As of 2014, there is more than $58 billion in unclaimed money in the United States. That's about $186 for every US resident.
Unclaimed money consist of a variety of property including stocks, tax refunds, forgotten bank accounts, pensions and even life insurance payments. If money has had no activity or if the owner cannot be reached for a certain number of years, it is considered abandoned.
Institutions holding the abandoned money turn it over to federal and/or state government. Much of the abandoned money is held by states and is used to fund services. But the owners always have a right to it and may claim it at any time.
Depending on the type of property, owners must contact the affiliated agency or company to claim their money, such as the Department of the Treasury or the Internal Revenue Service.
More about unclaimed money:
- The largest unclaimed bank account amount is over $1 million.
- As of 2014, $16 billion worth of matured savings bonds remain unclaimed in the US.
- Unclaimed property includes physical items left in safety deposit boxes which can practically be anything, even a can of sardines.