“The company should contact the former employees, but it just
depends,” says Keppy. If the company doesn’t reach out to you, you
can check the Missing Participants service at PBGC to see if any
money is owed to you at https://Search.PBGC.gov/mp/mp.aspx.
5. Did You Not Receive Your Tax Refund Earlier This
Year?
If you have not received your
tax refund, it could be due to an incorrect address. There
could be other reasons as well. “If you recently got a divorce or a
close family member passed away, the IRS could still have an
unclaimed tax refund on file,” says Keppy. Visit IRS.gov to claim
it.
6. Could You Possibly Have Unclaimed Property in Your
State?
Over $32 billion in unclaimed
property is currently being safeguarded by state treasurers and
agencies. Unclaimed property refers to accounts in financial
institutions and companies that have been inactive or had no
contact with the owner for over a year. It includes savings or
checking accounts, uncashed payroll checks, certificates of
deposit, stocks and more. Every U.S. state has unclaimed property
programs that help find the rightful owners. “If you’re over 40 or
if you’ve moved often, you’re more likely to have unclaimed
property,” says Keppy. Also, if your parents have passed away, be
sure to check their names. Go to MissingMoney.com to
do a free search for money that might be due to you.
7. Do You Qualify for Government Benefit and Assistance
Programs?
If you’ve been affected by a
disaster or disability, need help with child care or health
care, or require tax or living assistance, you may be eligible for
financial assistance from the government. Go to GovBenefits.gov and search for specific benefits or
take a questionnaire to find out which program(s) you may qualify
for.
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