Government Officials are Stunned on Growing Amounts of Unclaimed Money
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.
State officials in New York and California are facing the mammoth challenge of locating the owners of huge unclaimed monies: $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.
Although assisted in a large manner by NAUPA (National Association of Unclaimed Property Administrators), it is daunting task for the states and its managing bodies to reunite the owners of $40 billion of unclaimed funds. Unable to tackle the problem of unclaimed funds growth, most of the larger states have already embraced a combination of online, print media, and electronic media awareness programs to reach out to as many people as possible. These programs are meant to spread the awareness about the unclaimed funds and also the process of claim.
Government officials are taking various measures by utilizing every form of media to spread the awareness about the unclaimed funds. The outreach program of the state, along with the National Association of Unclaimed Property Administrators (NAUPA), a nonprofit organization affiliated with the National Association of State Treasurers, has managed to spread widespread awareness about the state government’s unclaimed funds initiative. In spite of this large scale effort by everybody in the state machinery, the unclaimed money pile only seems to grow at an alarming rate.
