How to Recover Lost Money

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What if you found a lot of cash when you looked under a rock? This scenario plays out more often than you may think; and, what's more, those funds are likely to be yours in the first place. For various reasons, there are billions of dollars that are unclaimed; and by figures provided by The National Association of Unclaimed Property Administrators (NAUPA) almost $2 billion was paid to individuals in 2006. Read on if by some chance you can claim some of these funds.

Be sure that you have not left funds in your bank account if you have moved away and established a new account in your new city. Banks in the United States monitor activity in all accounts and consider those that have none to be dormant. If an account remains inactive for about three years, that bank will escheat it and will transfer the balance back to the state where it is located. Contact that bank to see if you have left funds on deposit. If it has been over three years since you moved, that state will have a website that lists all the funds it has received. Access those states by going to the website under Additional Resources.

Check with the Internal Revenue Service (IRS) if you think you were due a refund of your taxes but have not received it. The IRS keeps close track of those refunds and you can find out if any are due you by going to the IRS website listed below.

Do research to find other places where you may have money due you. For example, you may have money coming from an insurance settlement, a lawsuit, or pensions that you have not claimed. In fact, you might even have refunds due to from retailers which you will have to contact since there is no clearinghouse for them.

Research for relatives that may have abandoned funds because you may be entitled to some or all of the balance. For example, if a surviving parent dies, you may be able to claim your share. Start by checking accounts that may have been in their names by going to the same website. Also, find out if a dead relative did not receive a refund that was due.

Start your search by going to each of the websites listed below. Not only do you stand a good chance of finding an abandoned account, you may add thousands of dollars to your bank account.

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