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Archive for September, 2010

California is Looking to use Lost Money to Fix Budget

Wednesday, September 29th, 2010

The lost money pile in the State of California is growing at a rapid pace and currently ranks highest in terms of unclaimed funds value. In order to mitigate this problem and reduce the deficit, officials in the State treasury are sending more than 9,000 memos every week so that the owners of these funds can take the necessary steps to claim their money.

In spite of the various steps taken to reduce this unclaimed funds pile, the unclaimed checks from various state agencies continue to add to this unaccounted money pool. Like other states, California is also taking various measures utilizing different media to reduce this deficit, but not with a lot of success.

Michigan State Claims Billions in Missing Money

Thursday, September 9th, 2010

Michigan State Treasury houses billions in missing money. The Michigan Department of Treasury has reported this missing money is generally comprised of dormant bank accounts, uncashed checks, valuables left in safe deposit boxes and stock certificates.

By law, these funds and assets are handed over to the state treasury once the owner fails to claim them. The Michigan Department of Treasury acts as the custodian of these funds and assets and returns them to their owners (or the owners’ heirs) when they are rightfully claimed.

Unclaimed Treasury Money Still Held by U.S. Treasury

Wednesday, September 1st, 2010

Unclaimed Treasury Money is still lying with the U.S. treasury in the absence of any rightful owners claiming these lost monies. While millions of U.S. residents (around 28 million) are still relying on food stamps to survive, the rightful owners of this treasury money are still elusive.

The combined value of unclaimed money in the 50 states is over $30 billion and this is being held in the various State Treasury Department. States like New York and California have the largest volumes of unclaimed money.

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