Money Owed To Me..

Am I Owed Money

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

As part of the reclaim drive, federal and state governments are assisting people in finding the forgotten cash or property that is certainly 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 each month with unclaimed money but with hardly any movement on the owner identification front. An example could 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 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 for the owners, but this is offset within the fiscal year 2008, once the Department of Revenue’s Unclaimed Property Section recovered lost property worth a lot more than $100 million.

The ratio of incoming unclaimed money towards the money being claimed continues to be disproportionately high. Through the help of print and electronic media, the awareness programs have already been broadcasted for the remotest corners which includes led to businesses, financial institutions and individuals coming toward report forgotten properties.

In the majority of the cases, unclaimed property has been reported because of the migrating workforce or even a change of residence after retirement. In the absence of a standard procedure for closing bank accounts and collecting utility deposits, the state residents would be the losers in the majority of the cases. They actually do not inform the agencies about their new address where checks and balance amounts might be sent. Such undelivered checks and overlooked balance amounts contribute largely towards the unclaimed property.

In a recent disclosure, federal government 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 may have matured with no interest will be accrued from it. Now, depending on the government’s regulations, these bonds play a role in the unclaimed property. A big slice of the unclaimed money is also due to the demise of the rightful people who own these funds.

Based on a recently available survey, almost 89% of U.S. families (almost 8 away from 9) remain missing out on some unclaimed money which can be rightfully theirs; that translates to approximately $40 billion of unclaimed money waiting to be reclaimed. It does not become a big surprise if this type of figure reaches the much feared (from the state and government departments) $100 billion mark.

The unclaimed money count continues to climb relentlessly despite all of the great efforts of state and federal agencies. A whooping $40 billion is lying inside the different state treasuries across the country and this means roughly 117 million accounts which can be 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 people who own lost and forgotten assets.

The state coffers are filling on a monthly basis with unclaimed money but with almost no movement on the owner identification front. A good example may be cited from the state 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.

Around 2006, states returned $1.754 billion from 1.929 million accounts towards 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 aid of print and electronic media, the awareness programs have already been broadcasted towards the remotest corners which exohzj led to businesses, financial institutions and individuals coming toward report forgotten properties.

In most of the cases, unclaimed property continues to be reported because of the migrating workforce or a change of residence after retirement. In the absence of a regular procedure for closing accounts and collecting utility deposits, the state residents are definitely the losers in most of the cases. They are doing not inform the agencies with regards to their new address where checks and balance amounts could be sent. Such undelivered checks and left out balance amounts contribute largely for the unclaimed property.

In a recent disclosure, federal government has reported that almost $16 billion lying as savings bonds have never been cashed. These savings bonds were issued long ago and also by now they have got matured with no interest will be accrued as a result. Now, as per the government’s regulations, these bonds play a role in the unclaimed property. A large slice of the unclaimed money is also as a result of demise of the rightful people who own these funds.

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