Did you know that you might have unclaimed money waiting for you in Washington State? It’s more common than you think! Approximately 1 in 10 people have unclaimed funds, and with the current economic climate, finding forgotten money could be a welcome boost to your finances.
Washington State’s Unclaimed Property program is holding over $1.4 billion in unclaimed funds. This money comes from various sources such as uncashed checks, dormant bank accounts, utility deposits, and even stocks or bonds where owners have become unreachable. In the last year alone, the program returned a staggering $74 million to over 175,000 individuals, businesses, and organizations. This indicates a significant amount of money is out there, ready to be claimed by its rightful owners.
The Washington State Department of Revenue administers this program, acting as a custodian for these assets. Businesses are legally required to report and remit unclaimed property to the Department of Revenue after a certain period of inactivity, ensuring that these funds don’t simply disappear. The state then holds these assets indefinitely, working to reunite them with their owners or their heirs.
What is Unclaimed Money?
Unclaimed money, also known as unclaimed property, refers to financial assets that have been lost or forgotten by their rightful owners. This can occur for a variety of reasons:
- Moving and forgetting: People move residences and forget about deposits or accounts linked to their old address.
- Uncashed checks: Paychecks, rebates, or insurance payouts can get lost in the mail or forgotten.
- Dormant accounts: Savings or checking accounts, stocks, or mutual funds can become inactive if there’s no activity for a prolonged period.
- Utility deposits: When closing accounts, utility companies might be unable to return security deposits if they don’t have a forwarding address.
- Inheritance: Sometimes, beneficiaries are unaware of inheritances left to them.
This money isn’t “free money” from the government; it’s your money that the state is holding safely until you claim it.
Unclaimed Property Day: A National Awareness Campaign
To raise awareness about this often-overlooked source of funds, the National Association of Unclaimed Property Administrators (NAUPA) has launched the first annual Unclaimed Property Day on February 1st. The Washington State Department of Revenue is partnering with NAUPA to promote this initiative, encouraging everyone to take a few minutes to search for their unclaimed funds.
This nationwide event aims to educate the public about unclaimed property and simplify the process of searching and claiming what is rightfully theirs. By dedicating a specific day to this cause, NAUPA and state agencies like the Washington Department of Revenue hope to significantly increase the amount of unclaimed money returned to citizens.
How to Search for Your Unclaimed Money in Washington State
Searching for unclaimed money in Washington is a simple and free process. Here’s how you can check if the state is holding funds for you:
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Visit the official website: Go to the Washington State Department of Revenue’s dedicated unclaimed property website: claimyourcash.org. This is the official and secure platform to conduct your search.
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Search your name: Enter your first and last name (and maiden name if applicable) in the search fields provided. You can also search for businesses or organizations.
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Review the results: If your name appears in the search results, carefully review the details to see if any listings might belong to you. Listings will typically include the name of the reported owner and the last known address.
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Initiate a claim: If you find a potential match, the website will guide you through the claim process. This usually involves providing proof of identity and address to verify your ownership.
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Be patient: The claim process can take some time as the Department of Revenue needs to verify the information and ensure the funds are being returned to the rightful owner.
It’s also advisable to search for variations of your name and check for family members, as they too might have unclaimed property. And remember, unclaimed property is held in perpetuity by the state of Washington, meaning there’s no time limit to claim your funds.
Don’t Delay, Claim Your Cash Today!
Unclaimed Property Day serves as a timely reminder to take proactive steps and check for your unclaimed money. With billions of dollars waiting to be claimed nationwide, including over a billion in Washington State alone, it’s definitely worth your time to investigate.
Visit claimyourcash.org today and see if you have forgotten funds waiting to be reunited with you. It’s your money – go get it! You can also extend your search to other states by visiting the national unclaimed property website, Unclaimed.org/search.
