New York’s Missing Money Issue

States like New York, Florida, Texas and California seem to have their acts together since they are accountable for more then half of the high earning businesses in this country. So it may come as a shock to many to learn the New York is no different then any other states when it comes to missing money. Many would even want to ask, “How does someone end up missing money in New York?” The answer: Just like they do in any other state.

Most of the time money goes “missing” because of simple human error, like sending a last paycheck to a wrong address. Even something like sending a security deposit to an old or outdated address with no forwarding information. Maybe even just by writing down the wrong information on the outgoing envelope. Even the computer can error and send a IRS tax refund to a wrong person or address, usually due to a simple input mistake made by you or the government when it was originally filed. Things like this happen every single day, to thousands of people

Other common culprits that add to this growing missing money issue are things like maybe thinking a bank account was closed but actually still remains open and collecting interest. It could be a bank account you opened back in high school or to cash that check from your first job. Maybe even a trust account that a relative set up in your name that was forgotten about due to personal reasons or poor health. Your probably questioning that last idea but hey, this is how inheritances happen all the time. Missing money can also come to be by doing something like overpaying a utility bill or paying it in advance and not consuming all of the energy that  you have already paid for. This usually only happens when a great offer to pay up front for the year is taken up on, otherwise utilities usually bill pretty accurately.

Then there are other types of human error, like not knowing if they have any money due to them when they abruptly change an insurance policy. This actually happens all the time. Someone will pay their policy in full or in advance and then get an offer to save a ton of money and will switch forgetting all about the few months left that they have already paid for. Other times people assume that they will not be receiving any of their security deposit back that they put down when getting into their last place. Most people don’t realize that the cost for new paint and carpet is already figured into what the security deposit will cover and then some, in case the apartment is left in total ruins, which is not usually the case. This is very common and anyone who has ever signed a lease should know, it never hurts to ask.

Some people actually pay attention to these types of little details and make sure they get their last checks, security deposit returns and anything else that may be owed or due to them. Heck, most people are usually waiting for their tax return right after they file and send it in. With the ability to track every little penny of your money it is still amazing to me that so much missing money is actually out there. While your thinking there is no way something like this, especially with your own money, could ever happen to you but you might be surprised. Like I said before, it never hurts to ask, so why not check out the Find Unclaimed Money database and see for yourself if any missing money is owed to you.