Lost Money Still on the Rise
Lost money from U.S. Citizens has become an increasing issue among the government. Federal and State agencies are unanimous in their view that the U.S. unclaimed or lost money is on rise with each passing day. States like California and New York have been puttin forth all efforts to give back the large amount of unclaimed money lying in their treasuries.
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. That’s such great financial news for U.S. residents in this bleak economy. As the States are taking new measures to disburse unclaimed funds to the owners, new money is still being added at a frantic pace.
It is not only the state and federal treasuries that are experiencing a swell in their funds. Many of the major banks are disclosing that the volume of unclaimed bank balances have been growing at a rapid pace. In a recent Press Release, about half of a million dollars in unclaimed money from former Washington Mutual Bank customers in Wisconsin is still waiting to be claimed.
“The Federal Deposit Insurance Corporation closed the bank in September 2008. The FDIC then deposited about half of a million dollars in Wisconsin’s unclaimed property account. The money belongs to customers who had accounts at the bank. There are about 8,300 accounts belong to Wisconsin customers. The state treasurer’s office says one account has more than $58,000 in it.”
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 going up every year. Most of us are switching jobs across the U.S. as the economy keeps on taking different turns.
As is normal with the job and location switching, utility bills, bank accounts, Tax refunds, pension funds and other kinds of personal assets are either left out of our check list or forgotten. This happens with millions of citizens. The result is a lot of unclaimed cash and property that have no owner. This money migration continues to happen at a rapid pace. As the statutory limit is reached for unclaimed money and property, it is transferred to the state treasuries where it is marked as unclaimed or abandoned.
The volume of unclaimed money has reached such proportions that Oprah Winfrey had to distribute unclaimed money to the rightful owners. She agreed with the experts that 8 out of 9 families in the U.S. are still the owners of some lost funds somewhere. Is it a surprise that the combined state owned unclaimed cash has grown up to $40 billion? It is no surprise that within a short span of time, it might reach $100 billion – good enough to boost the economy of a large state or even a country.
Despite the relentless efforts made by the state to return the large amounts of unclaimed cash to its oweners, the amounts of lost money is increasing, still, at a drastic pace. The best way to find unclaimed money is to log on to www.cashunclaimed.com, which is one of the largest database searches on the internet. Log on to www.cashunclaimed.com to find your lost money today!
