Five Unlikely Places You Can Find Unclaimed Money

Five Unlikely Places You Can Find Unclaimed Money

5 Unlikely Places To Find Unclaimed Money

Unclaimed money can often manifest itself in unexpected forms, which has given people the impression of ‘shape shifting.’ Lost money can hide in the dark corners and hidden crevices of your financial accounts. So, knowing the right places to dig is key to discovering where the lost assets are buried.

Discovering unclaimed money can be referred to a ‘blessing in disguise,’ but it’s important to focus on the positives. The morale of the story is that you have been reconnected with the missing money that is rightfully yours.

We have outlined five hiding spots where lost money could be concealed in your personal finances:

Premium Bonds

It’s a common misconception that premium bonds hold only small amounts, with little returns. Unclaimed pension bond prizes occupy around £44 million in the UK. The largest unclaimed prize to date is £25,000, which dates back to a draw in 1991.

Premium bond prize winners are generally notified by letter or a personal visit – both of which require a current address. Understandably, many prizes are unclaimed due to the age-old problem of recipients changing address and failing to notify NS&I.

Amongst the chaos of moving house, the tiny detail of formally changing address can be easy to slip your mind. Remembering to stay on top of this is the easiest way of preventing money slipping through the cracks of your accounts.

Bank and Building Society Accounts

A predicted £400 million has been lost in bank and building society accounts. This equates to one of the largest sources of lost assets on this list. This hefty sum is made up of funds which are held in over 500 banks, over a 100 year period.

Bank accounts can become unclaimed for an array of reasons. The most common is the account holder forgetting its existence and leaving the account dormant for months, even years.

Another factor is when account holders pass away without writing a will. This makes it extremely challenging for anybody entitled to inherit their share from the account. This is because there is no proof that the money belongs to them. This can occur if you’ve been left money by a partner, close family member or distant relative.

Similarly to bank accounts, one of the biggest obstacles banks face is the failure of account holders to notify them of a change in address. If the bank cannot contact you about your account, they categorize you as a missing, or ‘gone away’ customer.

Savings and Investment Accounts

Hundreds of millions of pounds of lost assets are trapped within dormant savings accounts in NS&I alone. The highest amount of NS&I‘s unclaimed funds are held in investment accounts and fixed interest savings accounts – adding up to over £600 million.

If you include international banks, this figure rises into the billions.

The explanation behind savings and investment accounts going ‘missing’ are very comparable to bank accounts. However, for the financial companies holding savings accounts, there are additional problems.

Each bank or financial company offers a huge variety of different savings accounts, sometimes leading into the hundreds. Understandably, they can make it even harder for the financial company to track which pot of unclaimed money belongs where, and to whom.

Stocks and Shares

Statistics indicate that there is at least £12 billion in shares from privatised companies, which has never been claimed. This figure also includes any dividends (annual sums) that the company was due to pay the shareholder from its profits.

The old system of share certificates, rather than holding shares through nominees like nowadays, meant that shareholders simply ‘disappeared’ if they moved and forgot to give their forwarding address.

In the present day, this has left thousands of people out of touch with their shares in companies. Whether your share was in a large corporation or a small start-up, you still possess the same right to be reunited with the shares that are owed to you.

Life Insurance and Pensions

At an estimated £400 million, unclaimed life insurance and pensions account for one of the largest portions of unclaimed money in the UK.

Although there is no exact figure, there could be as many as 5.5 million pension records that hold uncollected money. These uncollected pensions can be traced to financial companies of all sizes.

Just like other types of financial accounts, forgetting to notify of a new address is a huge problem. Forgetfulness can play a massive role in individuals becoming unattached from their pensions. A common trait of getting older can often be losing your memory, and in this complex and difficult process, many pensioners can forget to claim pension money which is owed to them.

Something which has further exacerbated the problem of unclaimed pensions is the popularisation of company pension schemes. Research by Equiniti has suggested that the average person will have at least six jobs in their lifetime.

When a person leaves one job for another, it can be especially easy to forget you are owed money from an old company pension pot, particularly if you are not yet at a pension age.

Keeping on top of your pensions in your current and previous companies is crucial to ensure you’re on top of your ever-changing finances.

Conclusion

With a varied assemblage of possible sources, finding lost money can sometimes feel like an impossible game of ‘Where’s Wally?’ However, you are not alone and there are resources that you can use to help you in your search.

We stress the importance of informing your bank, building society or financial company if you change address.

Despite being a seemingly negative situation, it is encouraging to know that something so easy could ensure you will never lose touch with your money again.

Josh Cousens – Monimine.

We Have No Hidden Agenda, We Just Want To Help Find Your Unclaimed Money

We Have No Hidden Agenda, We Just Want To Help Find Your Unclaimed Money

We want to find unclaimed money

The Monimine business has not been engineered as a scam. It was not designed to resemble the hard sell of a mis-sold PPI policy. Nor was it intended to remind people of a tedious television advert. Much like the overseas relative who has promised a small fortune in return for your bank details. Monimine is the product which will reunite you with any unclaimed money that lawfully belongs to you for FREE.

Monimine is 100% financially free to the consumer. Our financial backing comes from banks, building societies, life and pension companies, asset managers and others (collectively the Financial Services Industry ‘FSI’). We also give you our word that no data will be sold to an external party.

Our 21st century asset reunification technology will provide you with the greatest chance of being united with any gone away accounts that belong to you.

We also want to make you aware that all cases will be treated the same, no matter how big or small the sum owed is. Monimine are a trusted brand, and our current users already share the confidence in our mission to connect people with unclaimed money.

You can even withdraw from the service at any point, for no cost, if you choose to.

Our ultimate end goal is to completely solve the global issue of dormant accounts and reunite any unclaimed money with the people it rightfully belongs to. We understand that this will not happen overnight, but you can help to make a difference. By registering your details for free with Monimine, your information could be the missing link between matching a third party with their unclaimed asset. More to the point, it could connect YOU with your lost funds.

Start your search today at www.monimine.com

Josh Cousens – Monimine.

Cash In On Your Money Claim With a Free Monimine Lottery Ticket

Cash In On Your Money Claim With a Free Monimine Lottery Ticket

Money claim through free lottery ticket

Do you spend time each week, thoughtfully scribbling over your six lucky numbers. Hoping to see them drop out of a tube on a Saturday night to change you life forever? The National Lottery has been a source of financial hope for countless households since its inception in 1994. Monimine will give you your own completely FREE lottery ticket. The overall pot weighs in at an estimated £25 billion – and with your money claim, you could win a portion of that sum.

This massive amount of unclaimed money is left sitting within financial institutions because of ‘gone away’ accounts. This is when the rightful owners to sums of money cannot be traced.  The reasons for not being able to find these parties can be address changes, deceased relatives or inadequate record keeping.

Monimine aims to solve this problem by matching the records of gone away accounts to your family details. This will help reduce the number of dormant accounts sitting within large financial companies. But will also reunite you with any lost money that you’re entitled to.

We are the ONLY business who is offering this service completely cost FREE to the consumer. Our subscription service is easy to use and we give you our guarantee that any information you share with us will be treated in the strictest confidence. You can also withdraw your money claim at any point if you choose to.

Our experienced business development team is in advanced discussions with a number of reputable financial institutions. These include an array of asset managers, banks and life and pension businesses. These contracts will aid your chances of connecting with any unclaimed assets.

GET YOUR FREE MONIMINE LOTTERY TICKET TODAY – monimine.com

Josh Cousens – Monimine.

Money Shouldn’t Sleep.

Money Shouldn’t Sleep

In an age where; footballers are bought and sold for £89 million, and the USA has $17.9 trillion worth of debt. It’s easy to forget the real value of the smaller figures. However, if you put the idea of $17.9 trillion and divide that by the number of citizens in the USA, you find that the debt equates to a $55,489 per person. This brings us closer to understanding the implications of those vast numbers.

Imagine just what that sort of money could do in your community.

There’s been a lot of commotion, in both government and financial circles, around the term ‘unclaimed assets.’ In fact, No. 10 formed a team called the ‘Independent Dormant Assets Commission’ to undertake an in-depth investigation. A dormant asset can be something like an unclaimed bank account, insurance policy, or even a pension scheme. They can become dormant for a number of reasons, mainly people move and forget about them.

Or, if I may paint you a picture …

A couple, let’s call them Tom and Barbra Goode, live and work in Kent for 70 years. Everywhere Barbra works, she opens a pension scheme. She also has savings in accounts which Tom is unaware of. In their formative years, they move to Norfolk to be close to their children and grandchildren. They live happily for a year at their new address, until, Barbra falls ill and develops Alzheimer’s. Barbra then moves to a care home.

Unfortunately, shortly afterwards, Barbra is transferred to the Norfolk and Norwich hospital where she passes away. In the time Barbra has been ill, Tom has not been able to discover the details of Barbra’s full estate, and update the records. The bank records will be registered to Barbra at her last residence, and the death certificate will say Norfolk and Norwich hospital. Quite clearly, neither Tom or Barbra are at either of these addresses. Furthermore, in Barbra’s Will, it states; ‘everything in my estate to be left to my spouse’. Unfortunately, no-one knows what ‘everything’ is.

Now, when a financial intuition looks to find Barbra, they can easily find that she is deceased using a register. They will then write to her last know address – the care home. Tom has since downsized and opted out on the edited electoral roll to prevent his name being sold on. He has not updated the care home on his move. From there, you can begin to understand how easy it is for accounts to become ‘dormant.’ At any point in this illustration, contact could be lost.

But who cares if someone’s got three quid in an account they’ve forgotten about? Well, (we’re buying footballers again) the government has estimated that there is £25 billion sitting in those dormant assets. I’ll break it down to its constituents, £25 billion worth of unclaimed assets in the UK shared between the number of households (UK) equates to around a £1400 per household. That’s useful on both a person and economical basis.

Anyone who knows me will understand that, for me, money doesn’t make the world go around. But, it helps me sit in a warm house, or go away with loved ones, or fix the clutch in my car. This is our money, it’s not owned by financial institutions, they are looking for you. It’s not owned by the government, it belongs to the people. The difficulty has arisen in the problem of having an industry-wide, and financially viable solution, so as to find beneficiaries, and re-establish contact with them.

There’s a body called the FCA, anyone who knows the financial sector will know them. In stands for ‘Financial Conduct Authority’ and they do what it says on the tin. (i.e. makes sure the people who you give your money to invest it wisely, look after it legally, and allow you to have it when you want it back.) They’re big news, the FCA can dish out fines of £200 million without unsteadying their boat. They have said (Ref FG16/8 Sub outcome 2.58) “We would welcome an industry wide solution, to improve the process of re-establishing contact with ‘gone-away’ customers.”

This solution must be three things … once … for everyone … and forever. It’s no good to solve this issue for six months because people are moving and dying 24/7. It can’t only reunite the big accounts, (there are less of them and they make up the same amount as many smaller ones) it’s not financially viable. And, it must operate regardless of geography, circumstance, or personal financial situation. It needs to be free, and, updateable, easily, from anywhere, on any device. This is how we reached www.monimine.com

What we are trying to achieve is a matter of importance to a lot of people. The Independent Dormant Assets Commission has stated that any assets, if not re-united will be going to charity. Sounds great! Unfortunately the FCA have also said that, when the rightful client claims the account, (Ref: CASS 6 . 2. 8 ) “the firm must unconditionally undertake to pay the client concerned a sum equal to the value of the safe custody asset [i.e. account/policy, etc.] at the time it became liquidated.” Essentially, financial institutions are being pulled in opposite directions, and face the prospect of having to pay out twice. Not ideal, when there are so many lost customers.

Everyone asks the same question at this point, ‘so, is charity losing out?’ No, ironically, in the Monimine solution, because institutions will be able to achieve a high level of certainty that, because neither they, nor Monimine, nor direct client can find their asset, they won’t be found. Whatever is then left over can be paid out with less risk. This amount is very likely to be higher than the amount paid out in the original scenario.

Plus, direct benevolence is a great revenue for the third sector, the UK public are incredibly generous (the estimated total amount donated to charity by UK adults in 2014 was £10.6 billion [Ref CAF online]) . With Monimine we free up extra disposable income to the public to spend how they wish.

If this is something you feel you can back; be it signing up, supporting the cause or talking to friends and family about us, please visit www.monimine.com where you can find all the information you need. It is 100% free and we don’t take any financial data, just dates, names and addresses. What’s more, this information will never leave Monimine, or the financial institution you deal with.

If you are from a financial institution reading this, and like what you hear but want to find out more, please send me an email via andy.davies@monimine.com. It would be great to tell you how we can ft into your business strategy towards re-establishing contact with your, gone away, safe custody asset holders. And, just how we are doing exactly that for Monimine’s current clients.

Andy Davies – Monimine.