Billions Lie with State in Unclaimed Money
State departments of unclaimed money across the U.S. is storing more than $40 billion in unclaimed cash and property. This roughly translates to more than 30 million Americans who have missing money lying somewhere in their state treasuries. While billions are added to this pool of unclaimed money every year, many of the U.S. residents are still unaware of the process of recovery.
The bigger states, like California, Texas and New York, are getting richer every year because of the growing volume of unclaimed money. These state-held unclaimed funds are in the form of abandoned bank accounts, unclaimed savings and checking accounts, child support payments, uncashed dividends, stocks, customer deposits or overpayments, certificates of deposit, credit balances, refunds, matured life insurance policies, uncashed death benefit checks, and the contents of safety deposit boxes.
New York, with $10.5 billion of unclaimed money, California, with almost $6 billion, and Texas, with around $2 billion, are some of the biggest unclaimed money treasuries in the United States. This missing money phenomenon is not only restricted to the states – Local governments have collected $23 billion worth of missing money, of which less than $1 billion was reclaimed.
The U.S. federal government holds even more, including $17 billion in unredeemed savings bonds and hundreds of billions of unclaimed dollars in IRS refunds, retirement and Social Security checks that went undelivered or weren’t cashed.
Under U.S. unclaimed property law, financial assets are considered dormant, unclaimed and abandoned when contact with an owner or heir is lost over an extended period. This often happens due to a name change after marriage or divorce, an unreported change of address or expired postal forwarding order, incomplete or illegible records, and most commonly, after an untimely death.
Most of the state governments have created reclaim programs and events which help the missing money owners to file a claim towards their missing property or funds.
Official unclaimed money websites have adequate information and claim forms to file a claim with just a few simple entries. State accredited and recognized search agencies are also supported by state governments to assist the missing money owners in their claim process.
Unclaimed Money is still an increasing issue the state’s are dealing with. The best way to locate all unclaimed money is to visit Cashunclaimed.com’s website. This is one of the largest databases of unclaimed funds, which will help locate all types of unclaimed money in one search. Log on to www.cashunclaimed.com today to find unclaimed money!
