Some Background Information On Unclaimed Money
There are many governments all over the world that are currently in crisis debt positions. As a result, these same governments have to start looking at alternative ways they can tap into new revenue sources which don’t involve raising taxes.
One the newest strategies they are implementing is the seizure of unclaimed funds.
This article will explain in a bit more detail what unclaimed money is, and how you can go about checking if you have any. It will also provide you with the necessary information on how you can go about retrieving it.
What Types Of Unclaimed Funds Exist
Unclaimed money, or funds, can originate from old bank accounts, forgotten insurance policies, abandoned safe deposit boxes, lost shares, and pension or retirement funds. These could exist in your name without you even realizing it.
In fact, literally, billions of dollars of unclaimed money is just sitting there waiting for people to claim it. Of course, the government would never allow this to be publicly known.
Here are some recent unclaimed money value estimates.
U.S.A. – Over $60 Billion
United Kingdom – Over £1.2 Billion (US$1.6 Billion)
Australia – Over $1 Billion (US$766 Million)
When you consider those amounts are just in three countries alone, that’s an extraordinary amount of money just sitting there, and the governments are just waiting to snatch it up.
So how does this happen?
When money gets forgotten, whether it be deceased estates, change of directorships, people not providing updated mailing addresses to their banks etc, it gets held by the state until someone comes looking for it. But as I stated earlier, with so many countries under budget pressure, they will often just take the cash if it sits unclaimed for too an extended period of time.
So here are some ways to find if there is unclaimed money or funds in your name.
3 Methods Of Finding Your Unclaimed Money
1. Government Websites
Unclaimed monies, such as those from bank accounts, insurance policies, share registries, safety deposit boxes and other places could exist out there, somewhere in your name. All you need to know is how to check and collect.
It can be quite easy if you have a unique last name. Simply visit your country’s government unclaimed funds site.
Simply enter your name to do a database search of available unclaimed funds. With one click of your mouse, you can cover the entire spectrum of what’s available.
Whilst this is a free way of claiming your funds, it can also be a tiresome and drawn out process.
2. Contacting Banks
If you’ve left money in an old bank account that you have long since closed, you could still get your money back.
Banks are required to keep records for a certain period of time after the closure of an account. Sometimes up to 7 years. Therefore, by simply contacting the bank you can begin the process of retrieving your money.
3. Using The Services Of An Unclaimed Money Specialist
This is the simplest way to start the process of retrieving your funds, especially if you don’t want to deal with all the red tape and jumping through hoops many financial institutions and government agencies want you to jump through. A professional service provider such as My Money Refund can take the hard work out. You simply complete an authority for them to act on your behalf and then wait for your money to be returned to you.
We hope this has provided you with some good insights into the topic of lost funds and how you can go about getting your money back.
If you want more information you can visit the My Money Refund Facebook Page and post a question.