Owners and heirs with legitimate rights can claim unclaimed funds from the state, reports Melanie Hicken for CNN Money. Government sources to search for unclaimed funds include the Internal Revenue Service, the U.S. Department of the Treasury, state unclaimed property offices and other government agencies.Continue Reading
The billions of dollars worth of unclaimed money as of 2015 includes lost checking and savings accounts; uncashed payroll checks and money orders; unpaid insurance policies; unclaimed utility and security deposits; and the contents of forgotten safe deposit boxes, according to Deborah Fowles for About.com. After a few years, most of this money ends up in state unclaimed property offices, which have searchable databases. The IRS is holding over $100 million in lost refund checks, and the U.S. Department of the Treasury has billions of dollars in unredeemed mature savings bonds as of 2015, states Hicken. Both organizations have search engines on their websites to locate unclaimed funds.
Individuals can claim funds from failed banks or savings and loans institutions through the Federal Deposit Insurance Corporation, explains its official website. Homeowners who had FHA-insured mortgages can obtain refunds through the U.S. Department of Housing and Urban Development, according to its official website. Individuals who are owed pensions from former employers can search the U.S. Pension Benefit Guarantee Corporation's official website.Learn more about Investing