Cash Unclaimed Media Room

After a series of unclaimed Lottery wins, new legislation has been enacted to enable the winners of lotteries to stake a claim to their winnings. Many states are enacting laws which assist the owners of unclaimed Lottery tickets, and additionally utilize the lottery funds for welfare purposes if there is no claim for a long time.

In recent times, hundreds of cases of unclaimed lottery jackpots have come to light and the owners of these tickets have been unsuccessful in staking a claim to their funds because of the existing lottery laws.

North Carolina was utilizing its unclaimed money for College funds, uncovered in a recent investigation by Cashunclaimed.com. Like many other states, North Carolina is witnessing an unprecedented growth of unclaimed money which, at last count, had reached almost $700 million. The last decade has seen the swelling of unclaimed cash from $255 to $655 million. From this huge amount, only $40 million was refunded last year.

According to the State Constitution, the interest earnings on the funds go to needy and worthy North Carolina public university and community college students. North Carolina is one of those states which utilizes the unclaimed money for nurturing the future of the state by investing in scholarships and state educational programs.

New York treasurer is on a hot pursuit of unclaimed property owners, recently reported by Cashunclaimed. According to the New York’s comptroller, the state treasury is the fastest growing vault of unclaimed property in U.S.

The outreach program initiated by the state government is generating sufficient buzz regarding the unclaimed funds lying with the state government, the volume of claims is still not satisfactory. By a recent estimate, the state of New York currently holds nearly $10 billion in unclaimed funds. Most of these unclaimed funds come from come from 25 million inactive bank, business, and government accounts unclaimed by their owners, and in the care of the state controller’s office.

For many, unclaimed money has proven to be more than a mere hundred dollars. A Massachusetts man has been accused of acting as an imposer and claiming to be an heir to $1 million of unclaimed money. The Suffolk County Grand Jury yesterday returned an eight-count indictment charging a Millbury man with posing unsuccessfully as the rightful heir to over $1 million in unclaimed assets held by the State Treasurer’s Abandoned Property Division, District Attorney Daniel F. Conley said.

Every state and law enforcement agency is now turning to Ebay for help: to sell of their unclaimed property. Most police departments have now opened an Ebay channel for auctioning unclaimed property that has not been claimed for a long time.

Some of the states have as much as $2 billion in unclaimed property waiting to be auctioned; either forgotten safe deposit box items, abandoned bank accounts, stocks or uncashed checks. Tangible assets are eventually auctioned on Ebay and the proceeds are maintained for the owner to claim, according to the treasury.

Boone county, Missouri has a pretty large volume of unclaimed IRS money and a very high average refund amount of $814. The unclaimed IRS money for Boone county is about $36,633. An IRS spokesman said checks are returned to them all the time because of a life change such as a marriage or divorce. The IRS is looking for 1,285 taxpayers in Missouri to for refunds. This refund amount totals to $1.3 million. The IRS said most of the money has gone unclaimed because the checks were returned by the U.S. Postal Service.

The unclaimed money pile is at an all time high and continues to grow with every passing year, and this applies to all the states. Most of the states are facing these growing volumes of unclaimed money growth and are reporting huge additions to its unclaimed money vault every month.

The larger states, where the workforce diversity and migrations are extremely high, are reporting a much higher volume of unclaimed money; California is estimating an unclaimed money volume to the tune of $5.7 Billion while New York’s pile of unclaimed money has swelled up to $9.9 billion.

Los Angeles, California, United States of America (Free-Press-Release.com) March 9, 2011 — March 9, 2011 – Los Angeles, CA – ABC 7 aired a report on California’s unclaimed money to inform the public of the over $6 billion the state is holding as missing money. With this extremely high figure, local news station, ABC channel 7, is aired this special story on today’s news.

Unclaimed money has become an increasing problem the government has been facing over the past years, and not just California is facing increasing amounts of unclaimed money.

The Great Iowa Treasure Hunt program has returned over $122 million in unclaimed property to more than 310,000 individuals since Fitzgerald began the program. “We get millions of dollars in each year,” Fitzgerald stated. “We believe the best way to find people are to ask others in their community to help us. That’s why we are sending out the top 25 list.”

In fall, State Treasurer Michael Fitzgerald created a top 25 list of unclaimed money owners in the state of Iowa. “You won’t find any football teams on the list, but what you will find are names of people in Lee County that have money waiting for them to claim.” Fitzgerald said. “If you don’t recognize any of the names, check our website for others.”

Taking a cue from California, Delaware is now planning to tap the unclaimed money funds which has been increasing steadily and has been unused to a great extent. Since 2007, Delaware has received more than $1.7 billion in abandoned property but returned only $46 million.

“As a state, we’re very fortunate to have this revenue source; it keeps taxes down for our citizens,” said Delaware finance Secretary Tom Cook. “But it’s a fine line to walk. We certainly don’t want to be seen or portrayed as being negative to business.”