What is Unclaimed Property “Lost Money”?
Unclaimed property (sometimes referred to as lost money) refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of time set by the laws in the state where the property is being reported. This can be only a year, 3, 5 or more… depending upon the type of lost money.
Forms of unclaimed property include stock, checking or savings accounts, uncashed dividends or payroll checks, refunds, traveler’s checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.
What happens to these accounts that have no activity by their owner?
Each state has enacted an unclaimed property statute that was designed to protect your funds from reverting back to the company if you have lost contact with them. These laws instruct companies to turn forgotten funds over to a state official who will then make a diligent effort to find you or your heirs. Most states hold lost funds until you are found, returning them to you at no cost or for a nominal handling fee upon filing a claim form and verification of your identity. Since it is impossible to store and maintain all of the contents that are turned over from safe deposit boxes, most states hold periodic auctions and hold the funds obtained from the sale of the items for the owner. Some states also sell stocks and bonds and return the proceeds to the owner in the same manner.
Why is a consumer service such as LostMoney.com so valuable to consumers?
The state agencies that hold unclaimed property have historically a very low recovery rate for the owners of the property. From our studies, the recovery of unclaimed property by its owner once it has been reported to the state is less than ten (10) percent.
This low rate of recovery has lead to dozens if not hundreds of unclaimed property “finders” which in most cases are legitimate companies, attorneys, investigators and heir finders that have made it a very profitable business to locate the beneficiaries and heirs to unclaimed property and enter into an agreement for the recovery of the property for a fee. In many states this fee has been determined by law to be no more than ten (10) percent.
Services such as LostMoney.com provide free consumer reports and resources to those that should be looking for lost money due to their families, and LostMoney’s founder Wayne Warrington has established a recovery rate in excess of 90 percent. So by using LostMoney.com, you are more likely to recover your unclaimed property and certainly with no cost or fees being paid to a finder. Also, LostMoney is not only one of the most popular consumer websites in the country, it is also one that is maintained advertisement free and has NEVER in its history sold or traded away the email and contact information of its site members. Wayne Warrington, as a consumer advocate, has pledged not to misuse the trust of the consumers that have become a part of the LostMoney.com online family.
How to start your search.
First you should complete your free LostMoney.com search profile, located at LostMoney.com, then you can start checking the database files that are available online starting with this one. IMPORTANT NOTE: There is no single source or database for unclaimed property and according to LostMoney’s founder Wayne Warrington, there never will be. Why? Simply this. If there was a single source for unclaimed property, it would be easy to find. Currently there is over $1 trillion dollars in unclaimed property in the USA alone and less than 5 percent of that amount is reported in databases covering all of the various state unclaimed property offices. This is why LostMoney.com is your very best resource.
Start you search here…. click on the LostMoney logo which will open a search page. Follow the instructions and MOST importantly, fill out your free search profile at LostMoney.com
How often should I search?
Millions of new unclaimed accounts are reported every year. This is why you should be diligent and conduct a regular search each year and search under all your family member names. However, if you would rather have the heavy duty work done for you, your LostMoney research team will be matching you up with new accounts each year and will email you or text you as new resources and new possible matching accounts are reported.