Billions of dollars have been lost. Could some of it be yours?

Billions of dollars have been lost. Could some of it be yours?

NAUPA is the association of the state unclaimed property programs, but the databases are located and maintained by each state, not NAUPA. However, most states participate in MissingMoney and we suggest that you search there. You may also link to all state databases individually from this Web site by clicking on Find Property and then choosing each state from the map or drop-down box where you wish to search, then scroll down to see the contact information and Web site link.



Answers to Questions about Unclaimed Property



What is unclaimed property?

Unclaimed property (sometimes referred to as abandoned) refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or a longer period. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler’s checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.



What happens to these accounts that have no activity?

Acting in the best interest of consumers, each state has enacted an unclaimed property statute that protects your funds from reverting back to the company if you have lost contact with them. These laws instruct companies to turn forgotten funds over to a state official who will then make a diligent effort to find you or your heirs. Most states hold lost funds until you are found, returning them to you at no cost or for a nominal handling fee upon filing a claim form and verification of your identity. Since it is impossible to store and maintain all of the contents that are turned over from safe deposit boxes, most states hold periodic auctions and hold the funds obtained from the sale of the items for the owner. Some states also sell stocks and bonds and return the proceeds to the owner in the same manner.



How do states try to return this money?

State unclaimed property programs publish names of owners in newspapers, set up displays at state fairs, malls, and other public events, work with other public officials such as legislators and local librarians, and make searchable databases available via the Internet. Unclaimed property officials welcome opportunities to speak to the media and other groups.
In 2006, over 1.9 million claims were paid to owners totaling at least $1.7 billion.

Unclaimed Funds

The Federal Deposit Insurance Corporation (FDIC) provides deposit insurance to financial institutions and depositors of these institutions. If a financial institution is closed, by a regulatory agency, the FDIC is appointed as Receiver and is responsible for the payment of insured deposits and the liquidation of the remaining assets. If you did not claim your funds previously you now have another opportunity to do so. Review the "How to claim your funds" section below and complete the attached form.

Why does FDIC have unclaimed funds?

When a failed financial institution (bank or savings and loan) with federal deposit insurance is liquidated, the FDIC resolution division is responsible for paying:

Unclaimed insured deposits up to $100,000
Dividends declared on excess deposits over the $100,000 insured amount
Dividends declared on general creditor claims
Funds distributed to the shareholders of the failed institution
In many instances these funds remain unclaimed because:

The insured deposit is never claimed from the assuming financial institution
The dividend check on the excess deposit amount is not cashed
The dividend check on the general creditor claim is not cashed
The check to the shareholder is not cashed
A valid address is not on file and the dividend check has been returned to the FDIC
What funds are available?

The database for this site contains unclaimed funds for either unclaimed insured deposits (for receiverships established between January 1, 1989 and June 28, 1993), or for dividend checks issued which were undeliverable or never cashed. As receiverships are terminated, under Federal Law 12 U.S.C., 1822(e); see also Pub. L. No. 103-44, section 2(b) unclaimed insured funds can no longer be claimed and data will be removed from the website. Dividends, however, for uninsured portions of a deposit might be claimed post termination if a dividend check was returned for a bad address.

How to search for funds:

Before doing searches on unclaimed funds, please read the FDIC's general disclaimer.

Search options are first name only, last name only, first and last name, business name, or official item check number. To narrow your search you may enter additional information; i.e., Failed Institution Name, OR City, OR State. After you have entered your search criteria, click on submit. The results for name searches will return with all matches to your character string. Then you may review the results to determine if the FDIC holds funds for you. If you find your name and believe FDIC may be holding your funds, please follow the instructions in the "How to claim your funds" section below.

Who Gives Away Free Money?

Government
The federal government gives out the most. To qualify, students and parents must fill out the Free Application for Federal Student Aid. (FAFSA). Most federal grants, such as Pell grants, are awarded strictly on the basis of financial need. But some new programs, such as the Academic Competitiveness Grants and Smart Grants, are awarded to low-income students who also have good grades. State governments give out lots of money, too. Some states, such as Florida, New Mexico, and Tennessee give out grants solely based on grades. Others, such as California, give out money based on financial need and grades.

Government Can Help You Buy a 'Fixer-Upper' Home

You want to buy a house that needs repairs -- a "fixer-upper." Unfortunately, you cannot borrow the money to buy the house, because the bank won't make the loan until the repairs are done, and the repairs cannot be done until the house has been purchased. Can you say "Catch-22?" Don't give up. The Department of Housing and Urban Development (HUD) has a loan program that might just get you that house.
HUD's 203(k) program can help you with this quagmire and allow you to purchase or refinance a property plus include in the loan the cost of making the repairs and improvements. The FHA insured 203(k) loan is provided through approved mortgage lenders nationwide. It is available to persons wanting to occupy the home.

The downpayment requirement for an owner-occupant (or a nonprofit organization or government agency) is approximately 3 percent of the acquisition and repair costs of the property.

The HUD 203(k) loan involves the following steps:


A potential homebuyer locates a fixer-upper and executes a sales contract after doing a feasibility analysis of the property with their Realtor. The contract should state that the buyer is seeking a 203(k) loan and that the contract is contingent on loan approval based on additional required repairs by the FHA or the lender.

The homebuyer then selects an FHA-approved 203(k) lender and arranges for a detailed proposal showing the scope of work to be done, including a detailed cost estimate on each repair or improvement of the project.

The appraisal is performed to determine the value of the property after renovation.

If the borrower passes the lender's credit-worthiness test, the loan closes for an amount that will cover the purchase or refinance cost of the property, the remodeling costs and the allowable closing costs. The amount of the loan will also include a contingency reserve of 10% to 20% of the total remodeling costs and is used to cover any extra work not included in the original proposal.

At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period.

The mortgage payments and remodeling begin after the loan closes. The borrower can decide to have up to six mortgage payments (PITI) put into the cost of rehabilitation if the property is not going to be occupied during construction, but it cannot exceed the length of time it is estimated to complete the rehab.

Escrowed funds are released to the contractor during construction through a series of draw requests for completed work. To ensure completion of the job, 10% of each draw is held back; this money is paid after the lender determines their will be no liens on the property.
For a list of lenders who are offering the 203(k) Rehabilitation Program, please see HUD's 203(k) Lenders List. The interest rate and discount points on the loan are negotiable between the borrower and the lender.