New York Remains to Have the Largest Unclaimed Money Vault
The problem of unclaimed money is not a new concept, especially in the state of New York, that is riding high in terms of lost money pile. As per the state treasury, New York unclaimed money has increased at a tremendous rate in the recent years.
The main problem with the state treasury of New York is that unclaimed money is still piling up at a tremendous rate despite the state’s repeated effort to educate people of the importance of lost money. New York’s unclaimed money is not being claimed at a desirable rate as estimated by the government prior to the planned initiatives. Apart from the state of New York, many other states are also facing similar problems in which huge additions are being made to their already existing lost money pile.
According to the latest estimation of the state agencies, New York’s unclaimed funds come to be around $10.5 billion, approximately. These figures make New York treasury vault of unclaimed money to be the fastest growing vault in the United States. Much of the piled up lost money in the state of New York is due to the diversity in work force and migration of people from one region to other.
Much larger states, like California, are reporting the same problem but comparatively less than New York as the lost money pile was estimated to be only $5.7 billion, approximately. The state treasury in New York is attributing the growing pile of money to the 25 million inactive accounts with the banks that are now under the custody of the state controller.
Certain new initiatives introduced by the state agencies include facilities like education booths, campaigns to educated people about the concept of unclaimed money and state organized fairs that offer on the spot lost fund location facilities.
