State Treasuries Still Searching for Owners of Unclaimed Money
State treasuries across the U.S. are searching for the owners of unclaimed funds, but with limited success. It is estimated that almost $40 billion in unclaimed cash and property is lying in various state treasuries. While millions are being added to this pile every month, the majority of U.S. residents are still unaware of the location of the lost funds, along with the process of recovery.
Larger states like California, Texas, and New York are grappling with the unabated influx of unclaimed funds and property. The common form of unclaimed funds and property in these states are abandoned bank accounts, unclaimed savings and checking accounts, child support payments, uncashed dividends, stocks, customer deposits or over payments, certificates of deposit, credit balances, refunds, matured life insurance policies, uncashed death benefit checks, and the contents of safety deposit boxes.
Some of largest unclaimed money vaults are lying with the states like California, New York and Texas, with unclaimed money volume of $6 billion, $10.5 billion, and $2 billion, respectively. According to reliable resources, 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 and retirement and Social Security checks that went undelivered or weren’t cashed.
Almost all of the state governments have taken very aggressive steps for creating reclaim programs and organizing awareness public 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. 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. State accredited and recognized search agencies are also supported by state governments to assist the missing money owners in their claim process.
