The banking industry results in millions of dollars in lost funds annually and the government is currently searching for ways around the problem. These millions of dollars belong to everyday Americans and the problem is exacerbated by the fact that most of the rightful owners of these funds have no idea the money even exists. If more people become aware of how banking leads to lost funds, we may be able to rid our country of this problem once and for all.
How Banking Leads To Lost Funds
To understand how banking leads to lost funds, you only have to look at the way banking is conducted on a daily basis. Banking is conducted by humans, for the most part. Computers have their place, but humans still enter deposits and transfer funds. That means that human error can always come into play. So you may find that you have lost funds in the form of a deposit or transfer that you made years ago that you never received.
When studying how banking leads to lost funds, you may come across individuals who abandon their bank accounts altogether. Yes, believe it or not this actually does happen. Either the account has a minimal amount in it or the person feels it would be too much trouble to close it, or both. In any case, lost funds in the form of abandoned bank accounts make up such a significant portion of the funds that go missing every year that they’re worth searching for.
Debit cards allow you to use money that’s already in your bank account, but sometimes using debit cards can leave you open to certain fees. If you overpay these fees, they can lead to refunds and sometimes those refunds don’t always make it back into your bank account; thus resulting in more lost funds.
These are just a few examples of how banking leads to lost funds. If you use banking or debit cards, you may have lost or missing money with your name all over it. To find out, log in to the Cash Unclaimed database and search for a first and last name to find out if you’re the rightful owner of lost funds in just a few moments.