Unclaimed Property Becomes Major Burden for California
Among all the states across the U.S. the latest victim of unclaimed money pile is California, which claims of over $6 billion in the office of the treasury as California unclaimed property. The state also boasts of massive returns made last year to the rightful owners.
The problem of unclaimed money is getting severe across most of the states in the U.S. and leading is California. As per the latest estimates released by the state treasury, California is currently riding on a massive pile of $6 billion. This $6 billion is comprised mostly of insurance deposits, un-cashed checks, gift certificates and idle savings accounts. The stat agencies blame it on the ignorance and lack of education among the people for the growth of unclaimed property in California.
The inactive bank accounts located in the region of California is a major concern because there have been massive change of residences without the same being addressed to the bank authorities. These bank accounts have stopped earning interests which makes it even more difficult for the banks to cope with.
The state treasuries, in coordination with the federal agencies, have introduced several new measures to create a robust technique for the citizens of California and to make unclaimed property searching much easier. It is because of the recent efforts made by the state agencies, there has been a massive return of $246 million to the rightful owners so far, and the agencies believe that much more is expected of the new policies.
One of the recent moves introduced by the state agencies include sending notices to the property holders at the last known address and printing advertisements in the local newspapers. The state is also in talks with the federal agencies about the establishment of state fairs to assist the claimant in finding their unclaimed money.
