Are You Leaving Money on the Table?
It’s surprisingly common: You may have unclaimed money waiting for you. From forgotten 401(k)s to uncollected insurance payments, vast sums of money remain unclaimed across the United States. Fortunately, finding and claiming these funds is a manageable process. Knowing where to look is the key to uncovering assets that rightfully belong to you.
Tom Gilmour, a Senior Director of Planning Experience Integration at Northwestern Mutual, points to the scale of this issue. According to the National Association of Unclaimed Property Administrators, one in seven Americans has unclaimed property, and over $5.4 billion was returned in fiscal year 2023 alone. With such substantial amounts available, you’re likely wondering how to find assets that are rightfully yours. This guide will show you how.
How Does Money Go Missing?
Life is complex, and money can easily get lost in the shuffle. Your assets might be scattered across various accounts and institutions, making it easier for some to slip through the cracks. Common places where money can be left behind include:
- Checking and savings accounts
- Insurance payouts
- Inherited assets
- Uncollected wages
- Refunds owed
- Stock holdings
- Security deposits
How to Find Missing Money
If you suspect you might have unclaimed funds—or are simply curious—here are resources to help you track them down:
State Databases
States maintain records of various types of unclaimed assets, so this is an excellent place to start your search. You can search MissingMoney.com, a national database linked to most state records. Another good option is Unclaimed.org, which is managed by the National Association of Unclaimed Property Administrators. These resources provide a centralized point for exploring unclaimed property across the country.
Savings and Checking Accounts
If you’ve switched banks over the years, you may have forgotten about funds in old accounts. Contacting your former financial institutions can help you locate these assets. If you have trouble tracking these down, you can also search the FDIC’s BankFind Suite. Note that your former bank may have closed. In this case, contact the FDIC directly to inquire about your missing funds, or if your account was with a credit union, reach out to the National Credit Union Administration (NCUA).
Wages
Missing money from a past paycheck? Get in touch with your previous employer to claim your wages. If an employer couldn’t locate you to pay you, check with the U.S. Department of Labor and use their WOW Search (Workers Owed Wages) to see what money you may be owed.
Taxes
Did you overpay your taxes or have too much withheld from your paychecks? If you never received your refund, check the status with the IRS. If you didn’t file taxes for a specific year, you can:
- Obtain a copy of the tax filing form for that year.
- File your taxes (there are no penalties for doing so).
- Claim your money.
For state tax refunds, contact your state’s taxation division to learn the steps required to claim your money.
Retirement Funds
When you change jobs, you might leave a 401(k), pension, or retirement account with your previous employer. To track down these forgotten funds, contact your old employer directly. Or reach out to the original financial institution that managed the funds. If it’s been a while, your retirement funds may have been transferred to the Pension Benefit Guaranty Corporation. Use the PBGC’s online tool or check the National Registry of Unclaimed Retirement Benefits to track your old 401(k) assets.
Investments
Certain types of investments can generate unclaimed funds. If you’ve invested in a company that later faced SEC enforcement actions, you may be owed compensation for your damages. Check the SEC’s claim list to see if you are eligible.
U.S. Savings Bonds
Remember that savings bond your grandma gave you? Misplacing it isn’t uncommon. Fill out this form to claim any funds that you are due.
Life Insurance
If you are the beneficiary of a life insurance policy, you might be missing out on a payment from the carrier. Contact the insurer directly or search the National Association of Insurance Commissioners database. Those associated with a VA life insurance policy should contact the U.S. Department of Veteran Affairs.
FHA Mortgage
If you’ve had an FHA-insured mortgage loan, a refund may be waiting. Check with the U.S. Department of Housing and Urban Development to see if you qualify.
Class Action Lawsuits
If a product or business you used was the subject of a class action lawsuit, you may be entitled to a settlement. Search ClassAction.org to find applicable lawsuits and follow the directions to claim any funds you are owed.
How to Claim Your Missing Money
The process of claiming your unclaimed money varies depending on where the funds are held. Your state or the relevant organization will have specific procedures for claims. Generally, you will need to provide proof of identity, such as a driver’s license. You might also need to provide your Social Security card. For money linked to a piece of property, you may need to verify that you once owned it or resided there.
Carefully following all steps for filing a claim is important. Some claims can be submitted online, whereas others require mailing a paper form with documentation. Note that some paper claims may require notarization. Once you have recovered your lost funds, consider consulting with a financial advisor to develop a plan for using the money to meet your savings goals and improve your financial standing.
Note: The information provided in this article is for general informational purposes only and does not constitute financial advice. Consult with a qualified financial advisor before making any financial decisions.
Tom Gilmour is a senior director of Planning Experience Integration for Northwestern Mutual. He supports technology teams in creating Northwestern Mutual’s financial planning services. He has 20 years of experience in the financial planning sector, including working directly with clients, advising financial advisors, and developing financial planning solutions.
