Unclaimed Property Blog

Finding unclaimed money has been simplified over the years. Most of the Americans firmly believe that recovering any funds that now lies with either the state or the central government is next to impossible. Nothing can be further from truth. Most of the local, state and federal government agencies are waiting for your inquiry so that you can get back your hard earned money in quick time.

Unclaimed money can serve as an extra source of income to many peoples’ wallete. Successful money management is not achieved by a magical wand, but rather by a consistent and practical planning. One of the first steps towards this financial freedom is to learn to live within ones means. With life moving in the fast lane and where instant gratification is the norm, most of our expenses are directed towards desires rather than actual needs.

Many have hit the jackpot by claiming back their unclaimed money. Much to the surprise of everybody, every year thousands of people benefit by way of claiming back their lost money or even lost lottery jackpots. Unclaimed money amounts can vary from hundreds to millions of dollars. In addition, unclaimed lottery winnings are also on the rise and it merits a mention that some hefty jackpots have also been claimed in the last couple of years.

Unclaimed money is now widely available for searches on the internet. Internet access has brought a lot of relief to people on both sides of the fence: those who have lost money and those who are in charge of the lost money. Because of its universal accessibility, the databases of unclaimed money can be updated and published with great time lines and effect.

Everyday, millions of unclaimed monies find their way to the state treasuries. Causing missing money a great cause for concern for everybody in charge of the state treasuries. Most of the state treasuries are experiencing huge piles of unclaimed funds which continues to grow with each passing day. While federal and state agencies are trying their best to unite the owners of these unclaimed funds with their rightful money, the success rate has left much to be desired.

The unclaimed money fund in California is going through the roof with almost 12 million people still losing out on their unclaimed funds. This pile continues to grow at an alarming rate, in spite of many initiatives being taken by the state treasury.

As one of the proactive steps towards these issues, the state of California has enacted Unclaimed Property Law that requires property holders such as corporations, business associations, financial institutions, and insurance companies to submit an annual report and return dormant property to the State Controller’s Office. As of the last estimate, about $600 million are collected by the California state unclaimed funds division annually.

The unclaimed money vault of New York continues to experience heavy influx of unclaimed money and is now considered to be one of the largest state treasuries in terms of unclaimed money. As of the last estimate, the state of New York is home to almost $10 billion of unclaimed funds.

A majority of this abandoned money comes from the following sources: 25 million inactive bank, business, and government accounts unclaimed by their owners and in the care of the state controller’s office. While the New York State treasury is taking all the right steps to spread the awareness about unclaimed funds, the volume of incoming unclaimed funds keeps the deficit growing.