Unclaimed Funds

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Have you ever moved?

Misplaced a check?

Forgot to close a bank account?

Many reasons would cause funds to escheat to the state and have them added to the running total of unclaimed funds in the United States.  According to a Forbes article in 2020, there was over $49 Billion in unclaimed funds in the US alone and the National Association of Unclaimed Property Administrators reports that $3 Billion in unclaimed funds are returned to their rightful owners annually.

There are a lot of unclaimed funds out there and some of them could be yours.  As I went to write this blog I decided to take a look and the NYS Unclaimed Funds site to see if there were any funds that I may be missing, as I have found some in the past.  As I was going through the exercise of looking, I decided to put the names of each of our stakeholders in to see if they had funds that may have been unclaimed and someone did.  Carmen Abustan, our Client Service Manager had her name come up which showed that she had had two items that were left behind that were unclaimed.  She is now going through the process of claiming the funds that she did not even realize were missing.

Carmen’s experience is not unusual as we all have busy lives and things can fall through the cracks and things also get lost in the mail. It is key to take a look at your state’s unclaimed funds site and do a search to see if you could also be the recipient of funds you didn’t even know you had.  The FDIC has a site that lists each state’s unclaimed funds site and then you can begin your search.

It is so easy that you can search for yourself and all your family members too.  Should you find your name, or that of a loved one the claim process is fairly simple.  The site walks you through the steps needed to make the claim, the documents needed, and where to send them.

Take a look and you may be surprised at what you find.  Remember, this is not something you simply do once and never look at again.  I would make it a habit every year or two to take a look and see if anything has shown up as unclaimed. It will take minutes and you could get a huge return on the investment of time.  A few years back I even put in a claim and received $300 from a General Electric Rebate on an oven we had purchased but never received the check.  It took 30 seconds to find and submit the claim, easy.

Life happens and things sometimes fall through the cracks.  Your state may be holding some of the monies you are owed that slipped through and you can still claim it, you just need to look.  We would be happy to schedule a time to discuss how we can help you and your family obtain your unclaimed funds.  Feel free to schedule a 30 Minute Zoom Meeting for us to discuss what may be right for you.

This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult your financial advisor.

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