The
problem of unclaimed money is beginning to come under the spotlight. Every day,
thousands and thousands of Americans are discovering that they are owed
unclaimed money. However, merely finding the money is not sufficient. The money
has to be claimed. The formalities have to be completed correctly in the first
try itself. Otherwise, unnecessary delays will plague the process of claiming
the money.
Once your
search for unclaimed money is
completed, you now have to claim the money. The procedure to claim the money is
not very difficult or complicated. However, it must be initiated without delay
and completed as early as possible. Delay in claiming the money can cause you
to lose the money. The procedure of claiming the money may vary from state to
state. However, certain aspects remain common.
The
process is initiated by submitting the claim form. Each state or federal agency
has a form in which the individual has to make the claim for the lost money. Good databases will provide your claim forms
and information. The form must be filled properly and completely before
being submitted.
The check
repaying the unclaimed money cannot be sent unless the agencies are satisfied
that you are whom you are claiming to be. You will have to submit proof of
identification like the Drivers License, Identification Card, birth
certificate or social security card to prove your identity. The copies must be
legible.
Whenever
you are claiming unclaimed money, it
is important to think like the person who is reviewing the claim. It is natural
for that person to wonder- how do I know that you are the person who is owed
money? How can I be sure that you are not just a person who has the same name
as the person who is originally owed money? To answer these queries, you have
to submit all forms and documents that remove all doubt.
If you
are claiming money that you have inherited, then it is sufficient to simply
submit proof of identification. You will have to show that you are the
executor, heir or power of attorney of the deceased. This will ensure that the
claim process is not a long drawn one.
Do not
make the mistake of submitting all originals without duplicating them. Keep
copies of all forms and documents that you submit. This will ensure that you
can resubmit the documents in case of any mishaps. Further, it will be useful
for reference at a later stage. Whatever you do, do not submit originals
without keeping a copy in your hand.
Always
remember that money belonging to you is in the hands of others. Do not sit back
after filing your claim. Make sure you follow up on your claim. Claims may take
two to sixteen weeks to be processed. The duration depends on the agency processing
the claim. If updates are offered on phone or over the web
, make use of them.