Do you ever hear the Federal Government broadcasting about all the types of money that they have for us? No, you do not.
Do you believe the government should reveal the money that is owed to the taxpaying citizens? Yes, I’m sure you do.
If you had money coming to you, wouldn’t you like to be forewarned? Yes, you definitely would!
The fact about all of the money the government is withholding, is that you need to be proactive to receive what is owed to you. And we’re going to help you go after it yourself!
3 Entities That You Need To Know About To Uncover Hidden Cash
1. The Federal Government
It is a known fact that many people hold United States savings bonds that have long been forgotten about. Or perhaps your grandparents, your parents or even yourself may have purchased bonds and forgot about them or misplaced or for whatever reason, they are unknown to you.
As of March 2009, The US Savings Bond Search page shows over $15 Billion in unclaimed savings bonds. This estimated to be about 35 million bonds.
After 40 years bonds stop claiming interest, however they are still sitting around waiting to be claimed by their rightful owner. Over 55 million Americans have or have had bonds which most government offices do not have the man power or the will to track down the missing bond owners. COULD YOU BE ONE OF THESE 55 MILLION?
If you would like to find out if you have cash waiting for you in the form of a savings bond, you may visit the website www.savingsbonds.gov and you will be taken to a free site known as the Treasury Direct.
There will be three columns presented to you, individuals, institutions and government. The last topic listed for individuals is “Check to see if you own matured savings bonds”. After giving that click, you will then “start your search”, and hopefully you are.
You may enter your social security number or the social security number of the person that you are searching. You will immediately be told if there is anything in their system in regards to that number.
Since 1996, any savings bonds returned to The Treasury as undeliverable can be found by searching this system.
2. The Corporate Document
There is a huge amount of unclaimed pension benefits sitting around just waiting to be delivered to their holder. The people who this money belongs to does not always receive it.
It appears that most companies these days come and go, are taken over or acquired, and when a new owner takes over – that pension plan may be terminated.
In 2007, the Pension Benefit Guaranty Corporation (PBGC) reported they are holding a total of $133 million in unclaimed pension benefits. The estimated average payout per person is about $5,000.
The states with the most missing pension recipients and funds are California, Pennsylvania, New York, New Jersey, Texas, Illinois and Florida. No matter what state you live in or may have worked in, you need to make sure you do not have unclaimed pension benefits laying around somewhere.
Over 20,000 people have found approximately $137 million in unclaimed pension benefits by using a search too the PBGC has set up. You can find this tool at www.pbgc.gov/search by entering your last name as well as the state where the company was headquartered.
Make sure you avoid not being lost in the future by always advising your employer of your new address or if your name changes (in case of marriage or divorce).
The Bank Document
There are many reasons why Life Insurance benefits can pile up in the unclaimed property section. When there is a death, family members need to report the passing of their loved ones to life insurance companies in order to collect the policy benefits.
These are benefits that belong to you and you are entitled to them. It is not greedy to claim the benefits that your loved ones left behind for you.
Life insurance policies can be given by an employer, a bank, or there are policies that a person will buy through a major life insurance company themselves. When a death occurs a company cannot issue the money if the beneficiary has not claimed it.
And many times this happens simply because the beneficiary DOES NOT KNOW IT EXISTS! Without the rightful beneficiary to claim this policy it will then be filed away in the unclaimed pile. In a single year, unclaimed life insurance benefits can be over $20 billion.
There has been some recent changes in the structure of some major life insurance companies. It is called demutualization and they were converted to stock ownership. This means a policyholder and their beneficiaries are now entitled to receive stock and cash as well as the insurance benefits.
Companies such as MET Life, Prudential, and even John Hancock have made this conversion. With this switch, it appeared that several records were in need of updated information.
John Hancock did not have the correct addresses for over 400,000 policies. Met Life did not have correct address for 60 million policyholders. And Prudential had 1.2 million policyholders that they were unable to locate.
There is an average of about $1 Billion Dollars that is unclaimed by heirs or policyholders. Do you get the picture yet? Billions of dollars are left unclaimed each year. Are you one of the beneficiaries who have not claimed what is rightfully yours?
To find out if you are amongst the thousands of unclaimed benefits, we encourage you to start your search at www.missingmoney.com. You can also search the NATIONAL ASSOCIATION UNCLAIMED ADMINISTRATORS at www.unclaimed.org