You might be sitting on money you don’t even know exists. Americans are owed over $70 billion in unclaimed funds and we’re not just talking about those state treasury databases (although, you should check there too). There are several lesser-known places where your money could be waiting, and checking them could put hundreds or even thousands of dollars back in your pocket.
Old 401(k) Accounts
Changed jobs a few times? There’s a good chance you left a 401(k) behind. When you switch employers, that retirement account doesn’t automatically follow you. If you had even $2,000 in an old account, it’s been growing (or shrinking) without your attention for years.
The National Registry of Unclaimed Retirement Benefits maintains a free database where you can search by your Social Security number. You can also contact former employers directly through their HR departments as they’re required to help you track down old accounts.
What to look for:
- Accounts from jobs you held 5+ years ago
- Small balances you might have forgotten about
- Funds automatically rolled into IRAs by former employers
Pension Benefits You’ve Earned
Think pensions are just for your parents’ generation? If you worked for a company or government agency that offered a pension (even for just a few years) you might have benefits waiting. Many people assume they weren’t there long enough to qualify, but vesting periods vary widely.
The Pension Benefit Guaranty Corporation has a database for tracking down pensions from private companies. For government pensions, contact the specific agency or municipality where you worked.
Matured Savings Bonds
Remember those savings bonds grandparents loved giving as gifts? Bonds issued before 2005 stop earning interest after 30 years, meaning many have already matured. If yours are sitting in a drawer, they’re not growing anymore.
You can check the value of any savings bond using the Treasury Department’s online calculator. Just enter the bond’s series, denomination, and issue date.
Class Action Settlements
Companies settle class action lawsuits constantly, and you don’t need to have filed a complaint to get paid. If you’ve used certain products, services, or credit cards over the past decade, you might be eligible for settlement money.
Visit ClassAction.org to search active settlements by company name or product type. Many settlements pay out $10 to $50 per person so they’re not life-changing, but worth the five minutes it takes to file a claim online.
Unclaimed Tax Refunds
The IRS holds onto about $1.5 billion in unclaimed refunds every year. These are from people who never filed returns, often because they didn’t think they earned enough to owe taxes. But if you had taxes withheld from your paycheck, you might be owed money back.
You have three years to claim old refunds before the money goes to the Treasury. Check IRS.gov or call them directly to see if you have unclaimed refunds from previous years.
Start Your Search Today
Checking these databases takes less than an hour total, and you might be pleasantly surprised. Start with the National Registry for retirement accounts, then work through the others. Even finding $200 or $300 makes it time well spent.