Introduction
Found money is the amount of money which is rediscovered. Found money will either be forgotten by the legal owner or can also be forsaken by the owners.
Understanding Found Money
Found money is also used to point something from a bunch of abandoned currency bills that one may discover in a washing machine. It is also used to refer to the unclaimed or uncollected assets, which are found by the rightful and legal beneficiaries after a long period post the expiry of the account holder. Found money generally refers to money that is gone out of the radar until someone discovers it.
Most countries have agencies dealing with unclaimed properties that work towards getting the forgotten money in the pockets of the rightful owners on discovery. The objective of these agencies is to unite the rightful beneficiaries with the retirement funds that are not disbursed, encashable payroll checks, and unreturned deposits.
Role of the Government
When the agencies are not successful in reuniting the found money with rightful owners, then the countries have their own policies in dealing with the money leftover. Some countries have a definite period within which the found money can be claimed by the rightful owners, after which the government will get the possession and will use it for its expenses. Some countries will allow the funds to stay claimable indefinitely.
There are several different kinds of forgotten money or unclaimed funds. Regular savings bank accounts, retirement account funds remaining with the past employers, and bonds are some popular examples of unclaimed money. Once these funds are claimed by the rightful owners and are successful in getting it returned, they become found money.
It is for this reason that most bank and investment accounts ask for a beneficiary. The money left behind by the account holder after his or her demise will be handed over to the beneficiary, who is the rightful owner in this case.
