The most common types of unclaimed assets aren’t always the most obvious ones. For example, you may anxiously await refunds from businesses or your tax refund at the end of tax season, but someone else may not realize they’re owed money back at all. 

Another example is an asset that is inherited. It’s not uncommon for individuals to find inheritance money, especially if these individuals were estranged from the family or the person handling the deceased’s estate. There are thousands of people sitting on unclaimed funds without even knowing it. 

Here are some of the most common sources of unclaimed assets:

• Bank Accounts: Did you know that inactive bank accounts can be closed by the bank? Some bank fees like overdraft fees may even be refunded at a later date. These incidents happen sometimes, and if the bank has no way to get ahold of you, it’s not uncommon for banks to turn that unclaimed money over to the state. In some states, banks may not even be required to attempt to notify you. Additionally, if a bank files for bankruptcy, it may take years for money in your account to be released to you, and you may have moved by that time. 

• Tax Refunds: Tax refunds are a significant source of unclaimed funds. In fact, the IRS announced in March 2023 that there were nearly 1.5 billion dollars in unclaimed tax refunds. 

• Security Deposits: Have you ever had to pay a security deposit to rent a condo, apartment, or home? What about a deposit to open a cell phone or cable account? Security deposits are a way for companies and landlords to protect themselves against financial loss. However, refunds don’t always reach those intended to receive them, resulting in unclaimed money.  

• Employment: When you leave a job, but do not provide your previous employer with your new address, you could be missing out on paychecks. If you’ve recently moved, your attention can quickly be directed toward other things, and before you know it you’ve forgotten all about the money your employer owed you.

• Unemployment Benefits: Some individuals may have qualified for unemployment benefits, but never collected them. Depending on the circumstances and the state you live in, you may have unemployment funds waiting for you if you complete an unclaimed money search. 

• Inheritance: Unclaimed inheritance money could be in your name if the person handling the estate is unable to reach you, but that’s not the only way inheritances can slip through the cracks. It’s not uncommon for relatives to be unaware of a family member’s life insurance policy, especially if their will was not updated to include the policy.  

Unclaimed Stocks and Bonds: Have you ever tried to find unclaimed stocks and bonds that may be owed to you? These documents can be purchased by you or another party, and they often can get lost and result in unclaimed funds.