Billions of dollars in unclaimed assets are now being held across the US, and one state is pushing to let people know about it.
Florida Chief Financial Officer Jimmy Patronis says the state is now holding a staggering $2.7 billion on behalf of its residents, according to ABC-affiliated news station WFTV.
The state defines ‘unclaimed property’ as a financial asset that is unknown, lost, or has been left inactive, unclaimed, or abandoned by its owner. The most common types of unclaimed property include dormant bank accounts, unclaimed insurance proceeds, stocks, dividends, uncashed checks, deposits, credit balances, and refunds.
Florida’s Efforts to Help Find Unclaimed Assets
Florida has launched its own platform to help people find their unclaimed assets. Additionally, the National Association of Unclaimed Property Administrators has a dedicated site for unclaimed property where they have helped millions of people track down over $4 trillion in assets.
Finding Forgotten 401(k) Accounts
A significant amount of money is also in forgotten 401(k) accounts. Bankrate suggests several ways people can track them down. One option is to search the Department of Labor’s website which maintains records of businesses that provide employee benefit plans. Another option is to contact former employers directly and ask human resources to look up if you participated in a 401(k) plan.
Conclusion
If you live in Florida or have had any financial activity in the state, you might have unclaimed assets waiting for you. Take advantage of Florida’s platform and other resources available to help you find and claim your money.
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