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Are You Leaving Money Behind?

Unclaimed money is a common occurrence in the United States. In fact, the National Association of Unclaimed Property Administrators estimates that one in seven individuals in the United States has unclaimed property or cash, which adds up to billions of dollars in abandoned assets.1

Particularly troublesome is the frequency of unclaimed retirement accounts, which typically occurs when an individual leaves an employer and forgets to cash out or roll over his or her retirement savings. It’s estimated that $2.1 trillion sits in more than 31 million forgotten 401(k) accounts, with an average balance of $66,691 per unclaimed account.2

What is unclaimed property?
Unclaimed property refers to properties or accounts held by financial institutions in which there has been no activity or contact by the owner for a period of at least one year. After a designated period of time, the institution is legally required to turn over the property to the state.

Common types of unclaimed property include:

  • Checking and savings accounts
  • Retirement accounts
  • Certificates of deposit
  • Utility security deposits
  • Contents of safe deposit boxes
  • Insurance payments and refunds
  • Uncashed dividend checks
  • Uncashed paychecks
  • Trust distributions
  • Refunds
  • Customer overpayments


How to search for unclaimed property

When searching for unclaimed property, it’s typically wise to start with a state-level search at either unclaimed.org or missing money.com. You’ll need to enter your current name and any previous names. Be sure to search all states in which you have lived, worked or owned property. If you find a match, you’ll need to file a claim on your state’s official site. You will likely be asked for documentation to prove your identity, such as a government-issued ID and your Social Security number.

While state databases are the most common source of unclaimed property, you may also want to check for other sources of abandoned assets using the following search tools.


Be aware that searches on official state and federal websites are always free, so avoid anyone who attempts to charge a “finders fee” or other fees for helping you search.


How to search for unclaimed retirement accounts

In addition to the search tools referenced above, the National Registry of Unclaimed Retirement Benefits provides a secure online listing of abandoned retirement plan assets. This database was recently created as part of the Setting Every Community Up for Retirement Enhancement (SECURE) Act in an effort to reconnect individuals with their forgotten or lost retirement assets.

The DOL also operates a Retirement Savings Lost and Found Database, which allows you to find both defined benefit and defined contribution plan assets.

In addition to these online search databases, it’s wise to reach out to former employers’ human resources or benefits departments to confirm whether you have assets remaining in a past plan.

Could you use some help tracking down your unclaimed assets? 3C Wealth Management is here for you. Please schedule a call to learn more