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“Lot’s of money left behind!”
By jmh | January 7, 2006
Might some of it belong to you?
According to NAUPA, the National Association of Unclaimed Property Administrators, billions of dollars are being left behind by unsuspecting citizens in the form of unclaimed property. Unclaimed property refers to accounts and monies left at institutions and companies, where there has not been any contact with the owner for a year or longer.
Commonly unclaimed property includes (but is not limited to) forgotten savings and checking accounts, stocks, payroll checks, refunds, traveler’s checks, insurance payments and life insurance policies, certificates of deposit, utility security deposits, and contents of safe deposit boxes. Companies eventually turn these unclaimed assets over to the state (outlined by state law) who will then attempt to locate the owner.
What can you do to keep your money from becoming unclaimed property in the first place? Simply, keep in touch with all institutions and companies that hold any of your money at least once every year. Keep companies updated of any address changes and changes in marital status (when appropriate). Cash all checks, refunds, etc. without delay. Keep impeccable records of your finances and tend to all your financial affairs without delay.
What can you do if you suspect that you are one of the above property owners? Start your search on the internet at www.MissingMoney.com. Good luck with your efforts!
Tag: My Financial IQ
Topics: My Financial IQ |
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