California is Facing Major Unclaimed Money Issue
Slowly and steadily, unclaimed property and money is becoming a major issue with the treasury department of California, as the pile is now increasing at an alarming rate while the people turning up for reclaiming are still low.
According to the figures released by the state treasury, California is currently seated on a pile of about $5 billion, and the amount is increasing at a rate of $300 million a year, which is very huge compared to the number of people coming to claim it back annually. State agencies believe that main reason behind the increasing money accumulation is ignorance among people that has avoided them to be aware of the consequences of this massive pile up.
Lost assets lying idle with the financial agencies for period of three years or more are handed over to the state and termed as California unclaimed funds. California unclaimed money is mainly in the form of isle bank accounts or un-cashed checks that remain with the bank due to un-notified change in the residential address of the account holder.
State initiatives that are being carried out regularly include sending repeated notices to the last known address of the owner and publishing information related to the lost property in the state newspaper. Local news stations are also airing news broadcasts about unclaimed money, further spreading the word to a much larger audience.
The records available with the state are not enough to track the real owner, which is why the state is now trying to motivate people to come and claim what they think is theirs. The state run fairs in different areas of California allows a claimant to come and conduct free searches and make on the spot claims on properties. For those who have access to internet, the website of State Controller is a good option to search by entering relevant personal details. California government has even simplified the reclaim process of unclaimed money for the benefit of the people.
