The Hidden Fortune: Over $1 Billion in Unclaimed Assets in One US State
In a startling revelation, the Treasury Department of North Carolina has reported that residents of the state possess more than $1 billion worth of unclaimed cash and property. According to NBC-affiliated news station WCNC, these forgotten assets can be found in various places such as abandoned bank and safe deposit boxes, utility deposits and insurance overpayments, unclaimed checks, and assets left behind by family members.
A Common Phenomenon
The National Association of Unclaimed Property Administrators estimates that about 10% of Americans have unclaimed assets in their name. Most of these assets are held by individual states, with the state treasurer in control. To help individuals recover their lost funds, the National Association of Unclaimed Property Administrators has created a website dedicated to unclaimed property, which has assisted millions of people in tracking down more than $4 trillion in assets.
Uncovering Forgotten 401(k) Accounts
Aside from unclaimed cash and property, there is also a significant amount of money sitting in forgotten 401(k) accounts. Bankrate, a financial resource platform, suggests several ways for people to locate these accounts. One method is to search the Department of Labor’s website, which maintains records of businesses providing employee benefit plans. Another option is to directly contact former employers and inquire about participation in a 401(k) plan through the human resources department.
Hot Take: Millions Unaware of Their Hidden Wealth
Many Americans are unaware that they have significant sums of money waiting for them in unclaimed assets. With over $1 billion remaining unclaimed in North Carolina alone, it’s crucial for individuals to take action and explore whether they are entitled to any forgotten funds. By utilizing resources such as the National Association of Unclaimed Property Administrators’ website and conducting thorough searches for forgotten 401(k) accounts, individuals may uncover a hidden fortune they never knew existed.
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