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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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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Unclaimed funds are being added to all the state treasuries in large volumes, and there is no respite for the authorities in charge of the state treasuries. In comparison to the volume of the incoming funds, the number of claims that are being made for the unclaimed money is very low. This is resulting in huge piles of money which have been lying unused for quite some time now. Different states are planning different action plans in order to utilize this readily available money for the good of the citizens of the state.

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.

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Nicole Anderson
Phone: 714-277-3040
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Unclaimed Money owed to World War II Veterans

Unclaimed money owed to US citizens dates back to even World War II and in some cases much earlier times. World War II saw the emergence of an economically superior America and at the same time a first time experience of the economic uncertainties accompanying a global war.

Most of the American families resorted to buying federal bonds in order to safeguard their economic interests. This bond buying frenzy was the result of 40-year maturity period of these bonds. Federal government was in need of money because of the war and it continued to sell these ‘Series E’ war bonds up until the late eighties.