It’s a long story how Matt and Jenny lost 5,000 shares of Texaco-Canada stock. But they did. They believed their money was well-invested when they relocated to the U.S.
They were unaware that when the company was sold to Texaco USA, all shares were liquidated and the proceeds returned to their rightful owners.
No doubt, a check was mailed to them, but by then they were long gone and their forwarding information had expired. So what happened to those funds? That’s what I set out to discover. And in the process, I discovered a lot more.
Matt and Jenny are not alone. From security deposits to expired gift certificates, insurance refunds to old bank accounts, and proceeds from class-action suits, Americans are missing out on billions of dollars simply because they are unaware.
Piles of money
Unclaimed property refund checks are often in the $800 to $1,000 range. Even so each year states return only 4 percent of unclaimed assets to their rightful owners. Most owners don’t know they have money coming and it is simple to find the money that the state or federal governments have for you to claim.
Unclaimed property is generally defined as any financial asset that has had no activity by its owner for a period of five years or more. This includes savings accounts, safety deposit boxes, checking accounts, uncashed dividends, stocks, customer deposits or overpayments, certificates of deposit, credit balances, refunds, matured life insurance policies, and uncashed death benefit checks.
Forgotten funds
For example, if you have ever moved without getting your utility deposit back or forgotten about an old checking or savings account, you are entitled to those funds. Banks, insurance and utility companies, landlords or brokerage firms cannot keep your money simply because they cannot find you or you fail to pick it up. Federal and state laws require that those funds be held in safekeeping until their rightful owners (you!) claim them or until the property is sold at auction.
Start searching
Many states offer free online access to property databases and even online claim forms. To find that online do a simple google search, i.e. “unclaimed funds California.”
The National Association of Unclaimed Property Administrators,(unclaimed.org) a nonprofit organization affiliated with the National Association of State Treasurers, is an excellent source of information on unclaimed property. You can access all states through their website.
Forgot your refund?
The IRS provides specific information on its websiteon how to obtain a past refund that remains unclaimed. You can also try its toll-free phone number, 800 829-1040.
Search for others
If the unclaimed property is not in your name, you must prove that you are the legal guardian or rightful heir to recoup it. That is not a difficult task.
More than $8 billion worth of matured savings bonds have never been cashed. You can bring your uncashed savings bonds to your local bank, which will cash them in for you. If you think you have lost a savings bond and have a record of the serial number, go to publicdebt.treas.gov to look up its status.
Also, bonds that are lost, stolen, mutilated, or destroyed can be replaced free of charge as long as the Bureau of the Public Debt can establish that the bonds haven’t been cashed.
Surprise! Look what I found!
While it required an attorney to locate Matt and Jenny’s stock sale proceeds, I did find $43.54 with their name on it, just waiting to be claimed. It seems the insurance company misspelled their street name so a refund was returned as undeliverable and eventually turned over to the State of California.
But that’s not all. In searching under the names of family members I found $85.90 for my husband’s parents (a refund that was mailed to an old address after forwarding information had expired).
Still more: I searched for myself and found a $125 insurance check that was returned as undeliverable because the sender failed to include our zip code. I have no idea the reason for this refund, but I’m not asking questions. I completed the simple claim form, sent in copies of identifying information, and received a check 5 days later.
A pile of money—large or small—just might be waiting for you to claim what is rightfully yours! Or to surprise someone you know and love. At the very least, it is rather enjoyable to go on a search.
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FAQs
Have you ever wondered why bank tellers often ask questions about your transaction? They are doing it for very good reasons! An important part of the teller's job is to protect customers by watching for potential fraud. Some transactions may require verification of identification, which is a government regulation.
What happens if a cashier is short on money? ›
In most establishments, termination on the first offense is usually for $100.00 over/short or more, and can result in criminal charges against the cashier. Shortages usually result from bills sticking together or from the cashier giving back too much change, or maybe even "pocketing" some money from the register.
Is it yours to keep if you find $100 dollars? ›
The person from whom you take the money does not need to be nearby for it to be considered theft. They could have been gone for days, but the money is still theirs in the eyes of the law. So taking any money you find on the ground or at a checkout lane may be construed as theft.
What happens when money is missing from the cash register? ›
In some cases, you may be able to take the shortage out of your next paycheck. In other cases, you may be required to pay the shortage out of your own pocket.It is important to be honest and upfront with your supervisor if you find that your register is short.
Is depositing $2000 in cash suspicious? ›
As long as the source of your funds is legitimate and you can provide a clear and reasonable explanation for the cash deposit, there is no legal restriction on depositing any sum, no matter how large. So, there is no need to overly worry about how much cash you can deposit in a bank in one day.
How much cash can I deposit in a year without being flagged? ›
Banks must report cash deposits of $10,000 or more. Don't think that breaking up your money into smaller deposits will allow you to skirt reporting requirements. Small business owners who often receive payments in cash also have to report cash transactions exceeding $10,000.
Can your boss make you pay if your drawer is short? ›
According to the FLSA, employers can make deductions from wages for items such as register shortages, breakages, or loss of equipment. However, these deductions cannot reduce the employee's wage below the minimum wage, nor can they cut into any overtime compensation owed to the employee.
Is it illegal to sit down as a cashier? ›
Most importantly, an employee is entitled to a seat even if some of his or her duties include standing tasks, so long as the seat would not interfere with those standing tasks. In the case of a cashier, for example, the analysis should be on the tasks performed at the cash register, not elsewhere in the store.
How do you know if a cashier is hitting on you? ›
If she is interested in you, she will usually say something—like giving you her phone number or asking if you're single. Another possibility is that she might spend a lot of time looking admiringly at you. That's usually a pretty good indication.
Can a dollar be traced? ›
If you aren't familiar, Where's George serves as a free tracking service for American banknotes. You may remember seeing stamps on dollar bills (of any denomination, not just those sporting George Washington) encouraging you to track them online with Where's George.
If you find money, especially a significant amount, you should check your local laws or contact an attorney or the police. Many communities have local laws or ordinances governing what someone must do if they find cash and don't know who it belongs to. In some instances, state law will apply.
What happens if you find a lot of money? ›
If the owner is not easily identified, most states still require that you contact local law enforcement and give the money to them for a period of time to allow the owner the opportunity to claim it.
Can stolen cash be traced? ›
Individuals are tracked down to recover scammed money all the time. This is the reason law enforcement agencies exists.
Is it common for cashiers to make mistakes? ›
As is always the case in retail, there are inevitable refunds and returns to process. Cashiers can sometimes incorrectly key in the refund amount or the value of the item(s). Again, this is down to human error and careful checking with the customer should be carried out before they leave.
How much money should be in a cash drawer? ›
The amount of money you should start with in a cash register is between $100 and $150. Also, a good rule of thumb is to keep at least $20 on a dollar bill and $20 on a $5 bill. That amount allows you to return the change to your customers within one sales shift.
How much money can I deposit without the bank asking questions? ›
Maximum deposit limits vary by bank, but in this case, anything above $10,000 (even a penny more) is the amount to know. The Bank Secrecy Act and the Patriot Act dictate that financial institutions create a paper trail of financial activity that could be suspicious.
Why is my bank asking me questions? ›
A banker's intent is to help them avoid losing funds due to fraud and scams. It's never meant to pry or judge, but to protect customers and their money, similar to a doctor asking medical questions during an exam or procedure.
Why are banks asking questions? ›
Purpose of the Banking Protocol
This is in place because financial institutions want to protect you and your money to keep you safe from scams, fraud and financial crime. These questions can feel intrusive, but they are there to safeguard you and your money.
Do banks ask if you deposit cash? ›
Do not be surprised if you are depositing cash into your bank account and the teller asks you how it was obtained. Banks are required to inquire about the source of large deposits to prevent money laundering or other illicit activities.
