New York Is Seeing The Effects Of Unclaimed Assets On The Rise
If you are one of the people who have been paying attention to the news in and around New York lately, you may have noticed that the state is facing a massive crisis. It seems that there is a substantial amount of unclaimed assets that are pouring into our State Treasury accounts. These unclaimed assets belong to people who live in New York and anyone who used to be a resident and until these individuals come forward, the money will continue to remain lost and unclaimed.
This problem has sprung up due to simple mistakes like not keeping track of extra or unused accounts, old stocks and war bonds or what is due back to you from a security or utility deposit on your last place of residents. Other factors come into play from things like unclaimed child support payments to inherited properties as well as other inherited heirlooms and valuables.
Of course, sometimes other instances come about where the individuals should be notified but were not reached for some reason, either due to backed up files or repeated failed attempts. These situations are a little more serious then misplacing an old, rarely used savings or checking account, and they end up costing the state millions. This cost comes from maintaining and tracking where the funds are being stored and if they are currently being involved in any on going government investments, since that how state coffers tend to work. These types of funds originate from accounts that were set up and padded to cover escrow closing costs in loan refinances and new home purchases.
Why Are Unclaimed Assets In New York Such A Huge Problem?
Imagine that you are a New York State Treasury official and you have all the related duties assigned to your job. Then, imagine that you suddenly get an influx of New York unclaimed assets from all of the insights mentioned above and so much more, and you now have to clear up and commit resources to this new growing problem. On an already tight budget you can see how this type of issue would cause so much more grief then just to cost of maintaining these types of assets. Now imagine that you have so many unclaimed assets coming in that you can’t commit to and keep on top of your regular duties. That, in a nutshell, is pretty much what state officials are facing right now nationwide.
You Should Be Asking, “How Can We Help?”
If you want to do your part to ease the stress on the state officials and help with the entire state’s unclaimed assets problem, you should conduct a search for unclaimed assets in New York. It really is just that simple. Starting out by just using your first and last name, you can find out if you have an inherited house waiting for you, a whole custom made furniture set from your old Auntie Henrietta or even a gold coin collection that’s over three generations old. You might end up just being one of the more common cases that will get money back from an old cable box you returned a maybe a refund from utilities that were paid in advance at your last apartment or rental home. Even an old insurance policy could be the reason your name could end up on this list.
The fact of the matter is, you never know what you will find when you search for unclaimed assets in New York. If you currently live in New York or even used to at any point, there is a good chance that you have New York unclaimed assets waiting for you. Wouldn’t you rather these assets be resting in your bank account or your living room or your safe deposit box? A simple search is all it takes and you could be doing the State of New York and all officials who work in the Treasury office a big favor.
Plus, you might find unclaimed assets that are very valuable, which will improve your quality of life. With so many reasons to search, you owe it to yourself to conduct a search for New York assets right now.