Cash Unclaimed Media Room

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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Like the U.S, Canada is experiencing unclaimed money problems of extreme proportions. As of the last report, over 780,000 bank accounts worth $227 million is being held by the Government of Canada. In reality, this is much less compared to the United States, but it might just be the tip of the iceberg.

The basic rules of escheatment for unclaimed Canadian property are: Any money deposited in a Canadian bank that has had no activity for 10 years or more is declared unclaimed. This includes deposits in the form of savings accounts, bank drafts, certified cheques, deposit receipts, money orders or ‘Travelers cheques’. The Canadian Government maintains the balances and acts as a custodian on the owners behalf until they return to claim their money.

Unclaimed property has been a logistic and bureaucratic nightmare for most of the state treasuries. This has resulted in a lot of financial strain for the state government in order to maintain and safeguard the unclaimed funds.

In today’s economy, the majority of the states have a budget deficit. These overhead resources, unclaimed property, and money is a burden which is unavoidable for the moment. The center on Budget and Policy Priorities has been questioning states regarding the budget deficit and what are the plans to minimize it. It estimates that the combined state budget deficit over the next two and a half years is likely to be about $350 billion. This will account for about 20% of the state budget.

California is one of the biggest recipients of unclaimed property. This pile is growing unabated with almost 11.6 million individuals still unaware of their unclaimed cash or property. As a viable solution to this unmanageable situation, the state of California has enacted Unclaimed Property Law that requires property holders such as corporations, business associations, financial institutions and insurance companies to annually report and return dormant property to the State Controller’s Office. As of the last estimate, about $600 million are collected by the California state unclaimed funds division annually.