Iowa is known to the rest of the nation as the state where presidential caucuses are held, but there is more to the Buckeye State than pandering politicians. There are millions of dollars in Iowa unclaimed money owed to regular citizens who only need to come forward and take back what technically already belongs to them. IA and states across the country keep on taking in millions of dollars in unclaimed money each year, and the amount taken in easily exceeds the amount given back to the rightful owners. That means that the missing money pile grows larger every day giving greater odds of finding 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 money. According to The Great Iowa Treasure Hunt’s web site, the most common varieties of missing money include (among many others): 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 at some point one or more of these kinds of accounts have an excellent chance of discovering cash owed to them, and are urged to search frequently.
IA is what is called a “custodial state” in how it handles unclaimed money. This means that the state never actually takes ownership of forgotten funds, they just hold them indefinitely until the true owner, or a descendant (if the owner has passed away), finds and claims them. This is great because a lot of people aren’t even aware of the lost money phenomenon yet and those that are generally still don’t know the proper way to search. Not having a time period under which a claim must be made can put minds at ease for people just hearing about these properties.
While most people have still not heard of unclaimed money, those that have often dismiss it out of hand because they simply can’t believe that there are literally tens of billions of dollars owed to citizens across the country. The sad reality is, these people are letting their own cynicism stand between them and their money! Divorce, death, clerical errors, and moving without leaving a forwarding address are some of the most common reasons that money is abandoned, and it’s surprising how often tiny things can allow huge amounts of cash to slip through the cracks.
While there are a number of of people who do know about unclaimed money, the vast majority of them don’t know where to start their search. Some people will tell you that you can just type your name in to any old site boasting a missing money database one time and get a thumbs up or down. This is false. First of all, you need to be sure the list of records comes from the state you are trying to search. Next, you have to be aware that every type of unclaimed money has its own unique “dormancy period”, or time which must go by before it must be handed over to the state. Because of this, assets are handed over all the time, so it is necessary to search often, as we can not be certain when the state’s official records will be updated.
The best way to be sure you’re completely informed about how to perform an exhaustive unclaimed money search is to study how the pros do it, and then put those tactics to work for you in your own treasure hunt.
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