What happens if you had an unclaimed credit union balance through a credit union that was not insured by the National Credit Union Administration (NCUA)? In some cases, the money that you had in your account may be lost. However, there is another place that you can check to see if you have any unclaimed funds, which can then be accessed.
You can find missing money from various sources by contacting your state’s treasury department. You can do this for yourself and for any loved one that you are legally handling affairs for. Learn how by reviewing the section provided below.
Unfortunately, not every credit union is insured by the National Credit Union Administration (NCUA). To ensure that you have access to your funds, it is important to double-check that the NCUA insures the credit union you are considering before you bank with them. It is also good to confirm, if the credit union is insured, the amount they are insured up to. This will help you determine if your money will be safe in the event of the credit union’s bankruptcy or closure.
Nevertheless, if you have unclaimed money – including from financial institutions – you might still be able to reclaim your funds.
When money goes unclaimed, a lot of the time, that money will be transferred to your state’s treasury department. The department then holds on to these funds until their rightful owner comes forth to claim them.
Each state’s treasury department is different, and the procedures for claiming unclaimed funds vary by state. Some states allow claims to be submitted online, by mail, over the phone or in person at county or state offices. You can learn more about your state’s procedures by visiting their unclaimed property website or contacting them over the phone.
When claiming missing money, you must provide various pieces of personal information. You may also be asked to submit documentation that proves your:
- Residential address
- Relationship to a deceased individual whose affairs you are managing following his or her death
The exact documentation that you will need to provide will vary by location and situation (what you are claiming and for whom).