Unclaimed Money!!
Who doesn't like FREE MONEY?
I think that everyone would want something for nothing. Heck...it seems like there are a lot of politicians that are counting on getting elected by giving away "free" stuff. But you and I both know that none of that is free. Somebody else is paying for it.
And in this case...my call for "free money" isn't really free. It's actually your money that somehow just happened to never get to you and ended up in some state politicians piggy bank. They are called "unclaimed funds". It's your money to pick up, and if you don't within a certain period of time, it's likely to revert to the state. (Now that's free money for them...)
Each state is different and likely has its own way of you claiming these funds which are in limbo.
I just got off my state's website for this function and found there were several checks for work that had been done that never made it to my billing company. It wasn't a lot (a few hundred bucks) but the fact that it's only taken me about 10 minutes to search and file for the money has made this a very profitable hour.
What's the risk here?
It's your potential loss of those funds if not claimed. You likely wouldn't just throw away money in the trash, so why would you leave money that belongs to you unclaimed with the state. The sooner you search, the sooner you find and claim them, then the sooner they end up in your pocket, not the government.
Search now for the website for your state where you can search for those funds. Hope you find something! Happy money hunting!
Here are a few examples of state websites for these funds
Illinois: https://icash.illinoistreasurer.gov/
Indiana: https://indianaunclaimed.gov/
New York: https://osc.state.ny.us/ouf/index.htm
US Government: https://www.usa.gov/unclaimed-money
Be sure to check each of these out, as there may be different pots of money in different government agencies. Also...did you happen to find a different website to check? Be sure to share it in the comments section below for others to check out.
It's better to keep your money in your pocket than give it to the government.
WhiteCoat Risk Management is not responsible for any actions you take or fail to take regarding any aspect of your financial planning or risk management. This article is provided for information purposes and is not intended to provide individualized advice. You alone are responsible for your financial decisions.
