Unclaimed Property Blog

The large amount of unclaimed money is turing out to be a logistic nightmare for the states: trying to manage and store increasing pile of unclaimed money, while on the one hand they are fighting the economic slowdown with all their might.

It is estimated that at any point of time, State governments are storing more than $40 billion dollars in unclaimed money and assets. It can be said that about 30 million Americans are believed to have unclaimed money lying somewhere in the state coffers. Some of the most pertinent questions that are frequently asked are:

Lost money from U.S. Citizens has become an increasing issue among the government. Federal and State agencies are unanimous in their view that the U.S. unclaimed or lost money is on rise with each passing day. States like California and New York have been puttin forth all efforts to give back the large amount of unclaimed money lying in their treasuries.

While California is reporting unclaimed money to the tune of $5.7 Billion, New York’s pile of unclaimed money has swelled up to $9.9 billion. That’s such great financial news for U.S. residents in this bleak economy. As the States are taking new measures to disburse unclaimed funds to the owners, new money is still being added at a frantic pace.

There’s almost $33 billion in unclaimed money from old payroll checks, utility refunds, trust distributions, stocks, banking or checking accounts, certificates of deposit and the contents of safe deposit boxes waiting to be reclaimed, according to NAUPA (National Associate of Unclaimed Property Administrators). A property is considered abandoned if it has been dormant for more than three years. This type of property is turned over to the state of the last known address and the state hold this money until you or your heirs claim it. The good part is that the unclaimed money can be claimed anytime.

Unclaimed Bank Money