Hidden Money: Unclaimed Property
Did you know that every year, billions of dollars in unclaimed property goes unclaimed? This money, which ranges from forgotten savings accounts to uncashed checks, represents a huge opportunity for people across the globe. Enter the National Association of Unclaimed Property Administrators (NAUPA). The NAUPA is a non-profit organization that serves as the foremost authority on unclaimed property. Their mission is to reunite this unclaimed property with the rightful owner—and they’ve been doing it for over 50 years.
Interestingly, the NAUPA isn’t just focused on reuniting people with their lost money in the United States. They also have members in Kenya, Canada, and Puerto Rico. In fact, their membership includes government administrators representing the governments of all 50 states, the District of Columbia, and several Canadian provinces. So if you think you might have some unclaimed money out there, it’s definitely worth checking out the NAUPA website to see if any of it might be yours!
What is Unclaimed Property?
Unclaimed property is defined as “any financial asset that has been left inactive by its owner for a period of time specified by law.” Common examples of unclaimed property include:
Uncashed payroll checks
Lost refund checks
Forgotten savings accounts
Undelivered utility deposits
Inactive insurance policies
Uncashed traveler’s checks
Safe deposit box contents
Basically, anything that has monetary value and has been inactive for a specified period of time. Each state has different laws, so be sure to check your state’s specific laws to see what classify as unclaimed property.
How Does NAUPA Help?
The NAUPA is a non-profit organization whose mission is to help people reunite with their unclaimed property. They do this by serving as the foremost authority on unclaimed property and facilitating collaboration among administrators in their efforts to return this money to its rightful owner.
If you think you may have some unclaimed property out there, you can search for it on the NAUPA website. Simply select your state from the drop-down menu and you’ll be directed to that state’s official database of unclaimed property. From there, you can search for your name or business name to see if any money is owed to you.
If you find that you do have some unclaimed property, the process for claiming it will vary from state to state. Generally speaking, though, you will need to fill out a claim form and submit it to the state agency responsible for handling unclaimed property claims. You may also need to provide proof of your identity and/or proof of ownership of the property in question. Once your claim is processed and approved, you should receive a check for the amount owed to you within a few weeks.
It’s important to note that there are companies out there who will try to charge you a fee for help with claiming your unclaimed property. Don’t fall for it! The entire process of searching for and claiming unclaimed property is absolutely free—so if anyone tries to put atoll on it, walk away!
If you think you might have some unclaimed property floating around out there—maybe an old savings account or an uncashed paycheck from your previous job—it‘s worth a trip over to the NAUPA website to take a quick search of their database...you might be surprised at what you find!