For many, unclaimed money has proven to be more than a mere hundred dollars. A Massachusetts man has been accused of acting as an imposer and claiming to be an heir to $1 million of unclaimed money. The Suffolk County Grand Jury yesterday returned an eight-count indictment charging a Millbury man with posing unsuccessfully as the rightful heir to over $1 million in unclaimed assets held by the State Treasurer’s Abandoned Property Division, District Attorney Daniel F. Conley said.
Archive for March, 2011
Every state and law enforcement agency is now turning to Ebay for help: to sell of their unclaimed property. Most police departments have now opened an Ebay channel for auctioning unclaimed property that has not been claimed for a long time.
Some of the states have as much as $2 billion in unclaimed property waiting to be auctioned; either forgotten safe deposit box items, abandoned bank accounts, stocks or uncashed checks. Tangible assets are eventually auctioned on Ebay and the proceeds are maintained for the owner to claim, according to the treasury.
Boone county, Missouri has a pretty large volume of unclaimed IRS money and a very high average refund amount of $814. The unclaimed IRS money for Boone county is about $36,633. An IRS spokesman said checks are returned to them all the time because of a life change such as a marriage or divorce. The IRS is looking for 1,285 taxpayers in Missouri to for refunds. This refund amount totals to $1.3 million. The IRS said most of the money has gone unclaimed because the checks were returned by the U.S. Postal Service.
The unclaimed money pile is at an all time high and continues to grow with every passing year, and this applies to all the states. Most of the states are facing these growing volumes of unclaimed money growth and are reporting huge additions to its unclaimed money vault every month.
The larger states, where the workforce diversity and migrations are extremely high, are reporting a much higher volume of unclaimed money; California is estimating an unclaimed money volume to the tune of $5.7 Billion while New York’s pile of unclaimed money has swelled up to $9.9 billion.
Los Angeles, California, United States of America (Free-Press-Release.com) March 9, 2011 — March 9, 2011 – Los Angeles, CA – ABC 7 aired a report on California’s unclaimed money to inform the public of the over $6 billion the state is holding as missing money. With this extremely high figure, local news station, ABC channel 7, is aired this special story on today’s news.
Unclaimed money has become an increasing problem the government has been facing over the past years, and not just California is facing increasing amounts of unclaimed money.
The Great Iowa Treasure Hunt program has returned over $122 million in unclaimed property to more than 310,000 individuals since Fitzgerald began the program. “We get millions of dollars in each year,” Fitzgerald stated. “We believe the best way to find people are to ask others in their community to help us. That’s why we are sending out the top 25 list.”
In fall, State Treasurer Michael Fitzgerald created a top 25 list of unclaimed money owners in the state of Iowa. “You won’t find any football teams on the list, but what you will find are names of people in Lee County that have money waiting for them to claim.” Fitzgerald said. “If you don’t recognize any of the names, check our website for others.”
Taking a cue from California, Delaware is now planning to tap the unclaimed money funds which has been increasing steadily and has been unused to a great extent. Since 2007, Delaware has received more than $1.7 billion in abandoned property but returned only $46 million.
“As a state, we’re very fortunate to have this revenue source; it keeps taxes down for our citizens,” said Delaware finance Secretary Tom Cook. “But it’s a fine line to walk. We certainly don’t want to be seen or portrayed as being negative to business.”
According to confirmed sources, 25% of Texans have unclaimed property or money that is waiting to be claimed. The state treasury has been adopting various awareness programs to deliver the message to the largest chunk of the population.
Every media avenue has been utilized as part of the unclaimed property reclaims drive so that more number of Texans are benefited. The use of print media is also a big part of this strategy to reunite the owners of unclaimed property with their lost funds or assets.
According to the New York’s comptroller, unclaimed tax refunds worth millions of dollars are waiting to be claimed in New York. The state is home to some of the highest volumes of unclaimed tax refunds in the country.
The New York state treasury is taking all the right steps to track and reimburse these unclaimed IRS refund, but the process has so far been slow. By a recent estimate, the state of New York currently holds nearly $10 billion in unclaimed funds which includes unclaimed tax refunds.