Missing money, unclaimed money and free money have been the buzzwords for quite a while. People who were initially very skeptical about this sort of money are slowly becoming more aware of the credibility of this sort of assets and are making attempts to claim them.
As people have become aware there is a great chance they are owed missing money they are beginning to search for it in ever increasing numbers. States are paying about millions per year in missing money payouts.
1. Know How Money becomes Missing Money
Every year millions of dollars become lost when banks, companies and government agencies lose track of the money they are holding due to mistakes in account numbers, names and addresses.
Other sources of missing money are old pay checks, tax refunds, dividends, bonds, stocks, proceeds from insurances, forgotten deposit accounts, trust money and even inheritance that's owed to you that you don't know.
There are many cases where people just lose track of their accounts and cheques especially when they are in a hurry while shifting their locations. All these assets are accumulated with the government and banks under the title "missing money" .
2. Realize the Importance of Keeping Tabs on Your Hard Earned Money
Now that we have come to know the whereabouts and howabouts of the missing money, the first thing that is expected of us is rushing to the banks or government treasuries to claim our shares.
But people often ignore another important duty or responsibility which requires our attention. Whatever we claim today under the title missing money is actually our money, money earned by us, money deposited by us sometime ago.
The government or the banks is NOT going to pay us any sort of interest for keeping our money for so many days. So, it is the responsibility of the citizens to make sure that they don't leave any money to the mercy of the banks or government institutions at any point of time.
3. Keep Money and Account info Up-to-date
Make sure that all your funds are properly transferred to your new address when you shift your residence. Today you may be luck to get back your accounts in the form of missing money, but don't expect that you'll be lucky always. Little care exercised on your assets will ensure that they are in your hands forever.
4. Know Where Your Money Is
Make a record of your accounts and don't forget to include ALL accounts: Bank accounts, including checking and savings, stocks, bonds, insurance, utility deposits, other accounts with deposits, etc.
5. Make Contact
Contact institutions holding your money or paying you at least once every other year. Verify they have correct contact information and leave alternate contact in the event they cannot reach you.
6. Don't Just Move
When you move, make sure to go through your list of accounts and update your contact info. In the meantime make sure to have your mail forwarded. Contact your utilities to close them out properly and get back any deposits you might have on account. This will also ensure the account is paid off in full and not left with a balance that will affect your credit if it goes unpaid.
7. Don't Be a Vault
Make sure someone besides you knows where you money is. Make it someone you trust, but don't be the only one who knows about your finances. In the event something happens to you or you need assistance it will ensure your hard earned money is not left to be considered abandoned money and then eventually will end up as missing money.
Following these simple tips will ensure your money stays secure and does not end up with the other billions being held by the government as missing money.
