Unclaimed Property Blog

The unclaimed money menace has hardly left any state treasury untouched – with an ever increasing influx of unclaimed money and in comparison, a very low number of claims being made. The logistic and bureaucratic mess created by the uncontrolled addition of unclaimed money has given a lot of headache to most of the state treasuries.

Every state has been facing the unmanageable influx of unclaimed property and funds. In comparison, the number of claims being made for return of these lost funds have been very low in volume. It is a fact that unclaimed property has created a logistic and bureaucratic roadblock for most of the state treasuries.

The unclaimed money amount is major cause of concern for the state treasuries. With the number of inquiries for the lost funds not very encouraging, state governments across the nation are leaving no stone unturned to locate the rightful owners of the lost funds. Every state is facing the similar dilemma of increasing pile of unclaimed funds and very few reclaim inquiries in contrast.

The unclaimed money fund in California is going through the roof with almost 12 million people still losing out on their unclaimed funds. This pile continues to grow at an alarming rate, in spite of many initiatives being taken by the state treasury.

As one of the proactive steps towards these issues, the state of California has enacted Unclaimed Property Law that requires property holders such as corporations, business associations, financial institutions, and insurance companies to submit an annual report and return dormant property to the State Controller’s Office. As of the last estimate, about $600 million are collected by the California state unclaimed funds division annually.

In a way, Florida can be called a rich state and growing richer by the day due to unclaimed money. The unclaimed money vault is increasing at a rapid pace,with the last figure at an astounding $2 billion. This pile is getting larger at a very rapid pace, with very few claimants coming forward to claim their lost funds. This money is a joint account of almost more than 8 million U.S. residents. This abandoned pile of money is still lying with the state treasury, waiting to be claimed.

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.

If you have some unclaimed or “missing money’’ while you were a resident of Wisconsin, you are not alone. According to the state treasurer of Wisconsin, the state is holding almost $400 million of unclaimed money and the state authorities are trying their best to reunite this money with their rightful owners. Apart from the cash, the state treasury is also holding tangible properties, like jewelry and coins.

U.S. state governments have been hard pressing to return unclaimed cash and property to its rightful owners. Today, the amount has reached gigantic proportions and a prime example of this occurrence is the Wisconsin State.

It has been estimated that the Wisconsin state treasurer is sitting over $145 million of unclaimed cash and property that legally belongs to its citizens, but most of them are unaware of it. Wisconsin State has been instrumentally spreading information about the cause and has been trying its best to inform the individuals by sending memos and messages.

California tops the chart in unclaimed money laying with the state treasurer. The state is trying its best to get the unclaimed cash to the rightful owners. To reach the owners individually, California government is sending more than 9,000 memos this week. Week after week the reminders are being sent to the businesses as well as individuals to inform them about any unclaimed cash or property in their name.

The state’s coffers are getting filled with Unclaimed Property Program that receives unclaimed checks from various banks, insurance companies, utility services, employers, etc. Any financial instrument, if unrealized for more than three years, is categorized as unclaimed money.

Is there Nebraska unclaimed money? As the fuzz about unclaimed cash and properties infest the media, the number of states publicizing their records also grows in existence. Recently, states like Texas, Montana and Missouri have announced their interest in giving back unclaimed properties to their people. For all Nebraska residents, here lies good news especially for those aching to dig buried treasures in various state agencies. The NE State Treasurer, Shane Osborn, will now take over the National Association of Unclaimed Property Administrations (NAUPA).