Cash Unclaimed Media Room

Nevada is planning to utilize unclaimed money to provide business grants. Any entity or person in possession of property (subject to NRS Chapter 120A) that belongs to a Nevada resident is considered a holder of unclaimed property and is required to report that property to the state. This includes holders of property in other states in possession of property owed to Nevada residents.

Nevada holders must also report all property where the owners’ names and addresses are unknown. Any entity conducting business within the State of Nevada that has branches, divisions, or other affiliates is responsible for filing on their behalf, for example, financial institutions, utility companies, business associations and legal entities.

Unclaimed life insurance is becoming an increasing issue with the government. Millions of dollars in life insurance for veterans and their families are still unclaimed. In these types of unclaimed life insurance, policyholders are supposed to receive life-insurance process payouts or division checks as well as reward refunds.

If payments couldn’t be delivered, a Department of Veterans Affairs binds an income indefinitely, says Thomas Lastowka, the department’s executive for insurance. To see if we or a family member has any unclaimed money, check upon a Veterans Affairs website (https://insurance.va.gov/liability/ufsearch.htm).

The Massachusetts unclaimed funds’ pile has been increasing at an alarming rate. In Massachusetts, it is estimated that 1 out of every 10 people have abandoned property. In the September’s publication of unclaimed properties, the total of unclaimed properties is now over $21 million in new unclaimed accounts with 40,000 individuals and businesses listed.

MA pursues its agenda of uniting the unclaimed funds with their owners in a very serious manner. In accordance with Massachusetts General Law c. 200A, Section 7A, a due diligence notice must be sent by first-class mail to every owner’s last known address at least 60 days prior to filing a report and turning over assets to the Abandoned Property Division.

A check for $66,481.39 for unclaimed property was recently presented to a Midlands man in South Carolina. In one of the most talked about unclaimed money stories in the state of South Carolina, State Treasurer Curtis Loftis presented a check for $66,481.39 which had gone unclaimed. This South Carolina unclaimed money belonged to a Midlands man.

Giving emphasis to the presence of an informative unclaimed money website, Treasurer Curtis Loftis said, “This is a great example of how easy our treasurer.sc.gov website is to use to find unclaimed property for people across South Carolina,”. “In this case, we were able to track down an old life insurance policy worth $66,000 and that money was just returned to the rightful owner.”

Colorado has proven satisfactory results in giving back unclaimed money to its citizens. The Department of Treasury of the Colorado state is satisfied that the results of Great Colorado Payback are very encouraging, and the state is hopeful of emptying its coffers of the unclaimed cash that legally belongs to the citizens.

State Treasurer Cary Kennedy recently announced that the state paid claims totaling over $500,000 to a single claimant in Fort Collins. It was one of the 20 claims valued between $40,000 and $1,000,000 during the last fiscal year. This year the department had eight claims that were worth more than $100,000. However, an average claim is about $100.

Unclaimed money searches have been gaining momentum in the last couple of years and there has been a flood of success stories which are not only inspirational, but also great case studies related to the unclaimed money scenario in the U.S. A few of these unclaimed money stories are worth sharing.

One of the oldest people to collect unclaimed money is Margaret Martin. At 103-years old, Margaret Martin is the 2nd oldest American recipient of state unclaimed funds. Her unclaimed funds came from an uncollected tax refund from several years back. “Well, I’m glad they cleaned out the old nest.” says the Jackson matriarch. State Treasurer, Tate Reeves, delivered her missing money personally and asked if she knew she had Mississippi unclaimed money in her name. “No it was an absolute surprise and I’m delighted to know it.” was her reply.

Almost $10.5 billion in unclaimed money is available for claim in the state of New York. The state treasury is trying its best to connect with the actual owners of these unclaimed funds. According to the New York’s Comptroller, their state treasury is the fastest growing vault of unclaimed property in the U.S.

The outreach program initiated by the state government is generating sufficient buzz regarding the unclaimed funds, the volume of claims is still not satisfactory. By a recent estimate, the state of New York currently holds nearly $10 billion in unclaimed funds. The source of these unclaimed monies lies in the 25 million inactive bank, business and government accounts unclaimed by their owners and in the care of the state controller’s office.

California’s unclaimed money alone is currently over $6 billion. With this extremely high figure, local news station, ABC channel 7, is airing a 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.

Most states in the U.S. are facing figures in the millions in unclaimed money. Currently, the unclaimed money total is well over $50 billion. Some of the high states with unclaimed money: California – over $6 billion, Michigan – $1.3 billion, Ohio – $1.4 billion, Texas – $2.2 billion, among some of the states.

Millions in unclaimed money has been returned to its owners due to the Palmetto Payback. The Palmetto Payback Program has been able to reach out to millions of people who could be the potential owners of unclaimed money. A large number of companies transfer millions of dollars into this program annually, after they are unable to locate the owners. Examples of the type of property covered by the Program include bank accounts, stock certificates, checks, insurance policies and utility deposits. The Palmetto Payback Program does not include tangible property like land or vehicles.

Unclaimed money searches often begin on a very skeptical note for most of the potential claimants. It is unbelievable for most of the people that the state might be holding some of their lost funds or properties and which can be claimed through a legal process. The awareness campaign initiated by the various state treasuries, NAUPA and the federal government, has made some impact as far as the number of people coming forward to claim their funds is concerned.