12 May 2014
Found Money, Hidden Treasure: Two Ways to Check on Unclaimed Funds

Remember that U.S. Savings Bond you got when you graduated – 30 years ago? Savings bonds have always been great gifts for the future. The problem? Billions of dollars in savings bonds have stopped earning interest but they’ve never been cashed in by the bond holder.

In fact, you may not even know there are savings bonds stashed in your name. Maybe Grandma gave you a $500 savings bond when you were born, and it’s been forgotten ever since then. Bonds issued in the early 1980s or before have reached their maturity – that is, they aren’t earning any interest for you.

According to an article in USA Today®, 47 million savings bonds worth $16.1 billion* have matured, but have not yet been redeemed.  This means valuable bonds are sitting in safe deposit boxes and desk drawers across the country – maybe even your desk drawer. Have you checked? It’s never too late to cash in a savings bond, even if you have to blow off the dust to see its value.

A Treasury Hunt®

The website of the U.S. Treasury enables people to log in, securely enter some basic information, and see if they have unredeemed bonds waiting to be claimed and cashed.

To start your treasure hunt, visit www.treasuryhunt.gov, answer a few questions, and see if you’re one of the lucky ones who strikes it rich with the discovery of an old savings bond. Sure, it may only be $100, but it’s your $100, and wouldn’t “found money” be the best news of the day?

Once you undertake a search for unredeemed bonds, you’ll be notified by email of the Treasury Department’s search on your behalf. If you do have bonds in your name that have matured, you’ll complete Form PD F 1048 to get more information – including how to collect what you’ve got coming to you.

It can take several weeks to complete the paperwork to redeem those 30-year old bonds, but if you’ve waited three decades, what’s a couple of weeks to get money you didn’t even know you had coming to you.

The Nevada State Treasurer’s Office

You may own other assets you don’t know about, and the Nevada State Treasurer’s Office can help you claim them.

Did you open a savings account when you were a kid? The small town bank that held your paper route money may have been bought out, but you can still collect your money – with interest paid all these years. That little savings account could be worth some real money today – real money that belongs to you.

How about a deposit on a rental you had a few years back? Money held in a busy lawyer’s escrow account? A refund from the gym that went out of business? A rebate check that was never cashed? These are the kinds of cash we forget, or never know about, but Nevadans can start a state-wide treasure hunt just by logging on.

Our state maintains the State of Nevada Unclaimed Property service through the state Treasurer’s Office, making your search for unclaimed assets as easy as entering your name.

If you are lucky enough to hit the jackpot, you’ll also find the forms required to stake a claim to some unclaimed assets that you didn’t know you had. There are helpful fact sheets, and forms for a variety of claims for money or other assets.

To get started on your state search, simply log on to: http://www.nevadatreasurer.gov and enter your name. Don’t forget to search using your current name, maiden name, nicknames, and names you no longer use. That cash, or other assets, could have been in limbo for a long, long time, so it might belong to you under a name other than the one you use now.

Good hunting!

*www.usatoday.com/story/money/columnist/tompor/2014/01/26/did-you-cash-those-savings-bonds-you-got-as-a-kid/4824631/

 

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice.

USA Today® is a registered trademark of Gannett Co., Inc. and Treasury Hunt® is a registered trademark of Bureau of the Public Debt Federal Agency United States. Nevada State Bank does not claim any ownership or exclusive rights to the use of these trademarks.

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