Unless you’re among the megarich, finding out you have unexpected money coming back to you is truly exciting. Whether it is enough for some snacks at the convenience store or a night on the town, the unexpected benefits are just fantastic.
There’s an excellent chance that your night out on the town is sitting out there waiting to be found. It’s not uncommon for deposits to go unreturned or inheritable assets to be forgotten, meaning organizations could owe you unexpected refunds. Unexpected money is terrific, so let’s look at what unclaimed funds are and five surprising sources of missing money.
What Are Unclaimed Funds?
You might pay a deposit for something, buy a gift card you never redeemed, be in a class action lawsuit where they couldn’t find you, not know you were the beneficiary of a will, or receive interest on a now-closed account. There are many ways to have hidden money; the amount could be a few dollars or far more.
These funds could be announced as abandoned in less than a year. If the company or organization can’t find you to issue a refund, they will turn the money over with any identifying information they have to be claimed.
So, what are some of the most surprising sources of missing money?
Sources of Unclaimed Funds
Myriad sources might have money you’ve missed or forgotten about. Here are five that might have money with your name on it.
Rental Deposits
You might have rented a living space and had to pay a security deposit that the landlord held if you failed to pay for a month or left the residence damaged when moving out. Another deposit might have been required if you adopted a pet. Regardless of the reason for the deposit, these refunds go missing all of the time, especially if the tenant moved in a hurry and didn’t give the landlord their new address.
These deposit refunds might be a small amount left over after the landlord repairs any damage, or they could be substantial if most of the deposit is being returned. If you paid an entire month’s rent as a deposit when you moved in, a substantial amount of money could be waiting for you to claim it.
Safety Deposit Boxes
People often keep valuables in safety deposit boxes for protection, but their families or heirs are uninformed that the box exists. If your relative has passed away and the box eventually is closed due to non-payment, the bank could be sitting on valuables that belong to the box owner’s heirs.
Who knows? There might be cash, jewelry, bonds, or deeds that are sitting and waiting to be claimed by you.
Unused Gift Cards
Every year, billions of dollars in gift cards go unused. They might be lost or forgotten about. Often, the recipient did not need anything from the retailer, and the card went missing over time.
Regardless of what has happened to the gift card, if the retailer or card company knows who the card was issued to, the dormant card’s funds might be recoverable.
Insurance Payments
Insurance checks often go uncashed. Often, a policyholder has passed away, and the insurer can’t locate the life insurance policy’s beneficiary, who might not even know they are owed money.
Depending on the policy, this lost cash could be worth thousands of dollars.
Uncashed Checks
A check sent but uncashed within 180 days is still owed to the payee. Checks might be lost or forgotten about, or the payor has a bad address for the payee. Whether that check is sent as part of a lawsuit settlement, closed banking account, or state tax agency, it is money owed to you and is recoverable.
You Might Have Recoverable Funds Waiting for You
Between uncashed checks, unused gift cards, insurance payments, rental deposits, and unknown safety deposit boxes, you may have a very substantial amount waiting to be claimed.
So, how do you find and recover the funds? Using an asset recovery company like Wealth Recovery Alliance is your best bet for finding money owed to you that you aren’t aware of. They will discover unclaimed funds and recover them for you, ensuring nothing is overlooked.
Contact Wealth Recovery Alliance today and find out what is owed to you.