A Guide to Indiana Unclaimed Funds
Every year billions of dollars are recorded under Indiana unclaimed funds. The Federal Government of the State of Indiana acquires billions of dollars worth of properties, funds and cash coming from businesses and financial institutions that are mandated by the government to turn over any unclaimed assets that have been dormant for over a period of two year or more.
Here are some of the reasons that these Indiana unclaimed funds are increasing in number:
- Relocation to another state or another address (even if it’s a local transfer)
- Misspelled names and name changes due to marital status
- Divorce and marriage break ups
- Death of the claimant or any surviving relatives
- Mix up in the postal address
- Closure of the business due to bankruptcy
These are just some of the scenarios that might result to Indiana unclaimed funds. It is very important to know these things so that you will know if you are qualified to claim or at least to check if you are viable to receive these funds. You must also know what types of funds you may claim. Here are some:
- security deposits
- credit balances
- insurance claims for policy termination
- wages, commissions and incentives
- earnings of mutual funds, bonds, stocks
- trust funds
- contents of safe deposit box
- dormant checking and savings account
If you suspect that you may have unclaimed funds, then you should really go ahead and make an initial search. You can go online to search for a database of names with claims for abandoned funds in the State of Indiana. If you don’t find your name now, don’t stop just yet. It is important that you search regularly because you might have to wait for the accounts to be dormant long enough to be included in the list of the state.
However, unlike the other states, the downside to Indiana unclaimed funds is that there’s a limit on the time to make your claim. Indiana only gives a period of 25 years which means that a sense of urgency is needed on your part to claim what is rightfully yours.
