Iowa is known to the rest of the nation as the state where presidential caucuses take place, but there is more to the Hawkeye State than election year political events. There are millions of dollars in Iowa unclaimed money owed to regular citizens who only need to step forward and take back what technically already belongs to them. IA and states across the country continue to take in millions of dollars in unclaimed funds every year, and the amount taken in easily exceeds the amount given back to the rightful owners. This means that the abandoned asset pile grows bigger each day giving better odds of tracking down a claim to all citizens.
A program called “The Great Iowa Treasure Hunt”, which is handled by the office of State Treasurer Michael L. Fitzgerald, deals with IA’s unclaimed funds. According to The Great Iowa Treasure Hunt’s website, the most common types of missing money include (but are not limited to): dormant bank accounts, utility refunds, uncashed checks, unclaimed wages, safe-deposit boxes, insurance dividends, stock certificates and dividends. Residents of Iowa who have or have had one or more of these types of accounts have a terrific chance of discovering money owed to them, and are urged to search often.
IA is what is known as a “custodial state” in how it handles unclaimed funds. This means that the state never actually takes ownership of missing money, they just hold them indefinitely until the rightful owner, or a rightful heir (if the owner has passed away), locates and claims them. This is nice because a lot of people aren’t even aware of the lost money phenomenon yet and those that are usually still don’t know the correct way to search. Not having a time period under which a claim must be filed can put minds at ease for those just learning about these monies.
While most people have still not heard of unclaimed funds, those that have often dismiss it immediately because they just can not accept that there are literally tens of billions of dollars owed to citizens across the country. The sad reality is, these people allowing their own cynicism to get between them and their cash! Divorce, death, clerical errors, and moving without leaving a forwarding address are some of the more common reasons that money is abandoned, and it is shocking how often tiny things can allow huge amounts of cash to slip through the cracks.
Even though there are a number of of people who do know about unclaimed funds, the vast majority of them don’t know where to begin their search. Some people will tell you that you can simply put your name in to any old site claiming to have a found money database one time and get a yes or no answer. Not true. First of all, you need to be sure the list of records comes from the state you intend to search. Next, you have to be aware that every type of unclaimed funds has its own unique “dormancy period”, or time which must pass before it must be handed over to the state. Because of this, assets are turned over constantly, so it’s necessary to search often, as we can never be certain when the state’s official records will be updated.
The best way to be sure you’re completely educated about how to perform a thorough unclaimed funds search is to learn how the pros do it, and then put those tactics to work for you in your own search.
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