I Found $374 in Missing Money. There's a Chance You're Owed Money, Too

During my two decades of adulting, I've gotten four financial windfalls totaling $374. This wasn't free money, but it felt as if it was free because I'd forgotten about this money for so long. The missing money I've discovered over the years came from a final paycheck for a part-time college job, two separate water deposits, and a refund from my doctor's office.

Wondering if you have missing money waiting to be claimed? Finding out is easy and will only cost you a couple minutes of your time.

Why would I have unclaimed money?

There's a 1 in 7 chance that you, like me, have money waiting to be claimed, according to the National Association of Unclaimed Property Administrators. The group is a network of the National Association of State Treasurers and runs the website unclaimed.org, which links you to unclaimed property websites for all 50 states, plus the District of Columbia. The group also sponsors the website MissingMoney.com, which allows you to enter your name and search for forgotten funds throughout the U.S. and Canada.

Some examples of scenarios that could result in unclaimed property:

• You paid a security deposit to rent an apartment but forgot to leave a forwarding address. After unsuccessfully attempting to contact you, your landlord turns over your deposit to state coffers.
• You opened a bank account or certificate of deposit (CD) a long time ago, but the account has been dormant for several years. Federal law requires banks to turn over unclaimed deposit accounts to the state after 18 months.
• Someone who has a safe deposit box at a bank dies, and the executor of the estate doesn't know it existed. After the bank doesn't receive the rental fee (the time frame varies based on the state), the bank turns the contents over to the state's unclaimed property division.

The timeframe for when assets get turned over to unclaimed property varies by state and the type of asset. Most states require a dormancy period – meaning a period where there's no activity in the account involved – of three to five years. Usually, the business or agency that has your property has made multiple unsuccessful attempts at contacting you before turning it over to the state.

What happens if you find missing money or property?

Searching for your money is always free, though not surprisingly, there are plenty of third-party services out there that charge a fee to do what you can easily do on your own.

The state that has your unclaimed property is ultimately responsible for determining the process for returning your funds. But whenever I've found missing money here in Florida, I've filled out a quick form that included my contact information, date of birth, and the last four digits of my Social Security number. I checked a box swearing upon penalty of perjury that I am, in fact, Robin Hartill, owner of the property in question. Then, I received a paper check in the mail within a week or two.

Note that if a deceased relative has unclaimed property, you may be able to claim it if you're the legal heir, but there's a lot more paperwork involved. You'll often need to submit an affidavit, death certificate, proof of your relationship to the person, and more.

If your loved one died with a forgotten life insurance policy or investment account that's now sitting in state coffers, the payoff could make navigating the red tape worthwhile. But for a small deposit or refund, it may not be worth the effort.

For example, when my dad died in 2010, he was owed $30.05 from an insurance company. I started to fill out the claim form several years ago but quickly abandoned the effort. Though I'm sure my dad would have wanted me to have his 30 bucks, it simply wasn't worth hours of my time.

Is finding missing money a win?

When you find unclaimed money, it may feel like free money. But that's money you earned -- and it's typically languished for years without earning interest. So while it may feel like a win, it's better if you don't lose track of your funds in the first place. Here's what I could have done with my $374 if I hadn't lost it to begin with:

• I could have deposited it in a high-yield savings account and let it earn compound interest.
• I could have worked toward maxing out my Roth IRA sooner.
• I could have paid extra on my credit cards and saved money on interest.
• I could have used the money on something fun, like a vacation or concert tickets.

By all means, take a minute to see if you have forgotten money. But then take a few more minutes to take inventory of your assets, including bank and investment accounts, as well as security deposits you've paid. Any money that winds up in your state treasurer's hands is money that isn't working for your personal finances -- so try to claim your property before it ends up there in the first place.