Unclaimed Property Blog

Almost $35 billion of unclaimed cash is lying in the state treasuries around the country. The state machinery is trying its best to disburse this unclaimed money to the rightful owners or heirs of these owners (in case they are deceased). Various programs, both in the electronic and digital media, have been initiated throughout the country to spread the awareness about the unclaimed cash and property. Print media has the deepest circulation and reaches the most remote corners of the country. Popular and most widely circulated newspapers are being utilized to advertise the unclaimed cash list.

State and Federal governments have to be commended for preserving unclaimed funds in a very methodical manner for years. That is very encouraging for U.S. residents irrespective of their age or place of residence – now they know that the government machinery is there to help in their efforts to search for the missing money.

In collaboration with federal agencies and other local agencies, State governments have taken concrete steps to ensure that the residents go through a very simple process for locating and claiming their missing money. As an individual who is in need of some help for locating their missing money, the following facts have to be understood:

State of California is inundated with its growing pile of unclaimed funds with almost 11.6 million individuals still unaware of their unclaimed cash or property. In responseto this unmanageable situation, the state of California has enacted Unclaimed Property Law that requires property holders such as corporations, business associations, financial institutions and insurance companies to annually report and return dormant property to the State Controller’s Office. By a rough estimate, about $600 million are collected by the California state unclaimed funds division annually.

It’s not a small amount; almost $35 billion of unclaimed cash is waiting to be claimed by American citizens across various states. While the influx of unclaimed money is unabated, the actual reimbursement of this unaccounted money is not taking place at a satisfactory pace. The turnover over of unclaimed cash is hindered by so many factors, mainly the lack of awareness in the state residents. There is widespread concern among the decision makers in the treasury departments of the various states regarding the unclaimed pile of money which is growing rapidly on a daily basis.