Cash Unclaimed Media Room

With unclaimed money growing at an alarming rate, unclaimed life insurance has become a new source of influx into the state treasuries. The unclaimed life insurance money does not stay with the insurer indefinitely and is eventually transferred to state unclaimed property divisions. Most of the states are mandated by law to publish information on Web sites or in local newspapers.

A few insurance companies have their own websites that list unclaimed life insurance policy amounts. Once these unclaimed life insurance monies are in the dormant state for a long time, they are transferred to the escheat funds of the states to be utilized for the state welfare programs.

Government is in possession of millions of dollars in unclaimed tax refunds. This money is lying with the U.S treasury in the absence of any rightful owners. According to a recent report, millions of U.S. residents (around 28 million) are still relying on food stamps to survive while billions of dollars are still waiting to be united with their rightful owners.

The combined value of unclaimed money in the 50 states is over $30 billion, which is being safeguarded by the government in the various State Treasury Departments. States like New York and California are one of the largest collection points for unclaimed tax refunds.

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Like the U.S, Canada is experiencing unclaimed money problems of extreme proportions. As of the last report, over 780,000 bank accounts worth $227 million is being held by the Government of Canada. In reality, this is much less compared to the United States, but it might just be the tip of the iceberg.

The basic rules of escheatment for unclaimed Canadian property are: Any money deposited in a Canadian bank that has had no activity for 10 years or more is declared unclaimed. This includes deposits in the form of savings accounts, bank drafts, certified cheques, deposit receipts, money orders or ‘Travelers cheques’. The Canadian Government maintains the balances and acts as a custodian on the owners behalf until they return to claim their money.

Unclaimed property has been a logistic and bureaucratic nightmare for most of the state treasuries. This has resulted in a lot of financial strain for the state government in order to maintain and safeguard the unclaimed funds.

In today’s economy, the majority of the states have a budget deficit. These overhead resources, unclaimed property, and money is a burden which is unavoidable for the moment. The center on Budget and Policy Priorities has been questioning states regarding the budget deficit and what are the plans to minimize it. It estimates that the combined state budget deficit over the next two and a half years is likely to be about $350 billion. This will account for about 20% of the state budget.

California is one of the biggest recipients of unclaimed property. This pile is growing unabated with almost 11.6 million individuals still unaware of their unclaimed cash or property. As a viable solution to 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. As of the last estimate, about $600 million are collected by the California state unclaimed funds division annually.

A West Virginia church has been the beneficiary of $10 thousand worth of unclaimed property. According to the reports, State Treasurer John Perdue presented a $10,312 check to Rev. Monty Brown of St. Mark’s United Methodist Church in downtown Charleston on Friday.

Perdue’s bureau found mislaid resources from the St. Mark’s Educational Trust Fund, which is used to compensate the preparation of destiny pastors and deacons in the Methodist Church. The funds were discovered by the office of the Purdue field officer Roger Hughes. The funds raised will be allocated to the seminary of the church to fund the education expenses of students studying at ministries.

A West Virginia church has been the beneficiary of $10 thousand worth of unclaimed property. According to the reports, State Treasurer John Perdue presented a $10,312 check to Rev. Monty Brown of St. Mark’s United Methodist Church in downtown Charleston on Friday.

Perdue’s bureau found mislaid resources from the St. Mark’s Educational Trust Fund, which is used to compensate the preparation of destiny pastors and deacons in the Methodist Church. The funds were discovered by the office of the Purdue field officer Roger Hughes. The funds raised will be allocated to the seminary of the church to fund the education expenses of students studying at ministries.

After a series of unclaimed Lottery wins, new legislation has been enacted to enable the winners of lotteries to stake a claim to their winnings. Many states are enacting laws which assist the owners of unclaimed Lottery tickets, and additionally utilize the lottery funds for welfare purposes if there is no claim for a long time.

In recent times, hundreds of cases of unclaimed lottery jackpots have come to light and the owners of these tickets have been unsuccessful in staking a claim to their funds because of the existing lottery laws.

North Carolina was utilizing its unclaimed money for College funds, uncovered in a recent investigation by Cashunclaimed.com. Like many other states, North Carolina is witnessing an unprecedented growth of unclaimed money which, at last count, had reached almost $700 million. The last decade has seen the swelling of unclaimed cash from $255 to $655 million. From this huge amount, only $40 million was refunded last year.

According to the State Constitution, the interest earnings on the funds go to needy and worthy North Carolina public university and community college students. North Carolina is one of those states which utilizes the unclaimed money for nurturing the future of the state by investing in scholarships and state educational programs.