Money Owed To Me..

My Unclaimed Money

The unclaimed money count continues to climb relentlessly despite all the great efforts of federal and state agencies. A whooping $40 billion is lying in the different state treasuries around the country and that means roughly 117 million accounts that are still untraced. These unclaimed money pools are lying in the various state treasuries.

Within the reclaim drive, federal and state governments are assisting people in finding the forgotten cash or property which is legally theirs. In reality, every U.S. state, District of Columbia, Puerto Rico, the Virgin Islands have unclaimed property programs that actively find people who own lost and forgotten assets.

The state coffers are filling on a monthly basis with unclaimed money though with very little movement on the owner identification front. One example could be cited from the state Indiana: In 2009, the Indiana Attorney General’s office was successful in returning $42.2 million dollars of unclaimed cash to its rightful owners, but also recovered $44.6 million of forgotten property from various businesses.

During 2006, states returned $1.754 billion from 1.929 million accounts towards the owners, but this was offset within the fiscal year 2008, when the Department of Revenue’s Unclaimed Property Section recovered lost property worth greater than $100 million.

The ratio of incoming unclaimed money for the money being claimed continues to be disproportionately high. With the help of print and electronic media, the awareness programs have already been broadcasted to the remotest corners that has ended in businesses, banking institutions and people coming to report forgotten properties.

In most of the cases, unclaimed property continues to be reported due to the migrating workforce or even a change of residence after retirement. In the absence of a typical procedure for closing banking accounts and collecting utility deposits, the state residents are definitely the losers in a lot of the cases. They are doing not inform the agencies with regards to their new address where checks and balance amounts may be sent. Such undelivered checks and left out balance amounts contribute largely for the unclaimed property.

In a recent disclosure, authorities has reported that almost $16 billion lying by means of savings bonds have never been cashed. These savings bonds were issued long ago and by now they have matured without any interest will be accrued from it. Now, as per the government’s regulations, these bonds bring about the unclaimed property. A big chunk of the unclaimed cash is also because of the demise in the rightful those who own these funds.

Based on a recently available survey, almost 89% of U.S. families (almost 8 from 9) remain losing out on some unclaimed money that is rightfully theirs; that means approximately $40 billion of unclaimed money waiting to be reclaimed. It does not become a big surprise if this type of figure reaches the much feared (by the state and government agencies) $100 billion mark.

The unclaimed money count will continue to climb relentlessly regardless of all the great efforts of state and federal agencies. A whooping $40 billion is lying inside the different state treasuries around the country which means roughly 117 million accounts which are still untraced. These unclaimed money pools are lying within the various state treasuries.

Within the reclaim drive, federal and state governments are assisting people in finding the forgotten cash or property that is legally theirs. The truth is, every U.S. state, District of Columbia, Puerto Rico, the Virgin Islands have unclaimed property programs that actively find those who own lost and forgotten assets.

The state coffers are filling each month with unclaimed money but with hardly any movement on the owner identification front. One example may be cited from the state of Indiana: During 2009, the Indiana Attorney General’s office was successful in returning $42.2 million dollars of unclaimed cash to its rightful owners, but also recovered $44.6 million of forgotten property from various businesses.

In the year 2006, states returned $1.754 billion from 1.929 million accounts for the owners, but this is offset within the fiscal year 2008, if the Department of Revenue’s Unclaimed Property Section recovered lost property worth a lot more than $100 million.

The ratio of incoming unclaimed money for the money being claimed is still disproportionately high. Through the help of print and electronic media, the awareness programs happen to be broadcasted to the remotest corners which exohzj led to businesses, banking institutions and people coming to report forgotten properties.

In most of the cases, unclaimed property continues to be reported because of the migrating workforce or perhaps a change of residence after retirement. In the absence of a standard procedure for closing accounts and collecting utility deposits, their state residents are the losers in most of the cases. They are doing not inform the agencies about their new address where checks and balance amounts could be sent. Such undelivered checks and overlooked balance amounts contribute largely towards the unclaimed property.

In a recent disclosure, government has reported that almost $16 billion lying by means of savings bonds have never been cashed. These savings bonds were issued long ago and also by now they have matured and no interest has been accrued as a result. Now, as per the government’s regulations, these bonds play a role in the unclaimed property. A sizable slice of the unclaimed funds are also due to the demise from the rightful owners of these funds.

According to a newly released survey, almost 89% of U.S. families (almost 8 away from 9) are still losing out on some unclaimed money which can be rightfully theirs; that means approximately $40 billion of unclaimed money waiting to be reclaimed. It does not become a big surprise if the figure reaches the much feared (from the state and government departments) $100 billion mark.

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