Am I Owed Money

The unclaimed money count will continue to climb relentlessly in spite of all the great efforts of state and federal agencies. A whooping $40 billion is lying in the different state treasuries around the country and that translates to roughly 117 million accounts that are still untraced. These unclaimed money pools are lying in the various state treasuries.

Included in the reclaim drive, federal and state governments are assisting people in choosing the forgotten cash or property which is legally theirs. The truth is, every U.S. state, District of Columbia, Puerto Rico, the Virgin Islands have unclaimed property programs that actively find those who own lost and forgotten assets.

Their state coffers are filling on a monthly basis with unclaimed money however with almost no movement on the owner identification front. A good example can be cited from the condition of Indiana: In 2009, the Indiana Attorney General’s office was successful in returning $42.2 million dollars of unclaimed cash to its rightful owners, but also recovered $44.6 million of forgotten property from various businesses.

In the year 2006, states returned $1.754 billion from 1.929 million accounts to the owners, but this was offset in the fiscal year 2008, if the Department of Revenue’s Unclaimed Property Section recovered lost property worth greater than $100 million.

The ratio of incoming unclaimed money for the money being claimed continues to be disproportionately high. With the help of print and electronic media, the awareness programs happen to be broadcasted towards the remotest corners that has resulted in businesses, finance institutions and individuals coming to report forgotten properties.

In a lot of the cases, unclaimed property continues to be reported because of the migrating workforce or a change of residence after retirement. In the lack of a standard procedure for closing bank accounts and collecting utility deposits, the state residents are the losers in a lot of the cases. They do not inform the agencies regarding their new address where checks and balance amounts could be sent. Such undelivered checks and overlooked balance amounts contribute largely for the unclaimed property.

In a recent disclosure, government has reported that almost $16 billion lying as savings bonds have never been cashed. These savings bonds were issued long ago and by now they may have matured without any interest will be accrued from this. Now, as per the government’s regulations, these bonds contribute to the unclaimed property. A big slice of the unclaimed funds are also as a result of demise of the rightful those who own these funds.

Based on a recent survey, almost 89% of U.S. families (almost 8 from 9) continue to be losing out on some unclaimed money which can be rightfully theirs; that means approximately $40 billion of unclaimed money waiting to become reclaimed. It will not be considered a big surprise if this figure reaches the much feared (by the state and government agencies) $100 billion mark.

The unclaimed money count will continue to climb relentlessly despite all the great efforts of federal and state agencies. A whooping $40 billion is lying inside the different state treasuries round the country which means roughly 117 million accounts that are still untraced. These unclaimed money pools are lying inside the various state treasuries.

Included in the reclaim drive, federal and state governments are assisting individuals choosing the forgotten cash or property that is legally theirs. In reality, every U.S. state, District of Columbia, Puerto Rico, the Virgin Islands have unclaimed property programs that actively find owners of lost and forgotten assets.

The state coffers are filling every month with unclaimed money however with hardly any movement on the owner identification front. An example can be cited from the state of Indiana: In 2009, the Indiana Attorney General’s office was successful in returning $42.2 million dollars of unclaimed cash to the rightful owners, but additionally recovered $44.6 million of forgotten property from various businesses.

Around 2006, states returned $1.754 billion from 1.929 million accounts to the owners, but this is offset inside the fiscal year 2008, once the Department of Revenue’s Unclaimed Property Section recovered lost property worth more than $100 million.

The ratio of incoming unclaimed money for the money being claimed remains disproportionately high. With the help of print and electronic media, the awareness programs have already been broadcasted towards the remotest corners which exohzj led to businesses, finance institutions and folks coming toward report forgotten properties.

In the majority of the cases, unclaimed property continues to be reported as a result of migrating workforce or a change of residence after retirement. In the lack of a standard procedure for closing banking accounts and collecting utility deposits, their state residents would be the losers in most of the cases. They do not inform the agencies regarding their new address where checks and balance amounts might be sent. Such undelivered checks and overlooked balance amounts contribute largely to the unclaimed property.

In a recent disclosure, authorities has reported that almost $16 billion lying in the form of savings bonds have never been cashed. These savings bonds were issued long ago and also by now they have got matured without any interest is being accrued from it. Now, according to the government’s regulations, these bonds contribute to the unclaimed property. A large slice of the unclaimed cash is also as a result of demise from the rightful people who own these funds.

According to a newly released survey, almost 89% of U.S. families (almost 8 away from 9) are still missing out on some unclaimed money that is rightfully theirs; that translates to approximately $40 billion of unclaimed money waiting to get reclaimed. It will not become a big surprise if this figure reaches the much feared (from the state and government agencies) $100 billion mark.

Reclaim Your Money..

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