Unclaimed Money: 'GMA' Shares Ways to Claim Your Cash

Billions of dollars. That's the amount of unclaimed money in the United States waiting to be given back to the rightful owners. The money includes forgotten apartment security deposits, uncashed overtime checks and lost insurance refunds, and it's sitting there, waiting for you.

Banks and other businesses are required to turn unclaimed money over to the states for safekeeping. The 50 states plus the District of Columbia have set up a free website you can use to see whether there are any forgotten funds in your name.

Click HERE to see extra tips for how to search for missing money.

"GMA" decided to try it out.

At the crossroads of America, in Times Square, we set up our "GMA" unclaimed money headquarters.

Soon, we are in business and I am either a hero or a zero.

At first, we are sweating -- actually freezing -- as we come up with nothing. Nada.

But then along comes a lucky lady.

Motorola owes her money and the state of New York is sending a check.

It's important to check every state where you have lived.

And every name you've ever lived under.

Thirty-two minutes into our experiment, we hit a streak.

We found modest amounts of money for several people in a row.

Not all state websites tell you how much money you have coming.

Then a woman approached us who suspected there was unclaimed money in her husband's name. Sure enough, there were funds waiting for him from sort of unused cashier's check. And we suspected the dollar amount was high because the state of New York wasn't willing to blindly send a check. Instead, the state wanted the couple to submit a notarized affidavit to claim their funds.

We conducted 25 searches found missing money in seven of the cases.

We found money for those happy people by using the free website set up by the states. But there are some new ways to find unclaimed money by checking with the feds as well.


The Treasury Department

The Treasury Department has billions of dollars worth of savings bonds that have matured and aren't earning interest anymore but haven't been cashed in by the owners. The treasury has set up a website where you can search by social security number.

Banks

Bank deposits are insured by the Federal Deposit Insurance Corp., and if you didn't collect your money when the bank went under, the FDIC holds that money for you. For failed credit unions, the National Credit Union Association does the same thing.



Tax Refunds

The IRS lets you search by social security number and the amount you are owed. If your refund was returned by the post office, you'll be able to update your address and claim it.


Web-Extra Tips

There are billions of dollars waiting to be claimed. Fortunately, searching to see if some of that money belongs to you is easy, thanks to the Internet. Most unclaimed money is held by the states but some is housed with federal agencies. In both instances, the government is earning interest on yourmoney. Here's how you can search to claim what's rightfully yours:


Miscellaneous Money

If you are searching for things such as forgotten apartment security deposits, uncashed overtime checks, lost insurance refunds or abandoned safe deposit boxes, your first stop is the states. The National Association of Unclaimed Property Administrators has set up a free website, www.unclaimed.org that will link you to the appropriate department in your state that holds the funds. NAUPA also endorses a free but commercially run site called www.missingmoney.com. Be sure to search every state where you've lived and every name you have had.


Unclaimed Savings Bonds

It's easy for savings bonds to go unclaimed because they take 30 to 40 years to mature. That's why the Treasury Department has set up a simple search website, click HERE, where you can find forgotten bonds by typing in your social security number. Certain bonds are not listed online and require a hand search. You can read about them at the same Treasury link.


Federal Tax RefundsEverybody looks forward to getting an income tax refund check, but if yours didn't arrive, what do you do? The IRS now provides a "Where's my Refund?" feature on its website. You can look up your missing check by entering the amount you are owed plus your social security number. Click HERE.







Lost Life Insurance Policies

The proceeds of lost life insurance policies may turn up in your state search. If not, and you suspect you are the beneficiary of a loved one's lost life insurance policy, you can hire a company called MIB Solutions to search for you.

MIB is a private company that houses life insurance application information for much of the industry. It costs $75 to search. Go to www.mibsolutions.com.


Failed Bank Accounts

If you didn't collect your money when your bank went under, chances are your account was insured by the Federal Deposit Insurance Corp. and the FDIC is holding your money. Find out here.

If your money was in a credit union as it failed, the National Credit Union Association can help you. Click HERE.


Misplaced Pensions

If you are owed a pension from a company that went under, simple, there is a Federal agency that safeguards private pensions. Click HERE to go to the Pension Benefit Guaranty Corporations website. If your company still exists, or has been bought out, you need to approach the company directly.

If you need help, another Federal agency, the Employee Benefits Security Administration, is charged with making sure retirement money is reunited with its rightful owners. EBRI even sues to seize the money sometimes. Click HERE.

Lost 401(k)s

Sometimes when people leave a job, they leave behind a 401(k) as well. If the company goes out of business, that only compounds the confusion. Fortunately, companies that administer 401(k) plans have teamed up to create a search engine you can try. Click HERE.

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