Cash Unclaimed Media Room

The unclaimed money pile is still not being returned to the public as per the expectations of the state treasuries. While the pile of money continues to stack up, the states have been facing increasing problems in returning the unclaimed funds to the rightful owners. Most of the states are facing these growing volumes of unclaimed money, and are reporting huge additions to its unclaimed money vault every month.

The larger states, where the workforce diversity and migrations are extremely high, are reporting a much higher volumes of unclaimed money; California is estimating an unclaimed money volume to the tune of $5.7 Billion while New York’s pile of unclaimed money has swelled up to $9.9 billion.

Almost $10.5 billion in unclaimed money is available for claim in the state of New York. The state treasury is trying its best to connect with the actual owners of these unclaimed funds. According to the New York’s Comptroller, their state treasury is the fastest growing vault of unclaimed property in the U.S.

The outreach program initiated by the state government is generating sufficient buzz regarding the unclaimed funds, the volume of claims is still not satisfactory. By a recent estimate, the state of New York currently holds nearly $10 billion in unclaimed funds. The source of these unclaimed monies lies in the 25 million inactive bank, business and government accounts unclaimed by their owners and in the care of the state controller’s office.

California’s unclaimed money alone is currently over $6 billion. With this extremely high figure, local news station, ABC channel 7, is airing a special story on today’s news. Unclaimed money has become an increasing problem the government has been facing over the past years, and not just California is facing increasing amounts of unclaimed money.

Most states in the U.S. are facing figures in the millions in unclaimed money. Currently, the unclaimed money total is well over $50 billion. Some of the high states with unclaimed money: California – over $6 billion, Michigan – $1.3 billion, Ohio – $1.4 billion, Texas – $2.2 billion, among some of the states.

Millions in unclaimed money has been returned to its owners due to the Palmetto Payback. The Palmetto Payback Program has been able to reach out to millions of people who could be the potential owners of unclaimed money. A large number of companies transfer millions of dollars into this program annually, after they are unable to locate the owners. Examples of the type of property covered by the Program include bank accounts, stock certificates, checks, insurance policies and utility deposits. The Palmetto Payback Program does not include tangible property like land or vehicles.

Unclaimed money searches often begin on a very skeptical note for most of the potential claimants. It is unbelievable for most of the people that the state might be holding some of their lost funds or properties and which can be claimed through a legal process. The awareness campaign initiated by the various state treasuries, NAUPA and the federal government, has made some impact as far as the number of people coming forward to claim their funds is concerned.

With unclaimed money growing at an alarming rate, unclaimed life insurance has become a new source of influx into the state treasuries. The unclaimed life insurance money does not stay with the insurer indefinitely and is eventually transferred to state unclaimed property divisions. Most of the states are mandated by law to publish information on Web sites or in local newspapers.

A few insurance companies have their own websites that list unclaimed life insurance policy amounts. Once these unclaimed life insurance monies are in the dormant state for a long time, they are transferred to the escheat funds of the states to be utilized for the state welfare programs.

Government is in possession of millions of dollars in unclaimed tax refunds. This money is lying with the U.S treasury in the absence of any rightful owners. According to a recent report, millions of U.S. residents (around 28 million) are still relying on food stamps to survive while billions of dollars are still waiting to be united with their rightful owners.

The combined value of unclaimed money in the 50 states is over $30 billion, which is being safeguarded by the government in the various State Treasury Departments. States like New York and California are one of the largest collection points for unclaimed tax refunds.

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