About
Wells Fargo is an international American company that provides financial services to the public. The company was founded by Henry Wells and William Fargo in 1929, in Minneapolis, United States. It has its corporate headquarters in San Francisco and its operational Headquarters in New York, both in the United States. Unclaimed money is funds that have not been claimed and have remained in the possession of a financial institution or in control of an institution that takes financial deposits for 15 years and above. It is amazing to learn that up to $60 Billion worth of unclaimed property is being held by the United States. Most Americans have not realized that they possess the right to claim funds from dormant bank accounts, checks that have not been cashed, and other related. let’s know How Money Becomes Unclaimed by Wells Fargo. Let us know ‘Wells Fargo Bank Unclaimed Money’.
It is most likely that the state will take over the funds of Individuals that have not used their Wells Fargo account for a long period. However, individuals can possess the right to claim the funds anytime they want. A bank account is considered forsaken and serves as a property of a State in most States if there are no activities performed by the account owner for five years. For some States, it is after three years. According to the law, Wells Fargo will notify its users about forthcoming escheatment and give instructions on how to avoid it. Individual money will be supposed to be forsaken if they do not follow the instructions. A user needs to make sure that his account information is updated so that the bank will be able to get in contact with him when needed.
Users can prevent their accounts from being taken over by making sure that their Wells Fargo accounts do not become dormant. It is advised to subscribe or pay bills with the account to prevent an account to become unclaimed.
Types of Wells Fargo Unclaimed Money
There are different individual properties from different sources that are unclaimed by Wells Fargo. They are;
- Unclaimed Inheritance Money: Most forsaken funds in the United States come from this money. Some properties still become unclaimed even though a deceased penned his final will. The reason is that an individual died before the testament was updated.
- Unclaimed Insurance Funds: When the beneficiary of a dead person cannot claim the death benefits from the insured insurance company, the benefits will be unclaimed. This occurs if a person is not aware that he is a beneficiary of a person’s life insurance, the life insurance company is unable to locate the beneficiary or vice versa, if the insurance company is unaware of the death of the insured, or if the actual life insurance provider ceases to exist.
- Old Bank Accounts: Some individuals who have neglected their old bank accounts might not know that they still have some money in the account. Some money may have been credited after an individual decides not to use the account again. Other properties that are often seen as forsaken are; uncashed payroll checks, pensions, refunds, savings and checking accounts, Jewellery, unredeemed gift cards, safe deposit contents, and insurance policy.
Discovering Wells Fargo Unclaimed Money
For an individual to search if they have any unclaimed money, there are two ways it could be done through;
- National Association of Unclaimed Property Administrators: This association assists Americans to look for organizations that are devoted to dealing with unclaimed property cases in a state. To find unclaimed money, visit the NAUPA website, click on the find and claim option, tap on view the full map, select the concerned state, and the instructions on the state treasurer’s website should be followed.
- Missing Money: With MissingMoney.com, individuals can dig through multiple websites for more than 40 states in the United States. To search for unclaimed money, visit the Missing Money website, click on the search icon, type in the essential information, then proceed with the search. Further instruction should be followed after that.
Treasurers will need some individual information to make sure the search is as detailed as possible. Other information that may be needed are; Middle name, abandoned Wells Fargo account number, SSN, and the state where the account was opened. To save time and stress, this information should be already prepared.
Conclusion
Wells Fargo’s unclaimed money is a result of inactive performance within an individual account for a long period. However, there are ways that those funds can be claimed, and it has been talked about above. The types of unclaimed money and the steps in finding unclaimed money have been made known, and it will help individuals look for answers to a problem related to what is above.
FAQs
- How many days does Wells Fargo need to finalize a claim?
An individual claim will be completed within 10 working days. The account will be temporarily credited if an extra inquiry is needed. If there is a resolution of the claim or a brief credit is granted, related fees will be reversed, and interest will be adjusted.
- Why do individuals abandon their properties?
Apart from other reasons stated in this article, some individuals leave their money unclaimed with a bank because the amount in the account might be little, and they feel it is not worth struggling for. Going through lots of processes to claim less than $100 might be unnecessary to some people.
