There's a whopping $49 billion in unclaimed funds waiting to be claimed, according to SmartAsset. And more than $3 billion in unclaimed money is returned to its owners by the states each year, according to the National Association of Unclaimed Property Administrators.

Due to the financial woes related to the pandemic, states are eager to disperse unclaimed money. Oregon, West Virginia and Missouri in particular are ramping up their efforts to reunite residents with lost funds.

It's estimated that about one in 10 people have unclaimed cash. If you've never checked to see if you have any unclaimed money with your name on it,, here's how you can search for a potential hidden windfall.

How To Find Unclaimed Money

Click on your state below to get the link to your state's treasury website. Once you click through to the website, you can search for unclaimed money in your or a loved one's name.

Here are some tips to help you find any unclaimed cash:

  1. Check states you previously lived in for unclaimed money.
  2. If you are or were a small business owner, you can search for unclaimed money from your business. Most states' unclaimed money websites give you an option to search as an individual or as a business.
  3. If you have ever changed your name, search for records under those names.
  4. If you are an heir, check to see if the deceased person has unclaimed funds. If you can prove you are the heir, you may qualify to inherit the funds.

Credit Karma and MissingMoney offer free tools that aggregate information from state treasury departments to find any unclaimed money in your name.

How To Claim Your Cash

The steps to claim any unclaimed cash are simple. You can use the map above to get to your state's unclaimed money website. If you find unclaimed funds, follow the filing process on the website.

To claim the money, you must verify your identity by giving your Social Security number and state whether you're claiming this money for yourself or for a deceased relative. From there, you will fill out your contact information, and the state will verify the information to determine if you are eligible to receive it. If everything is approved, your payment will be mailed directly to you.

What the unclaimed money form looks like on the California state website.

Each state has its own timeline for processing your information and sending out payment, but the process can take several weeks to complete.

How I Filed To Receive My Unclaimed Cash

While researching this story, I checked my previous states of residence for any unclaimed money. Sure enough, a whopping $0.23 was in my name in California, even though I haven't lived there since 2015. It was a refund from a bank account I had as a child.

I filled out an online form, including my Social Security Number and current contact information. I was given a claim number, and a link to track the status of my claim.

In my case, the unclaimed money was nominal. However, there are stories of people being reconnected with significant amounts of money, including one Connecticut resident who had 1.3 million stocks worth over $32 million. So it's absolutely worth checking to see if you have any unclaimed funds.

What Is Unclaimed Money?

Unclaimed money is money that belongs to you but because the payer couldn't contact you, it is sent to your respective states' treasury department.

Unclaimed money can come from a range of sources, including abandoned checking and savings accounts, company refunds, annuities, customer overpayments, payroll checks, investment accounts, trust distributions, life insurance payments and utility security deposits. It can also include physical items that were abandoned in safe deposit boxes such as precious metals.

If the payer is unable to contact you to deliver your money, the money enters a "dormancy" period. Once that dormancy period exceeds a specific amount of time, the money must be turned over to the state treasury department.

Each state has different lengths of dormancy periods based on the type of property. For example, California has a one year dormancy period on wages, three years on dividends, and 15 years on travelers checks.  But once the dormancy period passes and the payer has done their best to deliver the money, the money is turned over to the respective state, and remains there until it is claimed.

What To Know About Unclaimed Money Scams

You should never pay to find unclaimed money. There are third-party services, typically referred to as locators or finders, out there willing to search for you, but they aren't necessary.

In addition, be on the lookout for letters, text messages or emails alerting you about unclaimed property. Be sure to verify it is from the state treasury department, as several states have reported unclaimed money fraud schemes, including using stolen identities to make fraudulent claims.