Unclaimed Money is Waiting for You!

A couple of months ago I learned of an episode Oprah broadcasted a couple of years ago about “unclaimed money”.   It was stated on the show that, “9 out 10 people in North America have unclaimed money”.  Although I didn’t watch the show, the principle of stewardship left me no other choice but to investigate the possibility of the existence of any unclaimed money. 

In beginning my search, I wanted to know more about where “unclaimed money” originated.  I learned that for our protection, financial institutions, insurance companies, and a variety of other businesses are required by law to surrender inactive accounts to the State.  These accounts are known as “abandoned or unclaimed funds”.  My research has shown the origin of unclaimed funds include; but are not limited to:  utility deposit, bank accounts, inheritances, overpayments, back child support, insurance, investment accounts, payroll checks, travelers checks, money orders, social security, and tax refunds.

After my initial research I begin my search.  It was fairly simple and was done by using my First and Last Name, as well as, States in which I had resided.  As of today, I have received a check for a refund of an electric bill deposit from over 20 years ago.  Between my immediate family and myself, I have located over $3000 in unclaimed money. 

The following sites will assist you in your search for any “Unclaimed Money Waiting for You“:

Missing Money (missingmoney.com) site has unclaimed money from a variety of sources.

Unclaimed Money (unclaimed.org) site has unclaimed money from a variety of sources.

Pension Funds (pbgc.gov) site can assist in determining if you are owed any pension funds.  Also, this site will assist in tracking down benefits if you are a survivor of a person who was receiving pension payment.   

IRS (irs.gov) site can assist in determining if you any undelivered tax refunds.

Treasury Funds (treasurydirect.gov)  site contains listings of uncashed savings bonds in your name that are missing or lost.

US Government (usa.gov) site contains unclaimed property from credit unions, mortgage refunds, etc.,

The company featured on the Oprah show is  foundmoney.com .  You may search their unclaimed database using your name, but a membership is needed to move forward in claiming the funds. 

We look forward to you sharing your experience and the news of any newfound fortune. 

Fabulously frugal,

The Practical Princess

Practical Princess Tax Prep Tips!

Practical Preparation Tips to Maximize your Tax Savings:

• BE DILIGENT and insure that you gather all your receipts and are very thorough whether you are completing or have a paid preparer.
• “BE ANXIOUS FOR NOTHING” –  Normally when we are anxious and rush into decisions, judgments, etc., they normally come with a cost.  The moral is waiting for your refund to be received and not succumbing to all the bells and whistles of a “Rush or Rapid” refund.  This will save you a lot of money in fees.
• BE FRUGAL –  If you are receiving a refund use it to add to or establish an “Emergency Fund”. 
• IRA’s – If you don’t presently have an IRA check and see how an IRA may assist you in reducing your tax bill.
• BEWARE OF IDENTITY THEFT – Insure that you have a reputable tax preparer and that your information is secure.  If you receive calls or requests for anyone requesting additional information (IRS, Social Security Administration, etc.,) verify the identity of the person calling. 
• BE INFORMED by visiting www.irs.gov.  This will give you some
  information that may assist you in collecting and putting together documents for tax preparation.
• Use FREE TAX FILING SERVICE IN YOUR AREA – Call the IRS at 800.906.9887 or check online for VITA (Volunteer Income Tax Service).
• BE INFORMED OF MISSED DEDUCTIONS – so you can start preparing this year for Tax Prep 2010.
• If you have a business through DIRECT SELLING COMPANIES  don’t forget that this will often qualify for Home based Business deductions – Ask questions.
• DON’T BE PRESUMPTUOUS  – If you are receiving a refund, don’t spend what you don’t have.  Also, if and when refund is received remember to Be Frugal.

Please feel free to share tips your Tax Prep Tips!

Fabulously frugal,

The Practical Princess