Losing track of money might seem hard to imagine, but it’s actually not uncommon to forget about an old bank account or other source of money that is rightfully yours.
It could be an account you opened a long time ago that, after one or two moves, became both out of sight and out of mind. Or, it might be lost paycheck, an old 401(k), or an unclaimed pension.
In fact, roughly 1 in 10 people have unclaimed assets waiting for them, according to the National Association of Unclaimed Property Administrators (NAUPA) . They report that billions of dollars in unclaimed property are currently being held by state governments and treasuries within the U.S.
If you’ve lost track of money that belongs to you, however, there’s no reason to panic, or consider the money gone for good. There are a number of ways to locate lost assets from a bank or other type of financial account, and most of them are completely free. It might take a bit of (virtual) leg work, but finding the unclaimed money due to you can be worth the effort.
How to Find an Old Bank Account
If you’ve accessed the account within the past year, you might be able to recover the account directly from the bank. Exactly how to recover a lost bank account will vary based on the financial institution. Your account information can be found on checks and often on old account statements.
If it’s been longer than a year, you might have to dig a little deeper to recover a lost bank account.
When a bank or other business loses contact with an account holder, they are legally required to turn any assets over to the state, typically after two to three years of inactivity or returned mail.
That’s why a good place to start a quest for older unclaimed property is often through your state’s unclaimed property office. The unclaimed funds held by the state are typically from bank accounts, insurance policies, or your state government.
When you click on a state, you will be directed to its official website. To search for your unclaimed money, you may want to use both your current and maiden name (if you legally changed your last name).
Another good resource for tracking down unclaimed money is MissingMoney.com . This is a multi-state directory operated by the NAUPA that allows you to search by name for missing or unclaimed money.
If you belonged to a credit union in the past, it may be worth checking the unclaimed deposits listing run by the National Credit Union Administration.
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Other Sources of Unclaimed Money
Unclaimed money isn’t limited to forgotten bank accounts.
There are a variety of reasons you could be missing money due to you — perhaps you switched jobs and lost track of a 401(k) or pension plan. Or, maybe you forgot to update your address and missed a payment or tax refund.
If you previously worked for a company that offered a pension plan, you can search the Pension Benefit Guaranty Corporation’s unclaimed pension database.
For lost or missing retirement plan funds, you could check the National Registry of Unclaimed Retirement Benefits, which is operated by PenChecks Trust, one of the largest providers of retirement plan distribution services.
USA.gov helps you search for assets due from employers, insurance companies, and the government (including tax refunds).
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How to Claim Lost Money
If you find unclaimed assets in your name, the next step is to fill out a form or make an online request to make your claim.
Each state will typically have its own rules and regulations for how individuals should go about proving ownership of the unclaimed money held by the government. Generally, states will require substantial evidence that the money rightfully belongs to you.
Claims typically require showing proof of identity (such as information from a driver’s license or passport), any former residential addresses, and documentation showing your right to ownership of the assets.
If the owner is deceased and you inherited the assets, additional documents are typically required. This may include a death certificate, as well as a probate court order.
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Are Companies That Help You Reclaim Assets Legit?
As you’re searching for lost bank accounts, you may find businesses that offer to find unclaimed money, generally for a fee. Sometimes known as “finders,” these are companies that are looking to earn money by reuniting people with their lost assets.
While it’s fine to pay someone to help you get lost money returned to you, you may want to keep in mind that you can complete a search and submit a claim for free by yourself.
It’s also a good idea to keep your eyes open to potential fraud. Unsolicited emails or letters offering to return unclaimed property to you for a fee, for example, are often scams.
You may also want to be wary of an organization or individual who claims to be a part of the government and offers to send you unclaimed money for a fee, as these are likely to be scams. Government agencies will not contact individuals about unclaimed money, nor will they charge a fee.
If somebody contacts you regarding missing money, it’s a smart idea to do some research on the business before handing over any personal information, and also to avoid paying any money up front.
The Takeaway
Many people have unclaimed money floating around somewhere.
Often this money comes from funds found in banks, financial institutions, or companies that haven’t been in contact with the owner for over a year and, as a result, the funds have been turned over to the state.
A good place to start looking for unclaimed assets is NAUPA’s database of records from all 50 states. From there, you can find links to each state’s official unclaimed property program.
What to do if you come into some unexpected money? Whether your windfall is large or small, you may want to consider putting it into a checking and savings account like SoFi Checking and Savings. With SoFi, you can earn a competitive annual percentage yield (APY), save, and spend, all in one place. And SoFi Checking and Savings doesn’t have any account fees which could eat away at your newfound cash.
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SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
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