Cash Unclaimed Media Room

Unclaimed life insurance has been increasing unclaimed money funds, especially in states like Florida, who are known for retirement locations. Beyond the belief of a majority of Americans, unclaimed money owing to life insurance is more common than not.

According to verifiable reports, more than twenty percent of life insurance policies become lost life insurance and are turned over to state unclaimed money departments. Most of the original owners of life insurance policies often are ignorant about such a policy or fail to redeem the policy. Insurance companies, NAUPA and state treasuries have agreed that lost or unredeemed life insurance policies are a major source of unclaimed money in the state treasuries.

Wisconsin’s unclaimed money pool is growing by the minute. Wisconsin is facing the problem of unclaimed money and is actively creating awareness campaigns to return unclaimed money to the actual recipients.

According to a recent report, the State Treasury currently holds $300 million dollars in unclaimed money and property belonging to more than one million individuals and businesses . One of the major regions of unclaimed money is Brown County where millions are still being held.

Houston faces unclaimed money scandal! Like many other major cities in the U.S, the unclaimed money menace has also gripped the city of Houston. The office of the Controller is attempting to return almost $410,000 to the actual owners of these unclaimed funds. This unclaimed money belongs to the residents and business owners of Houston who have failed to make a claim to their unclaimed money.

These unclaimed funds might be attributed to a utility deposit, a payroll check, abandoned bank account or pension fund. More than ten thousand names are on the list. Each individual or company is owed $100 or less. In accordance with State Law, any amount over $100 dollars is sent to the State Comptroller where it is held until claimed.

The urgency to handle the rising unclaimed property amounts is increasing every day. Every state treasury in the country is reeling under the administrative burden of the unclaimed money pile, which is still growing unabated and is not being returned to the public as per the expectations of the state treasuries.

The unclaimed money pile is not only a nightmare for the state and the federal authorities but is also a burden for a lot of public and financial institutions like the banks, insurance companies and the utility companies. The states have been facing increasing problems in returning the unclaimed funds to the rightful owners.

Nevada is planning to utilize unclaimed money to provide business grants. Any entity or person in possession of property (subject to NRS Chapter 120A) that belongs to a Nevada resident is considered a holder of unclaimed property and is required to report that property to the state. This includes holders of property in other states in possession of property owed to Nevada residents.

Nevada holders must also report all property where the owners’ names and addresses are unknown. Any entity conducting business within the State of Nevada that has branches, divisions, or other affiliates is responsible for filing on their behalf, for example, financial institutions, utility companies, business associations and legal entities.

Unclaimed life insurance is becoming an increasing issue with the government. Millions of dollars in life insurance for veterans and their families are still unclaimed. In these types of unclaimed life insurance, policyholders are supposed to receive life-insurance process payouts or division checks as well as reward refunds.

If payments couldn’t be delivered, a Department of Veterans Affairs binds an income indefinitely, says Thomas Lastowka, the department’s executive for insurance. To see if we or a family member has any unclaimed money, check upon a Veterans Affairs website (https://insurance.va.gov/liability/ufsearch.htm).

The Massachusetts unclaimed funds’ pile has been increasing at an alarming rate. In Massachusetts, it is estimated that 1 out of every 10 people have abandoned property. In the September’s publication of unclaimed properties, the total of unclaimed properties is now over $21 million in new unclaimed accounts with 40,000 individuals and businesses listed.

MA pursues its agenda of uniting the unclaimed funds with their owners in a very serious manner. In accordance with Massachusetts General Law c. 200A, Section 7A, a due diligence notice must be sent by first-class mail to every owner’s last known address at least 60 days prior to filing a report and turning over assets to the Abandoned Property Division.

A check for $66,481.39 for unclaimed property was recently presented to a Midlands man in South Carolina. In one of the most talked about unclaimed money stories in the state of South Carolina, State Treasurer Curtis Loftis presented a check for $66,481.39 which had gone unclaimed. This South Carolina unclaimed money belonged to a Midlands man.

Giving emphasis to the presence of an informative unclaimed money website, Treasurer Curtis Loftis said, “This is a great example of how easy our treasurer.sc.gov website is to use to find unclaimed property for people across South Carolina,”. “In this case, we were able to track down an old life insurance policy worth $66,000 and that money was just returned to the rightful owner.”

Colorado has proven satisfactory results in giving back unclaimed money to its citizens. The Department of Treasury of the Colorado state is satisfied that the results of Great Colorado Payback are very encouraging, and the state is hopeful of emptying its coffers of the unclaimed cash that legally belongs to the citizens.

State Treasurer Cary Kennedy recently announced that the state paid claims totaling over $500,000 to a single claimant in Fort Collins. It was one of the 20 claims valued between $40,000 and $1,000,000 during the last fiscal year. This year the department had eight claims that were worth more than $100,000. However, an average claim is about $100.

Unclaimed money searches have been gaining momentum in the last couple of years and there has been a flood of success stories which are not only inspirational, but also great case studies related to the unclaimed money scenario in the U.S. A few of these unclaimed money stories are worth sharing.

One of the oldest people to collect unclaimed money is Margaret Martin. At 103-years old, Margaret Martin is the 2nd oldest American recipient of state unclaimed funds. Her unclaimed funds came from an uncollected tax refund from several years back. “Well, I’m glad they cleaned out the old nest.” says the Jackson matriarch. State Treasurer, Tate Reeves, delivered her missing money personally and asked if she knew she had Mississippi unclaimed money in her name. “No it was an absolute surprise and I’m delighted to know it.” was her reply.