Do you feel you are extremely disciplined in financial matters? How would you react if you were told that you are owed money? How would react if you were informed further that the money owed to you is being liquidated and is being handed over to state and federal governments? Surprised? Well it is true! Bank accounts, safety deposit boxes and even stocks owed to you are being turned over the state as unclaimed money. Want to determine whether you are owed unclaimed money? Read ahead.

There are specific laws that govern the conversion of one's own money into unclaimed money. The law requires companies and institutions to hand over the money in all those accounts which have remained idle for three years or more. However, an additional requirement is that the owner should remain untraceable. If these two conditions are fulfilled, the money becomes unclaimed money.

What does conversion of your money into unclaimed money imply? It means that the bank account will be closed, inheritances cannot be claimed and safe deposit boxes shall be opened and liquidated. All this will take place without your consent or your knowledge.

Luckily, it is not very difficult to ensure that your money does not become unclaimed money. It is very easy to ensure the government agencies stay away from your money and that it never becomes unclaimed money. .

Maintaining proper records of all those institutions with whom you have deposited money or from whom money is receivable to you is a smart move. The records should be detailed and must include the name, contact number and account number of the account. Maintain records of all accounts opened in all accounts. Include accounts opened for your children as well. Your records should include accounts in
Investment Companies
Insurance Companies
Employers
Companies with which you have a pension or retirement account
Companies in which you are a shareholder
Information on CD's and trust funds
Companies holding Utility deposits and escrow accounts on your behalf.

Creating records and then forgetting that you had created records is a very stupid thing to do. To avoid such a scenario, provide a copy to your executor, spouse and heir. This will ensure that your hard work will not go waste even in the unfortunate event of your sudden death.

Your money becomes unclaimed money only if you are untraceable. Ensure that you are never untraceable by ensuring that all institutions and companies owing money to you have the latest contact information. A simple letter will suffice. Given below is the format of the letter that you ought to send to all the institutions.

((INSERT Date))

((INSERT Company Name))
((INSERT Department You Are Contacting i.e. Customer Service))
((INSERT Company Address))
((INSERT Company City, State & Zip))

RE: Records and Information for Account # ((Insert Account Number))

To Whom It May Concern:

My name is ((INSERT Your Name Here)). I am the owner of the above referenced account.

I would like to verify the contact information on my account is correct and up to date. Please respond via letter stating the information is accurate on your records.

My current address is ((INSERT Your Current Address Here)).
My current contact phone numbers are as follows:

Home: ((INSERT HOME PHONE HERE))
Cell: ((INSERT CELL PHONE HERE))
Work: ((INSERT WORK PHONE HERE))

In case of my death I would like to ensure you have noted the money, interest and ownership of this account is transferred to ((INSERT Name of Heir)) my ((Insert Relationship to Heir, i.e. Wife or Next of Kin or Daughter, etc.)).

The contact information for ((INSERT Name of Heir)) is as follows:

Address: ((INSERT Heir's Address))
Phone: ((INSERT Heir's Phone Number))
Alternate Phone: ((INSERT Heir's Alternate Phone Number))

Please let me know if you require any additional information on this account.

Sincerely,

((SIGN YOUR NAME HERE))

((TYPE YOUR NAME HERE))

This letter should be dispatched to all the institutions every time you change your address or your telephone number. You should send this letter if you want to change your heir or your nominee.

It may sound strange but these four steps are more than sufficient to ensure that your money does not become unclaimed money.

Despite following the rules, you may still be owed unclaimed money. The smartest thing to do would to visit an all-in-one unclaimed money database and conduct a free search for unclaimed money.

The search results will confirm whether you are owed unclaimed money or not. Search on behalf of your family and friends as well.

If you are owed unclaimed money, you can get additional information on claiming the money from the website itself.

Once the claim has been made, the same is verified and the check is dispatched within 2-16 weeks.