Unearthing Hidden Wealth

Stumbling upon forgotten funds can feel like unearthing buried treasure. For numerous individuals, surprise fortunes lie dormant in old and unattended bank accounts.

A Personal Discovery

Take the story of Michael Catania, a Las Vegas resident, as a prime example. When he searched his name on MissingMoney.com, a site dedicated to uncovering unclaimed assets, he was astonished to find that the state of Massachusetts was safeguarding money that belonged to him from an outdated account.

The Journey of an Account

This adjunct professor of music had moved through four states in a decade, including Massachusetts, where he had initially opened a $1,500 certificate of deposit that had since matured. Reflecting on his experience, he admitted, “It's a bit embarrassing to have forgotten about an account with that much money. With all my moving, the bank couldn’t reach me.”

A Treasure Trove of Unclaimed Funds

According to the National Association of Unclaimed Property Administrators, an astonishing $42 billion rests in state treasuries, originating from financial institutions and businesses with inactive accounts. These funds often derive from old bank accounts, unclaimed insurance policies, uncashed checks, and various abandoned properties.

Could This Fortune Be Yours?

Wondering if a slice of that $42 billion belongs to you? Here are valuable steps to help you uncover any hidden riches:

Investigate Your State's Unclaimed Property Division

Start by checking the unclaimed property divisions in the states where you have lived or worked. MissingMoney.com offers links to the property divisions of all 50 states, the District of Columbia, Puerto Rico, and some Canadian provinces. While MissingMoney.com has a nationwide search tool, it’s wise to also check individual state websites for more comprehensive results.

Searching Tips

When searching, enter your current name alongside any previous names, like your maiden name. Since this data is public, you can assist friends and family in their searches, too. If you suspect you might be an heir to deceased property holders, you can look for their names as well. These online searches are free and require just a few minutes of your time.

Claim Your Funds

If you stumble upon a match, reach out to the respective state’s unclaimed property agency to initiate your claim. Be prepared to present a driver’s license and your Social Security card as proof of identity.

Proving Your Connection

If the property ties back to an old address, you might need to provide evidence of residency, which could be in the form of a past tax return, credit report, or old utility bill.

Inheritor Requirements

For heirs, additional documentation might be necessary, such as a copy of the deceased owner’s death certificate and proof that you are entitled to the property. Always check with the state for specific documentation required.

Understanding the Process

According to Toni Nuernberg, executive director of the Unclaimed Property Professionals Organization, there are legal obligations for organizations to make reasonable efforts to reach out to account holders. “If they can’t contact the owner after a typical period—usually three to five years, depending on the state—the assets must be turned over to the state,” she explains. Those funds typically languish there until someone steps up to claim them.

A Rewarding Conclusion

Catania can attest to the benefits of such searches. Once he verified his ownership of the certificate of deposit, Massachusetts forwarded the funds to his new address. Remembering the wait, he shared, “It took about six weeks for the check to arrive. It felt amazing to reclaim that money after merely spending a few minutes browsing online.”