Finders Keepers
We’ve all heard stories of
people who have, at one time or another, stumbled across money. Maybe it’s a
$20 dollar bill which slipped between the sofa cushions, or a found lottery
ticket, or even a bag of money in the bushes near your house, it’s always
exciting to come across cash you didn’t expect, or didn’t know existed.
Those incidents,
while nice, are unpredictable and few and far between. What you may not know,
however, is that you may actually have money owed to you that you don’t
even know about.
Recently, one of
my clients received $750 tagged as “unclaimed” which was found by conducting a simple on-line search. I’ve also
had some experience in this area, and I, too, discovered that there are lots of
avenues to find money you never knew you had, or may have forgotten about.
Perhaps a long, lost relative bequeathed
investments to you without your knowledge. It doesn’t have to be a rich
relative. Some accounts may have been established by an employer, and perhaps
your family member never even contributed to them. The company holding the funds is required to try to find you. After
a period of time, if no contact is made, that money gets turned over to the
unclaimed property division of the state or commonwealth responsible for
distributing it.
Another common source of found money
is in housing transactions. Perhaps you held a mortgage or an FHA loan which
required you to provide money up front with the promise that it would be
refunded to you, only to have that money get lost in an accounting oversight.
Or maybe there was a security deposit from an apartment that was never refunded
to you when you moved out.
All of these dollars, if unclaimed,
end up in an “unclaimed property” status under the state’s administration.
If you want to find out about unclaimed
property in your name, there are several ways to research it. If you live in Massachusetts, one way is to
go to the website mass.gov and go to the “unclaimed property” page. Two additional
sites to visit are missingmoney.com and
foundmoney.com. Those often contain lists of missing money that has yet to be
turned over to the state. In each of these cases, it’s just a matter of filling
out a form to claim your money, which can then be put to whatever good use you
and your financial adviser decide.
A few minutes of time could yield a financial benefit. At
the very least, you can have fun with this, searching by your name, or family
members and friends. What a nice gift to be able to call someone and say, “I
found some money you didn’t know you had. Go get it!”
For more information about healthy financial and debt management, visit http://www.powerdowndebt.com
or email us at: info@powerdowndebt.com
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