Is Unclaimed Property A Hoax?

By Author: Nicole Anderson
Total Articles: 82
Comment this article

Is unclaimed property a hoax? The same question comes across our minds whenever we see any advertisement claiming to have all information related to your unclaimed money. It may be right that these advertisements sound ‘too good to be true’, but they are correct in some sense or the other, pertaining to only unclaimed property. However, it is up to you to make sure that you have all the important information to make sure it is your property indeed.

Unclaimed property that are referred to sometimes as abandoned funds may be the accounts with the financial institutions, such as banks that have not been operational for a year or more. These funds include lost savings accounts, un-cashed dividends, payroll cheques and refunds. Here are certain important steps that can assist you in identifying the difference between hoax and reality:

You may find dozens of websites who claim to have records of unclaimed money on your name but after accessing the website, you may find several properties under the same name as that of yours. The same websites also charge for ...
... searching the information from the visitors who use the site. The results that they show after searching is never filtered and is based on all the possible variations of your name, which is why you may find several unclaimed properties under you name.

There are chances that certain pick-up companies and delivery agencies have certain unclaimed parcels under your name with no valid reasons. In such cases, one should confirm the account number with the agencies so that you make sure the property belongs to you. Websites such as http://www.egovernmentaccess.com/TaxRefund.htm and http://unclaimed.org/ are the genuine websites that are updated on a regular basis to provide visitors with accurate information related to unclaimed cash or funds.

Now most of the state agencies located here maintain their own websites for the betterment of reclaiming process of unclaimed properties for the welfare of the people. As per the rules of the state, the financial agencies who manage the unclaimed accounts that have been inactive for more than a year have to be passed on to the state, which makes the unclaimed property safe.

Most of the states manage the property until the rightful owner is there to claim it charging a nominal handling fee after verifying the identity of the rightful owner. It is because of the increasing burden of unclaimed funds on the state, that the agencies handling these funds have started conducting auctions on a yearly basis, while some sell funds or bonds in the similar manner after which the proceed is returned to the owner.

Here are certain ways by which you can prevent a property from becoming unclaimed:

One has to keep track of all the savings account

Maintain records of all the bonds and cash dividends received on a timely basis

Coordinate with the banks on a regular basis to know about the balances left in account

It is better to cash all the cheques on time

By following these simple tips, you will definitely be able to locate and claim your unclaimed property, which no longer will remain a hoax.