Unclaimed Money Pile Continues to Grow
The unmanageable influx of unclaimed funds has increased to an alarming level in both the state treasuries as well as the Federal reservoir. With a large volume of U.S residents traveling to other states and countries, and the volume of foreign and inter-state workers increasing rapidly, the unclaimed money pile is expected to grow further.
By all estimates, the unclaimed money pile is expected to grow at a much higher rate in the coming months and years. NAUPA is providing all the possible assistance to state treasuries to minimize the pile of unclaimed funds by creating practical outreach programs that create awareness and inquiries about the unclaimed funds and the process of claim.
The larger states like California and New York are weighing options to make laws regarding the usage of unclaimed funds for the social welfare projects. There is a chance that some new collaborative programs might be launched jointly by the state and Federal government considering the current economic situation where there is cash crunch in all the state departments. It has been established beyond doubt that most of the new additions to this pile of unclaimed money is because of unclosed bank accounts, returned tax refund, unremitted pension funds, and other types of personal assets that have not been accounted as of yet.
With unclaimed money and recipient deficit growing larger by the day, a lot of logistical and management issues have been created for the state treasuries. State governments across the nation are taking all the practical and effective measures to locate the rightful owners of the lost funds. Almost all of the states are facing the mammoth pile of unclaimed funds and the situation seems to worsen every day. With larger states like California and New York facing a combined deficit of $16 billion, the battle of the inflating unclaimed funds is growing beyond control. In normal circumstances, any addition of funds is a positive thing for the State government, but with respect to the unclaimed funds, it’s a real issue of managing the unknown.
Both Federal and State governments are grappling with the menace of the unclaimed money pile and until now, there is no great improvement in the situation. In order to mitigate the problem of burgeoning unclaimed funds, state and federal governments have launched various awareness programs to spread the word about the unclaimed funds and the claim process. Every possible media format has been leveraged to reach out to the farthest corners of America. As part of this drive, online media has been used to the hilt and in addition to this, state sponsored websites are created to simplify the process of online claim and also to provide useful claim related information to the common man.
With number of retirees growing every day, more number of young people recruited in armed forces with global duties increasing with each year, a greater number of international workforce making the U.S their home and more number of inter-state migrations taking place each month, the volume of unclaimed tax refunds and utility bill is set to go up, leading to a much higher volume of unclaimed funds.
