Unclaimed Property Blog

Unclaimed money is now widely available for searches on the internet. Internet access has brought a lot of relief to people on both sides of the fence: those who have lost money and those who are in charge of the lost money. Because of its universal accessibility, the databases of unclaimed money can be updated and published with great time lines and effect.

Everyday, millions of unclaimed monies find their way to the state treasuries. Causing missing money a great cause for concern for everybody in charge of the state treasuries. Most of the state treasuries are experiencing huge piles of unclaimed funds which continues to grow with each passing day. While federal and state agencies are trying their best to unite the owners of these unclaimed funds with their rightful money, the success rate has left much to be desired.

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.

The unclaimed money vault of New York continues to experience heavy influx of unclaimed money and is now considered to be one of the largest state treasuries in terms of unclaimed money. As of the last estimate, the state of New York is home to almost $10 billion of unclaimed funds.

A majority of this abandoned money comes from the following sources: 25 million inactive bank, business, and government accounts unclaimed by their owners and in the care of the state controller’s office. While the New York State treasury is taking all the right steps to spread the awareness about unclaimed funds, the volume of incoming unclaimed funds keeps the deficit growing.

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.

Colorado, like so many other U.S. States, is grappling with problem of unclaimed funds. Colorado is taking all the possible steps to payback its citizens who might have some unclaimed funds. As a practical step towards this, State Treasurer, Cary Kennedy, kicked off the 2010 Great Colorado Payback on April 16, 2010.

Kennedy made an announcement through a press release that the Great Colorado Payback managed to pay claims totaling more than $500,000 to a Fort Collins resident. It was one of the twenty claims made during the past fiscal year, which ranged between $40,000 and $1 million. Colorado had eight claims this year that were worth more than $100,000.

Many are owed bank pay-outs from Washington Mutual. With Washington Mutual going into the history books, many of its customers might be entitled to one last withdrawal coming into their mailbox. Millions of dollars held in accounts which have been dormant at the time of its bankruptcy have been transferred to the states’ unclaimed property offices.

J.P. Morgan Chase purchased Washington Mutual in 2008 after its failure to serve the interests of its customers. The Federal Deposit Insurance Company (FDIC) which was the supervising agency in the seizure of Washington Mutual handed over at least $251.4 million in unclaimed money to different states.

In a collaborative effort, State and Federal governments have taken all the right steps in preserving the unclaimed and lost property. The fact that all the lost property from over the years is safe with the government is a great relief for most of the residents who are aware of the fact that they have an unclaimed fund lying somewhere. In a concerted effort with the federal government and other agencies, state governments have simplified the process of funds location and reclaim. The following improvements have been observed as part of the drive to reunite the lost funds with the actual owners…

New York boasts of being home to one of the largest pile of unclaimed money in the country. As of the last estimate, this vault continues to grow in size with every passing month. By a very correct estimate, the state of New York currently holds nearly $10 billion in unclaimed funds. Most of these unclaimed funds come from come from 25 million inactive bank, business, and government accounts unclaimed by their owners and in the care of the state controller’s office. The New York state treasury is taking all the measures to relocate the rightful owners of the unclaimed money.