Consumers might want to think twice before they complain about feeling broke.
Turns out there’s $38 billion in unclaimed money just waiting to be snatched up, according to PeopleFinders.com, a database that helps consumers track down lost property. This includes cash from tax returns, insurance payments, trust funds, mineral royalties and more.
In California alone, the total is over $910 million, while Texas is holding $600 million. But that’s not the only way to look at the problem: “There are 26,000 Smiths in California and 57,000 Smiths in Texas,” says PeopleFinders, so “the Smiths in California alone could claim $6.7 million, while the Smiths in Texas are sitting on $6.1 million.”
PeopleFinders.com is one place where consumers can find their property, though the best place to start might be Unclaimed.org, a site run by the National Association of Unclaimed Property Administrators. “It’s free and maintains a massive database of unclaimed property from state to state,” says BI reporter Mandi Woodruff.
Just make sure to act fast—you don’t want to wind up like the people in Sacramento who missed out on thousands of dollars of unclaimed cash and property this year.
Here are the top five sources of unclaimed money:
- Savings / Checking / Certificate of Deposit / Interest
- Insurance Matured/ Payout / Refund
- Stock / Bond / Fund
- Dividend / Distribution
- Outstanding Checks / Drafts
See the infographic below for more details:
Photo: Source: People Finders
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