Four Reasons Why Even the Most Organised Should Search for Unclaimed Funds
You’re organised with your personal finances, you keep track of your accounts and are careful with your outgoings. So why should you read this article and believe you have unclaimed funds?
Because everyone is human, and even the most organised of us sometimes lose track of things from time to time. Whether it is loose change down the sofa, or your wallet, no one can ever be too organised.
Due to the nature of unclaimed funds, they are often looked after by an external party. The reliance on other people indicates that even the most regimented could still be owed money.
A broad spectrum of people – from the hyper-organised to the most disorderly will benefit from searching for lost assets from the estimated £25 billion pot.
Here are four typical scenarios in which people could find themselves owed missing money.
Forgotten Pension Policy
Forgetting your pension policy is easier than you think. According to Equitini, the average person will have at least six jobs in their lifetime. It only makes sense that the more jobs one has, the more pension policies one will have accrued over a working life.
Complications grew when companies started to move their pensions over to financial institutions, rather than store them in-house. The combination of businesses and financial companies makes it much more complex to get your money back.
Even the most ordered person could lose track of pensions from six or more different companies. This is particularly easy to do if you’ve left a company without reaching the pension age. Your company may not have even told you that you were paying into a company pension scheme!
Owed Inheritance From a Deceased Relative
When an individual passes away with a will in place, their assets are distributed amongst the relevant beneficiaries of that will ….. However, sometimes the money can go missing.
Imagine you have a distant relative who, although you’ve been out of touch with for some time, has left you a small portion of cash in a savings account.
Upon their death, their estate was not administered properly, so this money becomes lost amongst the thousands of other savings policies held by the bank.
Even though you have been named as the rightful beneficiary to your ancestor’s assets, this example could realistically happen to almost anyone.
Building Society Account With Forgotten Money
This is a similar situation to the previous inheritance storyline, but not quite the same.
As a young girl, your Grandmother has been paying yearly into a small building society for you.
However, as she is getting more forgetful in her older age, Grandma has forgotten to tell you, or your parents, about the existence of this account.
This means that you have a pot of cash sitting in a financial institution which can’t be accessed. You don’t even know it exists!
We don’t think that Grandma would have wanted her hard earned money to go to waste. So it’s important to make sure you search for unclaimed funds, in case this situation turns out to be yours.
Failing To Change Address With The Bank
One of the most common reasons for people to lose track of their accounts is failing to notify the bank of a change in address. This means cash becomes trapped and left unclaimed.
Although this is a typical trait of a disorganised person, this minor detail is easy to slip the mind. Particularly with all the headaches involved with moving to a new house.
If you’re planning to move, it’s so important to let your bank know your new address. Without your address, they won’t be able to link you to your account and your money will remain stuck in a dormant account ….. Until you can come back and claim it.
START YOUR FREE SEARCH FOR UNCLAIMED FUNDS TODAY – MONIMINE.COM
Josh Cousens – Monimine.