unclaimed money

State of California is inundated with its growing pile of unclaimed funds with almost 11.6 million individuals still unaware of their unclaimed cash or property. In response to this unmanageable situation, the state of California has enacted Unclaimed Property Law that requires property holders such as corporations, business associations, financial institutions and insurance companies to annually report and return dormant property to the State Controller’s Office. By a rough estimate, about $600 million are collected by the California state unclaimed funds division annually.

The large amount of unclaimed money is turing out to be a logistic nightmare for the states: trying to manage and store increasing pile of unclaimed money, while on the one hand they are fighting the economic slowdown with all their might. It is estimated that at any point of time, State governments are storing more than $40 billion dollars in unclaimed money and assets. It can be said that about 30 million Americans are believed to have unclaimed money lying somewhere in the state coffers.

According to the state treasurer of Wisconsin, the state is holding almost $400 million of unclaimed money and the state authorities are trying their best to reunite this money with their rightful owners.Under normal circumstances, you will receive official mail from the State Treasurer’s Office. The State Treasury Office and unclaimed property staff will review and process your claim within 90 days of filing.

Most of us think that claiming lost property is not for the majority. Most of the state governments and the federal authorities are aware of the volume of unclaimed cash property. They have created laws and public-interest regulations that expedite the process of identification and retrieval of unclaimed or lost property. Online search forms make it easier for citizens to formally apply for the claim of the lost property.
Apart from the federal and state government and agencies, there are a few reputable and reliable private firms which assist in claiming your lost property. Identify the most reliable databases for unclaimed property or money.This website is one of the largest databases for unclaimed money.

Putting up a website which lists all the steps for the location and retrieval of the unclaimed money or property. Setting up unclaimed property fairs which is free for anybody to walk in and inquire about their unclaimed property. The following items comprise unclaimed money or property: forgotten bank accounts, unused safety deposit box contents, insurance benefits, forgotten deposits paid on rental items and other various funds. Once, the claim application reaches the correct authorities, the claim process gets into the final stage.