You can determine if you are owed money from the government by checking various databases for unclaimed property and funds held at both the state and federal levels. Much of this money goes unclaimed because people move, forget about accounts, or uncashed checks are lost.
Unclaimed Property Held by State Governments
Most unclaimed money is held by state governments. This can originate from various sources, including forgotten bank accounts, uncashed insurance policy proceeds, utility deposits, refunds from state agencies, and even contents of safe deposit boxes. States hold these assets until the rightful owner or their heirs claim them.
To find out if you are owed money from your state, you should:
- Search your state's unclaimed property office. Each state maintains a database of unclaimed funds.
- Check other states where you have lived previously. If you've moved across state lines, it's crucial to check the unclaimed property offices in every state where you've resided, worked, or had financial accounts.
The easiest way to start your search for state-held unclaimed property is through a centralized, free database.
How to Search for State Unclaimed Property
Searching for unclaimed money at the state level is typically a free and straightforward process. Be wary of any services that charge a fee to find or claim your money, as you can usually do it yourself for free.
Here's how to begin:
- Visit a Reliable Aggregator: A great starting point is USA.gov's Unclaimed Money page or the National Association of Unclaimed Property Administrators (NAUPA) website. These sites provide links to official state unclaimed property databases.
- Enter Your Information: You'll typically need to enter your name (and possibly previous names, like a maiden name), and sometimes a past address.
- Review Results: If a match is found, follow the instructions to file a claim. You will likely need to provide proof of identity and ownership.
Federal Unclaimed Funds
Beyond state-held property, the federal government also holds various types of unclaimed funds. These can include:
- Unclaimed Tax Refunds: If you were due a tax refund but never received or cashed the check, the IRS might still hold it. You can check the status of your refund through the IRS website.
- Unclaimed U.S. Savings Bonds: Many savings bonds go unredeemed or are lost. The U.S. Treasury's TreasuryDirect website offers a tool to search for matured, unredeemed savings bonds.
- FHA Insurance Refunds: Homeowners who had Federal Housing Administration (FHA) mortgages may be owed a refund if they paid off their mortgage early. The Department of Housing and Urban Development (HUD) has a search tool for these refunds.
- Veterans' Benefits: Unclaimed funds or benefits might be held by the Department of Veterans Affairs (VA).
- Social Security Overpayments/Underpayments: While less common for unclaimed funds, discrepancies can occur.
Common Sources of Unclaimed Government Money
| Category | Description | Where to Check (Primary) |
|---|---|---|
| State-Held Property | Forgotten bank accounts, uncashed payroll/dividend checks, utility deposits, insurance proceeds, court refunds, safe deposit box contents. | State Unclaimed Property Offices (via NAUPA or USA.gov) |
| Federal Tax Refunds | Uncashed income tax refund checks. | Internal Revenue Service (IRS) |
| U.S. Savings Bonds | Matured, unredeemed savings bonds. | TreasuryDirect (U.S. Treasury) |
| FHA Mortgage Refunds | Mortgage insurance premium refunds for FHA loans. | Department of Housing and Urban Development (HUD) |
| Veterans' Benefits | Unclaimed benefits or insurance payouts for veterans. | Department of Veterans Affairs (VA) |
Important Tips When Searching
- It's Free to Search: Reputable government and state services will never charge you to search for or claim your money.
- Be Patient: The claims process can sometimes take time, as verification is required.
- Keep Records: Maintain good records of your finances, addresses, and any name changes to simplify future searches.
- Check Periodically: It's a good practice to check for unclaimed property every year or two, especially if you move or have significant life changes.
