Cash Unclaimed Media Room

The mammoth pile of unclaimed money has created more problems for both state and federal government in the last couple of years. All the officials in charge of the unclaimed funds are in consensus that the problem of unclaimed funds has been spiraling through the roof and with no viable solution in sight.

The growth of unclaimed funds across all the state treasuries has been relentless and no strategies seem to minimize the deficit between the unclaimed funds and the disbursed funds. Even the smaller states are now reporting large amounts of unclaimed funds.

As far as unclaimed money is concerned, unclaimed funds reports have indicated that celebrities are also the potential recipients of a large amount of funds. Based on one of the Inside Edition reports, the following celebrities have some unclaimed funds waiting to be claimed:George Clooney ($180 from Warner Brothers), Jennifer Aniston (a $100 Tiffany store credit), Goldie Hawn ($300) and comedian Dana Carvey ($800).

The unclaimed money vault in the state of California is growing rapidly, and is currently one of the richest state treasuries in the U.S. State officials are taking all the practical steps to reduce this unclaimed pile.

More than 9,000 memos are sent every week to the possible owners of the unclaimed funds so that they can take the necessary steps to claim their money. Like other states, California is also taking a suit of practical measures to reduce this deficit but not with a lot of success.

Florida is experiencing a rapid growth in its unclaimed money pile, with a most recent estimate putting it at $2 billion. This huge sum of unaccounted money is approximately the combined unclaimed money of 8 million U.S. residents. The state treasury is waiting for the rightful owners to come forward and claim it. Like other states in the U.S, Florida has initiated a number of awareness programs so that word can be spread about the unclaimed money in the state treasury. In 2006, $171 million was returned to its rightful owners. However, the net gain was just $101 million because $70 million was added to the vault.

The unmanageably rising pile of unclaimed money has left government officials more stunned than we can imagine. Federal agencies and state government officials in charge of the unclaimed funds are going through a very tough time trying to locate the owners of the lost funds. The growth of unclaimed funds across all the state treasuries has been scorching to say the least, and it has left most of the officials speechless.

Smaller states, which until now have been ignoring the onslaught of unclaimed funds, have now also been caught on the wrong foot. While the larger states were already grappling with the onslaught of unclaimed funds, even the smaller states and financial organizations, like banks, and insurance companies, are also reporting large volumes of abandoned and unclaimed funds.

The pile of unclaimed money holed up with the government and state treasuries is growing at a rapid pace. Unclaimed money pile is major source of concern for state treasuries as well as federal agencies.
The growth of unclaimed funds across all the state treasuries has been exponential to say the least.

While the larger states were already grappling with the onslaught of unclaimed funds, even the smaller states and financial organizations like banks and insurance companies are also reporting large volumes of abandoned and unclaimed funds. Larger states, like New York and California, are facing the challenge of locating the owners of huge unclaimed money chunks; $10 billion and $6 billion respectively. A recent Press Release is about half a million dollars in unclaimed money from former Washington Mutual Bank customers in Wisconsin is waiting to be claimed.

Federal and State governments are grappling with the problematic unclaimed money pile, which has been rising steadily with no solution in sight. Every state is reporting huge additions to this unclaimed cash vault, but the biggest recipients of unaccounted cash have been the three major states: New York, California, and Texas.

California is reporting unclaimed money to the tune of $5.7 Billion, and New York’s pile of unclaimed money has swelled up to $9.9 billion. In a recent statement from NAUPA (National Association of Unclaimed Property Administrators), the unclaimed money which is currently marked as abandoned and which is in the hands of state treasuries is worth almost $40 billion