UNCLAIMED property experts have unveiled a surprising revelation that the odds of reclaiming lost money may be better than you thought.
There are around 33 million people in the US who have unclaimed property and many are not even aware of it.
The Department of Revenue and the National Association of Unclaimed Property Administrators (NAUPA) want people to know there could be a treasure trove waiting to be stumbled upon.
Examples of unclaimed money or property include life insurance benefits that still need to be paid out, old bank accounts that were forgotten about, or rebate cards that were never used.
It could also be due to unpaid wages, taxes, bank failures, investments, or businesses still owing you money.
If these properties become unclaimed then they are given to the state to hold onto.
Before this occurs, the company will try to get ahold of you but sending it to the state is the last resort.
BETTER CHANCES THAN THE LOTTO
The Unclaimed Property Administrator, Patti Wilson, for the state of Washington, and President of NAUPA insists the chances of having unclaimed property are better than a lotto win.
“The chance that you or someone you know has unclaimed property is 1 in 7,” Wilson said, MLT News reported.
“Much better odds than winning the lottery!”
The Washington State Department of Revenue’s Unclaimed Property returned $138.9 million in unclaimed property in 2023.
Many people are shocked to find out that they had unclaimed property and it is not uncommon to not be aware of it.
There is even an Unclaimed Property Day on February 1 to spread awareness of the matter.
Wilson explained how most people would assume they know where all their cash is.
But after doing a quick search they are proved wrong.
“While many people say, ‘I know where all my money is,’” Wilson said.
“You would be surprised how many times they search their name and find they have money owed to them.
“Searching your name is free and only takes a few minutes.”
HOW TO CHECK FOR UNCLAIMED MONEY
You’ll want to go directly to your state’s revenue website and enter your information.
If you could be owed money in multiple states, you’ll need to go to each website separately.
RULES ON FINDING MONEY
The saying ‘finders keepers’ is not always true as people who find money and keep it may quickly find out.
While State and local laws may differ slightly, the majority will require you to attempt to find the owner of the money.
If you fail to make “reasonable efforts” to track down the owner, many states will be able to charge you with theft or larceny of lost property.
The penalty will most likely be based on the value of the lost property as larger finds that are kept without making “reasonable efforts” to find the owner may be classed as a felony rather than a misdemeanor.
The term “reasonable efforts” includes asking people nearby if they dropped any cash, checking the envelope or wallet (if there is one) for an ID, handing it into a nearby store, or contacting the police on a non-emergency line.
Some laws will authorize the police to return the money to the finder if no one has claimed it after a period of time.
Always check your local and state laws which will most likely outline what to do if you find property or cash.
It is also advised that you contact the police or a criminal defense lawyer who can assist in what the laws state and how you should proceed.
Source: Criminal Defense Lawyer
“There is no single government database for all unclaimed money” according to the USA Gov website.
“Use each separate database in the links below to search for each type of unclaimed money.
“Search for unclaimed money from your state’s unclaimed property office.
“If you have lived in other states, check their unclaimed property offices, too.”
