Cash Unclaimed Media Room

South Carolina returned $12.6 million in unclaimed funds fiscal year 2011. Currently, South Carolina is holding on to $300 million in unclaimed money, and it already on track to return more than fiscal year 2011.

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Pittsburg is attempting to return unclaimed money back to its owners, according to WPXI.com. OVer 40,000 residents are receiving letters in the mail to notify them of their unclaimed money.

Consumer Investigator, Robin Taylor, urges those who receive the letters to pursue looking for their unclaimed money; these letters are not a scheme, and are in fact, legitimate.

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Indiana’s government is holding on to $360 million in unclaimed money that belongs to their state’s residents. This unclaimed money is an easy way for the residents to make quick, “free’ cash!

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Pennsylvania will soon be using unclaimed money from class action suits to help the poor. This unclaimed lawsuit money will help provide legal aid for those less fortunate in Pennsylvania.

On Friday, the Supreme Court announced that the left over unclaimed lawsuit money, half of the money left over from class action suits, after all the legal costs have been paid, will go to a fund that provides grants for legal aid services around Pennsylvania. This new rule requires 50% of the unclaimed lawsuit funds to go to the Pennsylvania Interest on Lawyer Trust Accounts Board.

Massachusetts has recently reported a total of $2 billion existing in unclaimed money. Massachusetts State Treasurer, Steven Grossman, claims that one in ten residents of MA have unclaimed money that they have been unaware of for years.

Grossman is trying hard to return this $2 Billion back to its owners. In the 2011 fiscal year, he was successful in returning $76 million back to Massachusetts residents. He aims to return more in the 2012 fiscal year.

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According to the California unclaimed property Law, the unclaimed funds holders, or the financial institutions, are required to report annually to the Controller’s Office to pass on the authority of the properties that are lying dormant under them for more than three years. The main sources of California unclaimed money are inactive bank accounts and businesses that are no longer functioning as the owners have changed their addresses or are no longer alive.

New York’s comptroller has reported that the state is home to billions of dollars of unclaimed money; one of the largest pools of unclaimed money in the country. While state treasury is taking all the steps to reunite the owners of these lost funds with their hard earned money, the going has not been that smooth. By a recent estimate, the state of New York currently holds nearly $10 billion in unclaimed funds. Most of these unclaimed funds come from come from 25 million inactive bank, business, and government accounts unclaimed by their owners and in the care of the state controller’s office.

Banks are a large cause for unclaimed money. Washington Mutual bank, which stopped its operation in 2008, has reported to have handed over almost $252 million to the different state treasuries. New York-based JPMorgan Chase & Co. purchased the bank’s assets after its failure and passed inactive accounts, which had no deposits or withdrawals for three years, to the (FDIC) Federal Deposit Insurance Corp.

Reliable resources at FDIC have revealed that FDIC had mailed claim forms to the last known addresses of any account holder with more than $75 due. The names of persons who had at least $25 in accounts had their names posted online. J.P Morgan Chase had sent out all the notification letters to the owners of unclaimed accounts intimating them of the impending transfer of funds to FDIC.