The Volume of Unclaimed Money is still on the Rise
The volume of unclaimed money continues to rise. This has become a major concern for the state and federal agencies. While every state is reporting huge additions to its unclaimed money vault every month, some of the larger states have reported unbelievable figures of unclaimed money. While California is reporting unclaimed money to the tune of $5.7 Billion, New York’s pile of unclaimed money has swelled up to $9.9 billion.
Apart from the state treasuries, some of the largest banks have also been reporting big numbers of unclaimed bank balances. In a recent Press Release, about half a million dollars in unclaimed money from former Washington Mutual Bank in Wisconsin is waiting to be claimed.
According to the National Association of Unclaimed Property Administrators (NAUPA), almost $33 billion in unclaimed cash and property is sitting in state treasuries and other agencies just waiting to be claimed, and the figures are increasing every year. State treasuries and federal agencies are trying to cope up with unclosed bank accounts, returned tax refund, un-remitted pension funds and other types of personal assets that have no takers. As the statutory limit is reached for the money and property, it is transferred to the state treasuries where it is marked as unclaimed or abandoned.
The current aggregate figure of $40 billion across the nation will soon be history. The experts and economists are predicting that very soon we will be staring at $100 billion figure of unclaimed money, which means that almost 90% of the U.S. families have somebody who has failed to reclaim their lost funds or assets. States like California and New York, which have a relatively higher figure of unclaimed funds, are forced to take different route. The governors and the governing body of these states are seriously considering options to utilize the unclaimed funds for state development programs.
New York State has also been successfully reuniting the heirs of original property owners who could not be located. The outreach program of the state along with the National Association of Unclaimed Property Administrators (NAUPA), a nonprofit organization affiliated with the National Association of State Treasurers has managed to spread widespread awareness about the state government’s unclaimed funds initiative.
Most states’ unclaimed money vaults are reaching all-time highs. The governments have been working hard to reunite the money to its rightful owners. The best website to use to conduct an unclaimed money search is www.cashunclaimed.com. This is the largest database in the world for U.S. Unclaimed money. Log on to www.cashunclaimed.com today to start your free unclaimed money search!
