Arkansas has Millions in Unclaimed Money
Arkansas is dealing with the increasing problem of state unclaimed money and unclaimed property despite the repeated initiatives of the state agencies. As per the records of the state treasuries, total unclaimed money within the state was $128,000,000 dollars and 500000 individual records.
Despite all the initiatives organized by the state agencies of Arkansas, the piles of unclaimed property are still increasing at an alarming rate. Although the agencies managing these funds claim that about $9,200,000 dollars were returned to their rightful owners, still the pile is increasing at a rate much more than the reclaiming rate. Initiatives made by the state include publishing records annually that consist of list of people along with state unclaimed money under their name.
Every year there are billions of dollars lying in form of inactive savings accounts still searching for their rightful owners about whom the banks or the financial institutions have lost track. The main reason why the banks loose track of the account owners is because of the owner’s sudden change in address, which has not been updated with the bank yet.
According to the Unclaimed Property Act of Arkansas, the unclaimed property in the state has to be protected and managed by the state auditor till the time its owner comes to claim it. The same law or the act also assists in the centralization of all the lost property records so that the citizens can find all the important information at a single place.
According to the state, the primary contributors to the growing piles of Arkansas unclaimed money are sources like dormant checking account, un-cashed money orders, mineral royalty payments, safe deposit box contents, unclaimed insurance and unclaimed court deposits.
