Cash Unclaimed Media Room

Currently, the unclaimed property mark reaches an all-time high. The states, along with federal agencies, have more than 50 billion dollars of unclaimed money that are still waiting for their rightful owners. This state unclaimed property ranges from un-cashed payroll checks to forgotten bank accounts that are no longer into use.

According to the reports of many state treasuries, the biggest contributors to unclaimed property are the lost insurance policies of the deceased. The main reason behind the accumulation of these policies is the lack of knowledge among the relatives or the family members of the deceased.

Unclaimed money in United States is growing like never before. Most states are facing the large burden of millions of dollars in unclaimed money. The pile of unclaimed money is growing at a rapid rate and increasing the burden on the state agencies, who are managing the same. The state, in coordination with federal agencies, has launched many tools that will prove to be of great help for the public in locating their unclaimed assets.

The states have all been working hard, along with the federal governments to promote the claiming of unclaimed money. The amounts continue to rise as the number to searches remains stagnant.

According to the latest reports of Florida Department of Financial Services, the state has millions of dollars in unclaimed life insurance.

If the reports of Florida Department of Financial Services is to be believed, then the state holds around $355 million in unclaimed life insurance, while the total Florida unclaimed money is somewhere around $1 billion. Every year, around hundreds of millions in life insurance benefits goes unclaimed, mainly because the beneficiaries are not aware of any unclaimed money that he owns. Eventually, these benefits from life insurance are transferred to Florida unclaimed property divisions, who benefit from this money in the meantime.

The idea of having an unclaimed tax refund seems taboo. Georgia has been facing the problem of unclaimed funds and one of the major sources of unclaimed funds is the unclaimed tax refunds.

The Internal Revenue Service has more than $35 million in unclaimed refunds for Georgia residents who did not file a 2007 tax return. 2007 was one of the largest unclaimed tax refund years and the state authorities and IRS officials are still grappling with the overflow of unclaimed tax refunds that now sits in the coffers of the state treasuries, waiting to be claimed by the actual owners. As far as the year 2007 unclaimed tax refunds are concerned, the IRS estimates half of the potential 2007 refunds in Georgia are for $590 or more.

More that 1.3 million residents of New Jersey have unclaimed money which is still waiting to be claimed. A WCBS news report says 200,000 Garden State dwellers have NJ unclaimed money from property tax refunds worth a whopping $200 million. This is quite startling considering the fact that the New Jersey residents pay some of the highest property taxes in the country, as much as twice the amount paid by residents in the other states.

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Unclaimed life insurance has been increasing unclaimed money funds, especially in states like Florida, who are known for retirement locations. Beyond the belief of a majority of Americans, unclaimed money owing to life insurance is more common than not.

According to verifiable reports, more than twenty percent of life insurance policies become lost life insurance and are turned over to state unclaimed money departments. Most of the original owners of life insurance policies often are ignorant about such a policy or fail to redeem the policy. Insurance companies, NAUPA and state treasuries have agreed that lost or unredeemed life insurance policies are a major source of unclaimed money in the state treasuries.

Wisconsin’s unclaimed money pool is growing by the minute. Wisconsin is facing the problem of unclaimed money and is actively creating awareness campaigns to return unclaimed money to the actual recipients.

According to a recent report, the State Treasury currently holds $300 million dollars in unclaimed money and property belonging to more than one million individuals and businesses . One of the major regions of unclaimed money is Brown County where millions are still being held.

Houston faces unclaimed money scandal! Like many other major cities in the U.S, the unclaimed money menace has also gripped the city of Houston. The office of the Controller is attempting to return almost $410,000 to the actual owners of these unclaimed funds. This unclaimed money belongs to the residents and business owners of Houston who have failed to make a claim to their unclaimed money.

These unclaimed funds might be attributed to a utility deposit, a payroll check, abandoned bank account or pension fund. More than ten thousand names are on the list. Each individual or company is owed $100 or less. In accordance with State Law, any amount over $100 dollars is sent to the State Comptroller where it is held until claimed.

The urgency to handle the rising unclaimed property amounts is increasing every day. Every state treasury in the country is reeling under the administrative burden of the unclaimed money pile, which is still growing unabated and is not being returned to the public as per the expectations of the state treasuries.

The unclaimed money pile is not only a nightmare for the state and the federal authorities but is also a burden for a lot of public and financial institutions like the banks, insurance companies and the utility companies. The states have been facing increasing problems in returning the unclaimed funds to the rightful owners.