The pile of unclaimed funds is growing at a scorching rate. The number of people who are coming forward to claim these abandoned funds is very low. This deficit is growing bigger every day, leading to a major logistical nightmare for state and federal agencies.
In response to this epidemic, State and Federal governments have taken concerted efforts to simplify the process of search and claim. The current outreach program is created with an aim to reach as many residents as possible and to create awareness about the unclaimed funds. One of the reassuring facts about this is that every unclaimed penny is safe and secure with the government.
U.S. residents who might be the owner of some unclaimed money are provided with all the logistical help and guidance to stake a claim to their rightful money. State and federal governments have joined hands to provide a great platform for locating the unclaimed funds in a simplified manner.
Some of the major tools of unclaimed money search:
-Every state and financial institution have now managed to launch very informative and practical unclaimed funds website – which provides all the relevant information regarding the claim process for lost funds or property.
-These websites guide the claimants towards taking the right steps for locating and claiming their lost funds.
It is our job as the owners of unclaimed funds to locate the prior state of employment and residences so that the search process can be kickedoff in the right direction.
-Many state accredited search engines are also present which help the residents in locating their unclaimed funds. It is our job to shortlist those agencies which are considered reliable by the authorities.
For those of us who find little time to browse the web, or who are not that technology savvy, can visit one of the state sponsored and managed public fairs. These publicly announced fairs assist any unclaimed funds or property owner on a walkin basis.
In most of the cases, onthe-spot claim of funds can be made. In addition, these fairs help to spread the awareness about the unclaimed funds.
What about unclaimed funds in Banks?
There are a lot of people who have unclaimed funds lying in a bank. Contrary to the notion, the process of reclaim might not be as different as we think. It is a verified fact that unclaimed bank funds are one of the major contributors towards the vast pile of unclaimed funds. Once we have identified the bank that might be holding our money, we can find the history of the bank at www.fdic.gov (Federal Deposit Insurance Corporation’s Web site). The unclaimed money can be requested within a period of one and a half years. After that the funds are handed over to FDIC.
Did you miss out on savings bonds?
More than $15 billion savings bonds are waiting to be claimed as of now. One of the most reliable sources for locating and reclaiming your unclaimed savings bonds is the record-keeping office of the U.S Treasury.
Unclaimed Pension Funds
If you or your relatives might have a pension which is still unclaimed, then it can be tracked down at PBGC at search.pbgc.gov/mp/. There, you can type in your name and company in a search tool.