Found Money

A A A

DEFINITION

A sum of cash or financial account that the holder controls, has forgotten about, then rediscovered. Found money can refer to something as simple as leaving cash in a warm coat and finding it the next season, or a utility deposit that was uncollected after moving to a new address. Each state operates an unclaimed property agency to connect forgotten funds with rightful owners and many belong to a national database.

INVESTOPEDIA EXPLAINS

In some states, unclaimed funds escheat to the state after a certain amount of time. In other states, funds will remain in the state's unclaimed property fund forever unless claimed. Unclaimed property includes forgotten bank accounts, uncashed checks, security deposits, insurance payments, utility refunds. Once rediscovered, any of these forgotten funds could be referred to as found money.


RELATED TERMS
  1. Dormant Account

    When there has been no financial activity for a long period of time, other than ...
  2. Bank

    A financial institution licensed as a receiver of deposits. There are two types ...
  3. Cash

    Legal tender or coins that can be used in exchange goods, debt, or services. ...
  4. Escheat

    The transfer of title of property or an estate to the state when an individual ...
  5. Internal Revenue Service - IRS

    A United States government agency that is responsible for the collection and ...
  6. Sharing Economy

    An economic model in which individuals are able to borrow or rent assets owned ...
  7. Collaborative Consumption

    The shared use of a good or service by a group.
  8. Millennial

    A name given to the generation born after 1980 and before the mid-2000s. The ...
  9. Texas Sharpshooter Fallacy

    An analysis of outcomes out of context that can give the illusion of causation ...
  10. Chicken

    An investor who is petrified of incurring losses from investing. A chicken will ...
Related Articles
  1. Understanding The Time Value Of Money
    Investing Basics

    Understanding The Time Value Of Money

  2. What Is Money?
    Economics

    What Is Money?

  3. When Stock Prices Drop, Where's The ...
    Economics

    When Stock Prices Drop, Where's The ...

  4. Can Paying Off Your Mortgage Early Hurt ...
    Home & Auto

    Can Paying Off Your Mortgage Early Hurt ...

  5. Five Rules To Improve Your Financial ...
    Budgeting

    Five Rules To Improve Your Financial ...

  6. The Father's Day Index 2013: Dad’s Value ...
    Personal Finance

    The Father's Day Index 2013: Dad’s Value ...

  7. Common Liabilities That Hurt Your Net ...
    Budgeting

    Common Liabilities That Hurt Your Net ...

  8. Top Ranking Nations By HNWI
    Personal Finance

    Top Ranking Nations By HNWI

  9. How To Calculate Your Tangible Net Worth
    Entrepreneurship

    How To Calculate Your Tangible Net Worth

  10. Assets That Increase Your Net Worth
    Personal Finance

    Assets That Increase Your Net Worth

comments powered by Disqus
Hot Definitions
  1. Genuine Progress Indicator - GPI

    A metric used to measure the economic growth of a country. It is often considered as a replacement to the more well known gross domestic product (GDP) economic indicator. The GPI indicator takes everything the GDP uses into account, but also adds other figures that represent the cost of the negative effects related to economic activity (such as the cost of crime, cost of ozone depletion and cost of resource depletion, among others).
  2. Accelerated Share Repurchase - ASR

    A specific method by which corporations can repurchase outstanding shares of their stock. The accelerated share repurchase (ASR) is usually accomplished by the corporation purchasing shares of its stock from an investment bank. The investment bank borrows the shares from clients or share lenders and sells them to the company.
  3. Microeconomic Pricing Model

    A model of the way prices are set within a market for a given good. According to this model, prices are set based on the balance of supply and demand in the market. In general, profit incentives are said to resemble an "invisible hand" that guides competing participants to an equilibrium price. The demand curve in this model is determined by consumers attempting to maximize their utility, given their budget.
  4. Centralized Market

    A financial market structure that consists of having all orders routed to one central exchange with no other competing market. The quoted prices of the various securities listed on the exchange represent the only price that is available to investors seeking to buy or sell the specific asset.
  5. Balanced Investment Strategy

    A portfolio allocation and management method aimed at balancing risk and return. Such portfolios are generally divided equally between equities and fixed-income securities.
  6. Negative Carry

    A situation in which the cost of holding a security exceeds the yield earned. A negative carry situation is typically undesirable because it means the investor is losing money. An investor might, however, achieve a positive after-tax yield on a negative carry trade if the investment comes with tax advantages, as might be the case with a bond whose interest payments were nontaxable.
Trading Center