$35 billion of unclaimed money isn’t a small amount. Many economies would be willing to have this amount at their disposal. Surprisingly, this huge cache is lying dormant with U.S. in the form of unclaimed cash.
In spite of the relentless efforts by U.S. State Treasurer, less numbers of people are turning up to claim unclaimed cash in their name. Though, the number is on the rise owing to a massive drive taken up by the states, the heap of unclaimed cash is reducing at much less speed than expected.
Unclaimed property is one of the oldest consumer protection programs that have been in existence since the 1940s. It is only during the last decade that it has gained prominence as unclaimed cash started piling up. Now, almost every state treasury is full with unclaimed money. Look at some of the figures given below:
Texas treasurer is holding more than $2 billion in cash waiting for the rightful owners to claim.
California sent more than 89,000 letters in a month reminding individuals and businesses to redeem an estimated $50 million worth of IOUs.
Florida received $3.3 billion of unclaimed property since the inception of program.
How is Unclaimed Cash Generated?
Any cash or property is called unclaimed if there is no transaction or economic activity related to it for at least one year. Common sources of unclaimed cash are: savings or checking bank accounts, dormant stocks, uncashed dividends or payroll checks, unrealized refunds, un-deposited traveler’s checks, trust distributions, unredeemed money orders, unclaimed insurance payments or refunds and life insurance policies; forgotten certificates of deposits, customer overpayments, utility security deposits and contents of safe deposit boxes. Many states also have unclaimed lottery jackpots worth millions waiting for the rightful owners.
Almost nine out of ten Americans have forgotten some kind of the above. This mainly happens while moving from one place to another. Most of the citizens never bother to complete formalities of closing bank accounts or informing related financial agencies about the change of address. This result in financial instruments sent to their address going undelivered and returned.
State governments have taken legislative measures to protect this unclaimed cash from going back to the issuing financial institutes. After a year of lying unclaimed, these institutions have to return these to the state treasurer, who in turn takes effort to trace the owners and return their dues to them.
Have You Left Any Cash Unclaimed?
It is very obvious that inadvertently you might have left some or the other cash unclaimed. You may think it as a small amount and needn’t bother about it. However, many people have surprisingly found hundreds of dollars owed to them. Many have become rich when they didn’t expect it; and many have found a handful of cash when they badly needed it.
It is not difficult to find if you owe any unclaimed cash. Online searches with the websites like www.cashuncalimed.com has made the job easier for all of us. You can insert your or your family members’ names and find out if any cash is lying in their name. The website offers all the assistance you need in claiming the cash.
It is about time that Americans come forward and reduce the burden on the state treasurer. Many Americans have unclaimed money lying with the government they are unaware of. One website makes the process of finding any unclaimed cash easier. Go to www.cashunclaimed.com today for a free search for any unclaimed money!