What is the meaning of unclaimed property?

By: Nicole Anderson
Unclaimedpropertyis a familiar term for a US citizen. But do you know what is theactual concept underlying in this term?

Aproperty is declared as unclaimed property if the owner of theproperty neglects his assets or the owner of the property discontinueall his contacts with the company or institution or individualcurrently using the property, and the company or institution or theindividual using the property can not communicate with the owner ofthe property because of various reasons such as change of phonenumber or address.

  • Failureto the trustor inheritance of a propertyby an individual is an example for unclaimed property

  • Unclaimedsalary checks ofan individual is a unclaimed property

  • UnclaimedMoney in stocks and bonds and various dividend funds of anindividual is regarded as unclaimed property

  • Unclaimedmoney in the deposit box or other real assets of the owner isconsidered as unclaimed property.

  • Unclaimedbank checks and savings bank accountsis another example for unclaimed property

  • Unclaimedutility funds of a person also falls under the category of unclaimedproperty

Thevarious names for unclaimed properties are free money, unclaimedmoney, lost money, unclaimed assets, found money, or free money. Somany financial institutions cannot locate the owners of this kind ofunclaimed properties. The growth of unclaimed property is showing asharp increase in USA.

Thereare a number of data bases to help you in finding your unclaimedproperty across USA if you lost your contacts. You can use one ofsuch good data base to search for your bank accounts or any otherunclaimed property. You should select a database that can offer awide search for locating unclaimed property using the Internet. Youcan use your legal name or variations of legal name for makingsearches using these databases. You are required to give all theinformation such as bank account number, address, and the propertiesyou claim in the database. The database will compare your informationwith the original information and will report about your unclaimedproperty, within seconds.

Afterlocating the unclaimed property, you can make claim over theunclaimed property by submitting all the documents to prove youridentity such as ID cardFind Article, Social Security and birth certificate.

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