Are you Wondering What the Pennsylvania Unclaimed Money is All About?? Read Ahead
The American State of Pennsylvania is currently holding a massive amount of about $ 1 billion, which is actually unclaimed money. Moreover, the owners of this unclaimed money are none other than the millions of Americans spread countrywide. The time when Pennsylvania decided to return this money i.e. since January 2005, it has returned an estimate $ 223 million unclaimed money to over 1,50,000 Americans.
Now you may inquire what this Pennsylvania Unclaimed Money is all about? This money becomes unclaimed due to the negligence or ignorance on the part of its owner as regards its dealings. Thus, unclaimed money can come from some of the following sources –engaged
1. The saving accounts in banks that are abandoned or even the old checking accounts.
2. Safe deposit boxes.
3. Money engaged in life insurance policies.
4. The cheques that are not transformed into cash.
5. Some forgotten stocks.
6. Certificate of deposits.
These are just to name a few of the sources from where the unclaimed money can come.
Do you owe to some of the unclaimed money? According to the Pennsylvania Treasury Department, you might owe to the money if –
a. You were named beneficiary on a life insurance policy.
b. You forgot to cash in any of your gifts.
c. You opened a savings account in some bank and forgot about it or that your account went dormant as you did not make any deposits or withdrawals for a significant period of time.
d. You shifted the house and did not convey the change of address at the Post Office and so, had money coming to you.
e. You never received the final paycheck of your last job after you left it for a new one.
Apart from this, there can be quite a lot of reasons why you may be owed to the Pennsylvania Unclaimed Money. What is more, you may be owed to this money not only in the state of your residence but also in some other state.
There are a few sites like www.cashunclaimed.com that will help to find you the money you owe to. It provides a nationwide database search covering all the 50 states of America. Avoid searching on a state level database because it may not ensure you all the money you owe to.
After reading all this, you may be pondering how to save your property from becoming unclaimed. You don’t have to take many troubles for that. Only take some safety measures like –
- Make sure you have accurate records or all accounts including bank accounts, stocks, bonds, pensions, 401K, safe deposit boxes, life insurance policies, etc.
- Ensure a family member, attorney, executor or trusted adviser knows the locations of your financial records and accounts.
- Keep financial institutions holding savings, checking, IRA, certificate of deposit and all other accounts up to date on your current contact information and mailing address.
- You should also correspond with all financial institutions at least once every three years.
- Cash all checks for dividends, insurance benefits and wages. If you stop receiving dividends, contact the company that issues the dividends.
Save yourself and your family from the problem of unclaimed money and if you have any unclaimed money then search for it today!
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Warren: We will NEVER know where the TARP money went!