How to Find and Claim Your Missing Money

Tom Gilmour is a senior director of Planning Experience Integration for Northwestern Mutual.

Are you leaving money on the table? One in seven people in the U.S. have unclaimed property, according to the National Association of Unclaimed Property Administrators—and in fiscal year 2023, more than $5.4 billion was returned. With all that cash floating around, you’ve probably got one question: What is the best way to find money that belongs to you?

Finding the answer is easier than you might think. Here’s how to track down funds that may rightfully be yours, along with details on how to file your claim.

How does money go missing?

Your money is likely tied up in many places, which could make it easy for some of your assets to fall through the cracks at some point in your life. You might have left-behind money in:

• Checking and savings accounts,
• Insurance payouts,
• Inherited assets,
• Uncollected wages,
• Refunds owed,
• Stock holdings, and/or
• Security deposits.

How do I find missing money?

If you suspect you’re missing some cash or assets (or even if you’re just curious), here are some resources that can help you track them down.

State databases

States keep records on several types of stranded assets, so start your hunt there. You can run a search at MissingMoney.com, a national database for lost cash that’s linked to most states’ records. You can also access state-level data at Unclaimed.org, a site maintained by the National Association of Unclaimed Property Administrators.

Savings and checking accounts

If you’ve ever switched banks, it’s possible that you’ve left money behind in your old savings or checking account. You can find out by contacting your former financial institutions. If you’re having trouble tracking them down, you can search for them through the FDIC’s BankFind Suite. You may find that your former bank is now closed. In that case, contact the FDIC directly to see about missing funds. If your money was in a credit union, you can reach out to the National Credit Union Administration (NCUA).

Wages

Missing some money from an old paycheck? Connect with your prior employer to claim your wages. If your employer couldn’t locate you to pay you, check with the U.S. Department of Labor and use their WOW Search (Workers Owed Wages) to find employers—and see what outstanding pay you might be owed.

Taxes

Think you overpaid your taxes or had too much withheld from your paychecks? If you never got your refund from Uncle Sam, check with the IRS regarding its status. If you didn’t file federal taxes for the year in question, you can:

• Grab a copy of the tax filing form for that year
• File your taxes (with no penalty)
• Claim your money

If you think you’re owed money at the state level, contact your state’s taxation division to learn what steps you’ll need to take to claim your tax refund.

Retirement funds

When you change jobs, it’s possible to leave behind a 401(k), pension or retirement account with your former employer. To retrieve abandoned funds, reach out to your old employer directly, or contact the financial institution that managed the funds (if you know who that was).

If it’s been a while since you left that job, your retirement funds may have found their way to the Pension Benefit Guaranty Corporation. Use the PBGC’s online tool if you’re owed pension money or are trying to find an old 401(k). Or check with the National Registry of Unclaimed Retirement Benefits to track down your old 401(k) assets.

Investments

Certain types of investments can also lead to lost money. Have you invested in a company that was later subjected to SEC enforcement actions for bad business practices? If so, you may be owed compensation for your damages. Search the SEC’s list of claims to see if you’re eligible.

U.S. savings bonds

Remember that savings bond your grandma gave you when you were a kid—the one you were supposed to hang on to for 30 years before cashing it out? Like plenty of other Americans, you may have misplaced it over the years. If that’s you, fill out this form to claim the cash you’re due.

Life insurance

If you own a life insurance policy or are the beneficiary of one, you may be missing out on a payment from the carrier. Check with the insurer directly, or search this database from the National Association of Insurance Commissioners. If you’re associated with a VA life insurance policy, contact the U.S. Department of Veteran Affairs to see if you’re owed a payout.

FHA mortgage

If you’ve ever had an FHA-insured mortgage loan, a refund may be waiting for you. Check with the U.S. Department of Housing and Urban Development to see if you qualify.

Class action lawsuit

If a product or business you used was hit with a class action lawsuit, you might be eligible to collect a settlement. Search on ClassAction.org and look for lawsuits that may apply to you. From there, you can follow the directions to claim any payments you’re owed.

How to claim your missing money

Getting back your misplaced money depends largely on where it’s currently sitting. Your state or the relevant organization will likely have specific processes in place regarding financial claims.

At a minimum, you’ll need to provide proof of your identity (a driver’s license will probably do) to collect your money or property. You may also need to show a valid Social Security card. If you’re retrieving money linked to a piece of property, you may be asked to verify that you once owned or lived at that location.

When filing your claim, follow the rules of the process carefully. In some cases, you’ll use an online portal to submit your request. For others, you’ll have to mail a paper form with supporting documentation. (FYI, some paper claims may require you to get your signature notarized.)

Once you’ve retrieved your lost funds, you’ve got a great problem to solve: what to do with it. Your financial advisor can make recommendations on how you use these surplus funds to really accelerate your savings goals or put you in a better financial position.

Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP^®, CERTIFIED FINANCIAL PLANNER^®, and CFP^® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.