A short time ago, my sister in law had to visit a local PNC Bank branch to close an account before they turned the assets over to the local government.
It sounds ominous but it turns out that this happens a lot. People change jobs, they move cities or states, and forget that they had $50 in a bank account back in Baton Rouge where you went to college at LSU.
After a couple years, if you don't log into the account you forgot you had, that fifty bucks gets sent to the Louisiana's Unclaimed Property Program and waits for you to find it. It's not the bank's fault, they sent you letters but you no longer lived at the address on file!
It might shock you but in one of its biggest years, the Louisiana program returned $35.5 million with an average return of nearly seven hundred bucks?
It's not just old bank accounts. It's payroll checks, CDs, stocks, insurance proceeds, utility payments, tax refund checks, … the list goes on and on.
So, take a few seconds and do a quick check on MissingMoney.com. The National Association of Unclaimed Property Administrators (NAUPA) vouches for the search engine and so do I.
The NAUPA estimates that state treasuries and other agencies have tens of billions of dollars in unclaimed assets and the easiest way to find it is with MissingMoney. You just need to enter your name and pick a state (I did every state I ever lived in) to do a search. It takes just a few seconds.
If you find money, the recovery process varies from state to state but it's usually straightforward. You will need to prove that you are who you say you are and it's your account or check… all of which takes a little bit of time. Oh, and you wait while state agencies do their state agency thing at the state agency pace (slowly). But your cash will get back to you.
Go get your cash!
We'll talk again soon,
PS. Some people have found tens of thousands and even millions of dollars (fwiw, it was an estate) this way, I have no idea how they would lose track of something like that but it happens. If you happen to find any cash, let me know, I'd love to share your story!