The inflow of unclaimed funds in state treasuries continues to come in thick and fast and the according to the last estimate almost $40 billion was piled up in various state treasuries across the nation. This roughly translates to almost 30 million Americans missing out on some unclaimed funds or property. With every passing month, billions of unclaimed funds are being added to the state treasuries and states like New York and California have this added burden of managing this growing pile of unclaimed funds.
Archive for January, 2011
The pile of unclaimed money holed up with the government and state treasuries is growing at a rapid pace. Unclaimed money pile is major source of concern for state treasuries as well as federal agencies.
The growth of unclaimed funds across all the state treasuries has been exponential to say the least.
While the larger states were already grappling with the onslaught of unclaimed funds, even the smaller states and financial organizations like banks and insurance companies are also reporting large volumes of abandoned and unclaimed funds. Larger states, like New York and California, are facing the challenge of locating the owners of huge unclaimed money chunks; $10 billion and $6 billion respectively. A recent Press Release is about half a million dollars in unclaimed money from former Washington Mutual Bank customers in Wisconsin is waiting to be claimed.
Federal and State governments are still sitting on a pile of unclaimed cash which has been rising steadily with each passing month. Nearly all the states continue to report huge additions to this unclaimed cash vault, but the biggest recipients of unaccounted cash have been the three major states: New York, California, and Texas. California is reporting unclaimed money to the tune of $5.7 Billion and New York’s pile of unclaimed money has swelled up to $9.9 billion.
According to a recent estimate by National Association of Unclaimed Property Administrators (NAUPA), almost $40 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.
The total unclaimed money count across the country is in the multi-billions. According to reliable reports, over 1 million claims were paid out by U.S. states, amounting to $1.2 billion in the last financial year only. The unclaimed money database lists millions of dollars in unclaimed money, property, accounts, and assets from all 50 states, that could belong to you. “Unclaimed property laws have been around since at least the 1940s, but have become much broader and more enforced in the last 15 years,” the National Association of Unclaimed Property Administrators (NAUPA) says on its website, which represents the state-level programs.
New York’s comptroller has reported that the state is home to billions of dollars of unclaimed money; one of the largest pools of unclaimed money in the country. While state treasury is taking all the steps to reunite the owners of these lost funds with their hard earned money, the going has not been that smooth. By a recent estimate, the state of New York currently holds nearly $10 billion in unclaimed funds. Most of these unclaimed funds come from come from 25 million inactive bank, business, and government accounts unclaimed by their owners and in the care of the state controller’s office.