How to Claim Unclaimed Financial Assets

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Key Takeaways

What are unclaimed financial assets? How to find them? How to claim them?
Unclaimed financial assets are money or other financial products that belong to you but have not been used or claimed for a long time. They may include bank accounts, pensions, insurance policies, investments, stocks, shares, premium bonds, and more. There are different ways to search for unclaimed financial assets depending on the type and location of the asset. Some of the most common and reliable methods are: – Using the free My Lost Account service¹ to find dormant bank accounts, savings, and NS&I products in the UK. – Using the GOV.UK Pension Tracing Service² or a free tracing service like Gretel³ to find lost pensions in the UK. – Contacting companies directly or using a share registrar service like Computershare⁴ or Equiniti to find lost stocks or shares in the UK. – Using the Dormant Assets Scheme to find out if any of your assets have been transferred to social and environmental causes in the UK. – Using the USA.gov Unclaimed Money service to find various types of unclaimed money in the US. The process of claiming unclaimed financial assets may vary depending on the type and location of the asset. However, some of the general steps are: – Gathering as much information as possible about the asset, such as account number, policy number, certificate number, etc. – Contacting the provider of the asset and providing proof of identity and ownership. – Filling out any forms or documents required by the provider. – Waiting for the provider to verify your claim and release your funds.

Introduction

Have you ever wondered if you have any money or other financial assets that you have forgotten about or lost track of? You may be surprised to learn that there are billions of pounds and dollars worth of unclaimed financial assets lying dormant in various accounts, policies, schemes, and products around the world.

According to some reports, up to £15 billion of unclaimed financial assets are present in bank accounts, pensions, life assurances and investments in the UK, and almost half of UK adults confirm that they would not know how to find the details of a loved one’s total financial assets upon their death. In the US, there are billions of dollars in unclaimed money from bank accounts, tax refunds, insurance policies, pensions, and more.

Unclaimed financial assets are money or other financial products that belong to you but have not been used or claimed for a long time. They may include:

  • Bank accounts
  • Savings accounts
  • Pensions
  • Insurance policies
  • Investments
  • Stocks
  • Shares
  • Premium bonds
  • And more

There are many reasons why an asset may become unclaimed or dormant, such as:

  • You moved addresses and did not notify the provider of your new address.
  • You changed your name due to marriage, divorce, or other reasons and did not update your details with the provider.
  • You inherited an asset from a relative or friend who passed away and did not know about it.
  • You opened an account or bought a product as a child and forgot about it.
  • You lost or misplaced your account statements, certificates, or other documents related to the asset.
  • The provider changed its name, merged with another company, or went out of business and did not inform you.

Whatever the reason may be, you have the right to claim your unclaimed financial assets at any time. However, finding and claiming them can be a daunting task if you do not know where to start or what to do.

That is why we have created this comprehensive guide on how to claim unclaimed financial assets. In this guide, we will cover:

  • The different types of unclaimed financial assets and where they may be located.
  • The best ways to search for unclaimed financial assets depending on their type and location.
  • The steps you need to take to claim your unclaimed financial assets once you find them.

By following this guide, you will be able to discover if you have any unclaimed financial assets waiting for you and how to get them back into your pocket.

Part 1: How to Find Unclaimed Financial Assets

The first step in claiming your unclaimed financial assets is finding out if you have any and where they are. Depending on the type and location of the asset, there are different ways to search for them. Some of the most common and reliable methods are:

Bank Accounts and Savings

If you think you may have a dormant bank account or savings account in the UK, you can use the free My Lost Account service¹ to find it. This service is a joint venture by the British Bankers’ Association, the Building Societies Association and NS&I. It can search for lost accounts and savings from banks, building societies and NS&I products, such as premium bonds.

To use this service, you need to fill out an online application form with as much information as possible about the account or product you are looking for, such as:

  • The name of the bank, building society or NS&I product
  • The type of account or product
  • The account or product number
  • The name of the account holder or product owner
  • The date of birth of the account holder or product owner
  • The last known address of the account holder or product owner
  • The date of last contact with the provider

The more information you provide, the easier it will be for the service to find your account or product. However, even if you do not have all the details, you can still submit an application and the service will try to help you.

Once you submit your application, the service will forward it to the relevant providers and ask them to check their records. It can take up to 3 months for the providers to complete their search and respond to you. If they find a match, they will contact you directly and tell you how to claim your money.

If you know which bank or building society held your account or savings, you can also contact them directly and ask how to make a claim. They may also have paper forms available that you can fill out and send by post.

If you think you may have a dormant bank account or savings account in the US, you can use the USA.gov Unclaimed Money service to find it. This service can help you search for unclaimed money from:

  • Bank failures
  • Credit union failures
  • FDIC insurance refunds
  • HUD/FHA mortgage refunds
  • Savings bonds

To use this service, you need to follow the links provided on the website and enter the required information, such as:

  • The name of the bank or credit union
  • The state where the bank or credit union was located
  • The name of the account holder
  • The social security number of the account holder

The service will then direct you to the appropriate agency or website where you can search for your money and claim it.

Pensions

If you think you may have a lost pension in the UK, you can use the GOV.UK Pension Tracing Service² to find it. This service can help you find contact details for an employer or personal pension scheme that you may have contributed to in the past.

To use this service, you need to enter some information about the pension scheme, such as:

  • The name of the employer or pension scheme
  • The type of business or industry
  • The dates when you worked for the employer or contributed to the scheme

The service will then search its database of over 200,000 pension schemes and provide you with a list of possible matches. You can then contact them directly and ask if they have any records of your pension and how to claim it.

You can also use a free tracing service, such as Gretel³, to find lost pensions in the UK. This service can help you search for pensions from:

  • Employers
  • Personal pensions
  • Stakeholder pensions
  • Retirement annuities

To use this service, you need to create an account and enter some information about yourself and your pensions, such as:

  • Your name and date of birth
  • Your national insurance number
  • Your current and previous addresses
  • Your current and previous employers
  • Your current and previous pension providers

The service will then search its database of over 60 million pension records and provide you with a list of possible matches. You can then contact them directly and ask if they have any records of your pension and how to claim it.

If you think you may have a lost pension in the US, you can use the USA.gov Unclaimed Money service to find it. This service can help you search for unclaimed money from:

  • Pension Benefit Guaranty Corporation (PBGC)
  • Railroad Retirement Board (RRB)
  • Department of Veterans Affairs (VA)
  • Internal Revenue Service (IRS)

To use this service, you need to follow the links provided on the website and enter the required information, such as:

  • The name of the employer or pension plan
  • The social security number of the pension holder
  • The date of birth of the pension holder

The service will then direct you to the appropriate agency or website where you can search for your pension and claim it.

Insurance Policies

If you think you may have a lost insurance policy in the UK, such as life insurance, endowment policy, or annuity policy, there are several ways to find it. Some of them are:

  • Contacting your insurance provider directly and asking if they have any records of your policy and how to claim it.
  • Contacting any financial advisers or brokers who may have helped you buy or manage your policy and how to claim it.
    • Using the Unclaimed Assets Register (UAR) service to search for lost insurance policies and other financial assets in the UK. This service is run by Experian and can search for assets from over 75 companies. To use this service, you need to fill out an online application form with some information about yourself and the policy you are looking for, such as:
      • Your name and date of birth
      • Your current and previous addresses
      • The name of the insurance company or provider
      • The type of policy
      • The policy number
      • The date of commencement and expiry of the policy
      • The name of the policy holder or beneficiary

      The service will charge you a fee of £25 to conduct a search and provide you with a report. If they find a match, they will also tell you how to contact the provider and claim your money.

    • Using the Association of British Insurers (ABI) service to search for lost life insurance policies in the UK. This service is free and can help you find contact details for life insurance companies that may have issued a policy to you or a deceased relative. To use this service, you need to fill out an online request form with some information about yourself and the policy you are looking for, such as:
      • Your name and relationship to the policy holder
      • The name and date of birth of the policy holder
      • The name of the insurance company or provider
      • The type of policy
      • The policy number
      • The date of commencement and expiry of the policy

      The service will then forward your request to the relevant companies and ask them to check their records. It can take up to 6 weeks for the companies to respond to you. If they find a match, they will contact you directly and tell you how to claim your money.

    If you think you may have a lost insurance policy in the US, such as life insurance, annuity policy, or property insurance, there are several ways to find it. Some of them are:

    • Contacting your insurance provider directly and asking if they have any records of your policy and how to claim it.
    • Contacting any financial advisers or brokers who may have helped you buy or manage your policy and how to claim it.
    • Using the National Association of Insurance Commissioners (NAIC) service to search for lost life insurance policies or annuity contracts in the US. This service is free and can help you find contact details for insurance companies that may have issued a policy or contract to you or a deceased relative. To use this service, you need to fill out an online request form with some information about yourself and the policy or contract you are looking for, such as:
      • Your name and relationship to the policy holder or contract owner
      • The name and date of birth of the policy holder or contract owner
      • The name of the insurance company or provider
      • The type of policy or contract
      • The policy or contract number
      • The date of commencement and expiry of the policy or contract

      The service will then forward your request to the participating companies and ask them to check their records. It can take up to 90 days for the companies to respond to you. If they find a match, they will contact you directly and tell you how to claim your money.

    • Using the National Association of Unclaimed Property Administrators (NAUPA) service to search for unclaimed money from various sources, including insurance policies, in the US. This service is free and can help you search for unclaimed money by state or by type. To use this service, you need to follow the links provided on the website and enter some information about yourself and the money you are looking for, such as:
      • Your name and state of residence
      • The name of the source or type of money
      • The amount of money

    The service will then direct you to the appropriate state or federal website where you can search for your money and claim it.

    Investments

    If you think you may have lost investments in the UK, such as stocks, shares, bonds, funds, or dividends, there are several ways to find them. Some of them are:

    • Contacting your investment provider directly and asking if they have any records of your investments and how to claim them.
    • Contacting any financial advisers or brokers who may have helped you buy or manage your investments and how to claim them.
    • Using a share registrar service, such as Computershare or Equiniti, to search for lost stocks or shares in the UK. These services can help you find contact details for companies that may have issued stocks or shares to you in the past. To use these services, you need to enter some information about yourself and the stocks or shares you are looking for, such as:
      • Your name and address
      • The name of the company or provider
      • The type of stock or share
      • The certificate number
      • The number of shares

      The services will then search their databases and provide you with a list of possible matches. You can then contact them directly and ask if they have any records of your stocks or shares and how to claim them.

    • Using the Dormant Assets Scheme to find out if any of your investments have been transferred to social and environmental causes in the UK. This scheme allows participating financial providers to transfer money from dormant accounts and assets to Reclaim Fund Ltd, which then distributes it to good causes across the UK. However, you still have the right to reclaim your money at any time. To use this scheme, you need to contact your provider directly and ask if they participate in the scheme and if they have any records of your investments and how to claim them.

    If you think you may have lost investments in the US, such as stocks, bonds, mutual funds, or dividends, there are several ways to find them. Some of them are:

    • Contacting your investment provider directly and asking if they have any records of your investments and how to claim them.
    • Contacting any financial advisers or brokers who may have helped you buy or manage your investments and how to claim them.
    • Using the Securities and Exchange Commission (SEC) service to search for lost securities in the US. This service can help you find contact details for companies that may have issued securities to you in the past. To use this service, you need to enter some information about yourself and the securities you are looking for, such as:
      • Your name and address
      • The name of the company or provider
      • The type of security
      • The certificate number
      • The number of shares

      The service will then search its database and provide you with a list of possible matches. You can then contact them directly and ask if they have any records of your securities and how to claim them.

    • Using the USA.gov Unclaimed Money service to search for unclaimed money from various sources, including investments, in the US. This service can help you search for unclaimed money by state or by type. To use this service, you need to follow the links provided on the website and enter some information about yourself and the money you are looking for, such as:
      • Your name and state of residence
      • The name of the source or type of money
      • The amount of money

    The service will then direct you to the appropriate state or federal website where you can search for your money and claim it.

    Part 2: How to Claim Unclaimed Financial Assets

    Once you have found your unclaimed financial assets, the next step is to claim them. The process of claiming unclaimed financial assets may vary depending on the type and location of the asset. However, some of the general steps are:

    Gather Information

    The first step is to gather as much information as possible about the asset, such as:

    • The account number, policy number, certificate number, or other identification number
    • The name and address of the provider or issuer of the asset
    • The name and address of the owner or beneficiary of the asset
    • The date of commencement and expiry of the asset
    • The amount or value of the asset

    You may need to provide some or all of this information when contacting the provider or issuer of the asset and making a claim.

    Contact Provider

    The next step is to contact the provider or issuer of the asset and provide proof of identity and ownership. You may need to call, email, write, or visit their website or office. You may also need to fill out some forms or documents required by them.

    Some of the documents that you may need to provide are:

    • A copy of your passport, driver’s license, birth certificate, or other official identification document
    • A copy of your utility bill, bank statement, tax return, or other proof of address document
    • A copy of your marriage certificate, divorce decree, name change document, or other proof of name change document
    • A copy of your death certificate, probate document, will, or other proof of inheritance document

    You may also need to pay a fee or charge for processing your claim. This may depend on the type and value of the asset.

    Wait for Verification

    The final step is to wait for the provider or issuer of the asset to verify your claim and release your funds. This may take some time depending on the type and complexity of the asset. You may also need to follow up with them periodically until you receive your money.

    Some tips for making a successful claim are:

    • Be persistent and patient. It may take several attempts and months before you get your money.
    • Keep a record of all your communications with the provider or issuer of the asset. This may include phone calls, emails, letters, forms, receipts, etc.
    • Check your spam folder regularly.

Conclusion

In this article, we have learned how to claim unclaimed financial assets. We have covered:

  • The different types of unclaimed financial assets and where they may be located.
  • The best ways to search for unclaimed financial assets depending on their type and location.
  • The steps you need to take to claim your unclaimed financial assets once you find them.

By following this guide, you will be able to discover if you have any unclaimed financial assets waiting for you and how to get them back into your pocket.

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