Could You Have Money Sitting in an Old Bank Account?
Have you ever come across an old bank statement, forgotten savings account, certificate of deposit or other financial record and wondered whether there might still be money waiting for you?
You may be surprised.
Money from forgotten bank accounts and other financial assets can eventually become unclaimed property. Fortunately, there are legitimate government resources that can help you search for money that may belong to you — and searching through official state programs is generally FREE.
Start With the Bank
If you know the name of the financial institution where the account was held, your first step should be determining whether the bank still exists.
Banks sometimes merge, change names or are acquired by other financial institutions.
The Federal Deposit Insurance Corporation (FDIC) offers its BankFind Suite, which can help consumers research FDIC-insured institutions and historical banking information.
Search the FDIC BankFind Suite
If the bank is still operating, contact the institution directly and ask about the account.
You may need documentation proving that you are the account owner. If you’re searching on behalf of someone who has died, additional documentation — such as proof that you are an authorized representative or legal heir — may be required.
What If the Money Was Turned Over to the State?
After an account or other financial asset remains inactive for a period established by state law, the money may eventually be transferred to a state’s unclaimed property program.
According to USAGov, state governments hold most unclaimed money. Common sources include bank accounts, insurance proceeds and money owed through state agencies.
That means you shouldn’t stop searching just because your old bank no longer has the account.
If you’ve lived in more than one state, search the official unclaimed property program for each state where you have lived or done business.
Search USAGov’s Unclaimed Money Resources
Search Official State Unclaimed Property Programs for FREE
One of the best resources is the National Association of Unclaimed Property Administrators (NAUPA).
NAUPA provides links to official state government unclaimed property programs throughout the United States.
Searching through an official state program is free, and NAUPA states that claiming property through the official government program is also free.
Search Official State Unclaimed Property Programs Through NAUPA
You can also search participating state databases through MissingMoney.com.
Found Money? You’ll Need to Prove It’s Yours
Finding your name in an unclaimed property database doesn’t automatically mean the money will immediately be sent to you.
You’ll typically need to file a claim and provide documentation establishing your identity and ownership of the property.
Requirements vary by state and may include:
- Government-issued identification
- Proof of your current or previous address
- Documentation connecting you to the account or property
- Additional documentation if you’re claiming property belonging to a deceased relative
Always follow the instructions from the official government agency holding the property.
Don’t Pay Someone Just to Search for Your Money
Be cautious if someone contacts you offering to locate unclaimed property in exchange for an upfront payment or percentage of the money recovered.
Third-party companies sometimes provide legitimate services, but you generally don’t need to pay someone simply to search.
Official state unclaimed property programs allow consumers to search for and claim qualifying property themselves without paying a search fee.
Don’t Forget These Other Types of Unclaimed Property
Old checking and savings accounts aren’t the only places where forgotten money can turn up.
Unclaimed property may also include:
- Certificates of deposit
- Safe-deposit-box property
- Uncashed checks
- Insurance proceeds
- Stocks and dividends
- Utility deposits or refunds
- Other money a business or government agency owes you
South Florida Savings Guy Money-Saving Tip
Even if you don’t remember losing money, it can still be worthwhile to conduct a search.
Search your current name, previous names and variations of your name, and check every state where you’ve previously lived.
It only takes a few minutes — and using official government resources costs nothing.
You could discover money you didn’t even realize was missing!
Sources:
National Association of Unclaimed Property Administrators (NAUPA)
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