Prevent Unclaimed Money in the Future
Unclaimed money has been a subject generating more and more awareness among the state governments. It needs a high level of concerted action between the government agencies and the citizens to minimize the flow of unclaimed money. Can we really prevent it? It is a statistical fact that almost 85% of U.S. residents have left behind cash and property at some point and failed to claim it back.
With time, the urgency or drive to reclaim the lost property fades away and by the time we realize it, the unclaimed money is already transferred to the state treasury. The need to implement a uniform, country-wide program has been voiced for a long time now; A program which provides a checklist for employees who either retire or relocate. If this process is being implemented as a mandatory process before the retirement or transfer can take place, then there can be ebb in the flow of unclaimed money.
The majority of the state governments, along with the federal agencies responsible for safeguarding the unclaimed funds, have crafted highly practical laws and pro-consumer regulations that expedite the process of unclaimed funds identification and also the process of unclaimed funds retrieval. In contrast to the earlier times, most of the state treasuries and comptroller’s offices have a website which is a great help in conducting searches for lost properties. These unclaimed money searches can be performed online from the comfort of your home. Online search forms make it easier for citizens to formally apply for the claim of the lost property.
The role of the federal government in the claim process cannot be underestimated. Federal and state governments have been collaborating to ensure that the recipients of unclaimed funds do not have to go through a lot of bureaucratic formalities in order to receive their rightful funds. Although federal agencies will not locate the funds for you, they will guide you through the process of discovery and reclaim. It is the duty of all residents that we spread the awareness about unclaimed funds and the simple process of search and claim. These small efforts will go a long way towards spreading the good word and minimizing the loss of funds within your circle.
In addition to this, residents can also take the help of accredited and private search agencies to locate funds, not only for themselves, but also for their relatives and friends who are not in a position to conduct the search themselves: lack of vision, paralyzed, bed-ridden, deceased (heirs can claim the funds), or for friends who are abroad but who might have unclaimed funds like yourself.
What is the action plan?
Today some of the most valuable information is available over the web and the major challenge is to know the right channels for locating these unclaimed funds. To prevent any further delay, you can collect all the names of the relatives and friends who might have unclaimed money and then get in front of the computer. The first practical target will be the accredited and government approved ‘lost property’ database for your state or the state where the property may be. The next steps that will be executed as part of the action plan can be:
Make a list of the states where you have lived
Make a list of the organizations where you have worked in the past
A list of banks where you had your account
Identify the most reliable databases for unclaimed property or money
Identify any reliable agency which has a good reputation
This simple list can be repeated for everybody in your community who might be losing out on their hard earned money.
