Throughout the years, the unclaimed funds have received strong, national attention. However, many people have lost their faith in the process because of the scams that have accompanied the funds search. The U.S. Government offers several searches, all of which are free and accessible to everyone. Not only can claimants search and locate their funds for free, they can claim their funds with no additional charge. At no time should you ever pay to retrieve these funds. If you have been asked to submit payment for unclaimed funds, you have more than likely encountered a fraudulent scheme.
State Funds
Each of the U.S. states has an Unclaimed Funds division which is readily available for online searching. To locate your state’s unclaimed funds division, simply start your search on the state’s official state website. The location of each state’s unclaimed funds link varies by state but the state’s homepage will provide a link or information about how to locate the actual site. If you follow the links, as provided by your state’s homepage, you are sure to land on a legitimate claims site for your state. Each state allows you search the available funds with first and last name. If you locate funds that you can claim, simply click the link and follow the claiming instructions. Be sure to include any supporting documentation as you will be required to prove your entitlement to the funds.
Treasury Direct
Treasury Direct serves as the only website that allows individuals to purchase and convert securities and savings bonds online. This government website is also the only location that allows individuals to search for unclaimed securities that are no longer earning interest. Although the site is not comprehensive, it holds information for all securities that have matured and remained unclaimed since 1974. To begin this treasury hunt, you must enter the security holder’s social security number or employer identification number to begin the search.
Unclaimed FDIC
If you or a family member has held an account with a failed financial institution, you may have funds resting with the FDIC. Once the insured institution has failed, the FDIC is responsible for liquidating and resolving the institution’s debt and balances. This includes deposits unclaimed deposits, dividends and distributions. Unlike other unclaimed funds divisions, FDIC unclaimed funds are only available for a certain period of time, depending on the type of funds and reason for being unclaimed. For instance, unclaimed funds from terminated receiverships cannot be claimed and are removed from the database. The FDIC database can be searched using first and last name and searches can be narrowed by entering the name and state of the failed institution.
Veteran Unclaimed Funds
Veterans and beneficiaries can locate outstanding insurance policy payments through the U.S. Department of Veterans Affairs’ unclaimed funds division. The division houses outstanding insurance payments for individuals that have failed to cash their policy payments or have moved and failed to update their addresses with the government. The insurance programs included in this division include U.S. Government Life, National Service Life Insurance, Veterans Special Life Insurance, Veterans Reopened Insurance and Service Disable Veterans Life. Servicemembers’ and Veterans’ Group Life Insurance policies are not included in this database. However, the link to search these unclaimed funds is included on the Veterans Unclaimed Funds homepage. The veteran’s first and last name, as well as their date of birth is required to search this database.
HUD Unclaimed
The U.S. Department of Housing and Urban Development (HUD) recognizes that its unclaimed funds division is one of the most commonly overlooked divisions. This unclaimed funds division holds mortgage refund and overpayments for individuals that held an FHA-insured mortgage. While exceptions exist, individuals can expect a refund if they secured an FHA mortgage on or after September 1, 1983 and paid an up-front mortgage insurance premium (MIP) and did not fall behind or default on the mortgage payments. In addition, individuals may qualify for a distributive share if the home loan was secured prior to September 1, 1983 and was paid for at least seven years and terminated prior to November 5, 1990. You only require a last name or FHA case number to search this database and individuals can seek support and assistance through the HUD customer service department.
