Unclaimed Property Blog

On Feb 7, 2011, a listing of nearly 44,000 people with unclaimed money or other property will be published in newspapers across north Texas. The office of the State Comptroller has reported that this time the traditional statewide list of unclaimed property owners has been replaced with six regional lists. The Comptroller will publish six regional unclaimed property lists in more than 30 Texas newspapers from December 2010 through April 2011.

The unclaimed money pile is growing at an extreme rate across all state treasuries. This is a major source of anxiety for the officials in charge of disbursing the unclaimed money. All the pillars of the government machinery are working full time towards a rapid disbursement and management of unclaimed funds, and are trying their best to locate the actual owners.

Until recently, the process of unclaimed money search was a secret only known to a very few. Now the availability of Internet and access to online documents have made sure that relevant information is available to the potential owners of these unclaimed funds. The collaborative effort between the state and federal government is ensuring that the right information is reaching the target audience at the right time.

Unclaimed money has become a major buzz word within the government and media lately. Authorities at both the state and federal level have utilized all the modes of media campaigning to spread the word about the unclaimed money, and the Internet has provided a lot of intelligence and insight to both the owners and caretakers of unclaimed funds.

Since websites have universal accessibility and is understandable to even the most technologically challenged individual, every state has a website which is updated and published with the most current information. Apart from initiating the traditional reclaim programs initiated by federal government, state treasuries have utilized the online media to a great effect and the results have been very encouraging. Owners of unclaimed funds in very remote areas have also been able to submit their claim forms through the unclaimed money websites.

Unclaimed funds are still in an abundance in the U.S. Internet access has provided a lot of intelligence and insight to the whole assignment of locating the owners of unclaimed funds. It is a great weapon for both parties: those who have lost money and those who are in charge of the lost money.

The unmanageable influx of unclaimed funds has increased to an alarming level in both the state treasuries as well as the Federal reservoir. With a large volume of U.S residents traveling to other states and countries, and the volume of foreign and inter-state workers increasing rapidly, the unclaimed money pile is expected to grow further.

By all estimates, the unclaimed money pile is expected to grow at a much higher rate in the coming months and years. NAUPA is providing all the possible assistance to state treasuries to minimize the pile of unclaimed funds by creating practical outreach programs that create awareness and inquiries about the unclaimed funds and the process of claim.

Unclaimed money in America has now touched almost all of the American households. In most of the American extended family, there is at least one person who has not staked a claim to their rightfully earned money. The reason is mainly because most Americans are completely unaware there is unclaimed money that belongs to them, which is unfortunate due to the increasing volume of it.

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.

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…

Almost all of the state and federal agencies are unanimous in their verdict that the pile of U.S unclaimed money is growing rapidly with each passing day and there is no practical solution in sight. National and State unclaimed databases are swelling with unclaimed funds at a rapid pace with new and lost money being added monthly without any signs of slowing down or without any increased activity on the reclaim front.

It’s a common perception that the process of claiming a lost property is too cumbersome to be pursued, but with a lot of concerted effort from local and federal government and various agencies, the myths about the reclaim process has been shattered. As our lifestyle gets faster, majority of us (more than 80%) have forgot to account for some cash or property at some point of our lives. With time, these unclaimed funds or property passes on into the hands of government and unclaimed property agencies. But, if somebody tells you that the authorities are waiting for you to reclaim your lost funds that would be music to your ears.