What Really Happens with Uncashed Paychecks
Uncashed paychecks are one of the main contributors to the billions of unclaimed cash lying with the state treasurers of the U.S. In spite of relentless efforts by the state governments to return the cash to the rightful owners, the amount is staggering more and more by every passing day. It has reached over $32 billion recently with no signs of receding.
How Paychecks Go Uncashed?
It’s interesting to note how paychecks end up remaining uncashed. One Minnesota citizen found a $700 paycheck lying in his old books. He discovered it after one and a half years while he was dusting off the books.
Another Colorado citizen left his Pizza Hut job due to a medical emergency related to his father. For the treatment he moved to another state with his father. His employer sent his paycheck but it was undelivered for long. Finally, when it reached him after 3 years it was of no use as the date had expired.
Forgetting to cash a paycheck or moving out of the town or state resulting in undelivered paychecks are two reasons for uncashed paychecks. Many paychecks go uncashed due to various other reasons.
Many employees leave the job half way or at any time during the month without collecting their dues. Their paychecks are issued only after the month is over, but by that time, most of the employees have already moved out of the old place. They do not bother to inform their employer about the new address, and the paychecks go undelivered and uncashed.
What Happens to Them?
One of the features of consumer protection undertaken by U.S. government prohibits uncashed paychecks from going back to the employer. The laws enforce the employers to send undelivered paychecks over to the state treasurer who will safeguard it unttil the rightful owner turns up to claim it.
Though the expiration date of the checks may differ from check to check, most of them expire within six months of the date of issue. If you doubt that you might have left any paycheck uncashed, then the easiest way to find it out is to do an online search at www.cashunclaimed.com . It only takes a few minutes to find out any unclaimed cash lying in your name. This site has a database of unclaimed cash in all 50 states. The site also provides tips and information on how to claim your money.
How Can You Avoid This in the Future?
All responsible employees and American citizens must take adequate steps to avoid uncashed paychecks. The first step is to update your employer about your current address. Secondly, while quitting job, inform the employer about the address available for receiving the paycheck. Thirdly, if you are not sure where you will end up after a few days, find a permanent resident who can receive or redirect your paychecks and inform you accordingly. You should also leave your contact number with the employers and remain in touch with them.
These simple steps can ensure that more and more paychecks are claimed, and not left uncashed.
Many paychecks go uncashed every day. Websites like www.cashunclaimed.com find any uncashed paychecks, from any where in the county. Go to www.cashunclaimed.com today to find any uncashed paychecks in your name!