Government Unclaimed Money
How does unclaimed money come into existence? Read ahead to know more
Why is the problem of unclaimed money spiraling out of control? Majority of the Americans have not considered searching for unclaimed money. The end result is that millions are owed unclaimed money. The problem of unclaimed money is not mere hype generated by businessmen. The institutions hand over all monies that become unclaimed funds to the State. The money is then held by the government as unclaimed money. Forget any one item and the money becomes unclaimed money.
The problem of unclaimed money is not mere hype generated by businessmen. Even Oprah Winfrey has gone on record about the extent of the problem of unclaimed money. She said that eight out of nine families in the US are owed unclaimed money. Oprah checked for unclaimed money owed to the persons in her audience and they were shocked to receive checks worth thousands of dollars in their name. The best part was that they were legally entitled to the money.
If the account owner is beyond reach for a period of three years and more, the company and financial institution holding the money is forced to treat it as unclaimed money. The money ends up rotting for years together
The communication gap occurs primarily because the individual has changed his or her residence, phone number or name and the same is not reflecting in the records with the company.
Due to the mismatch in contact details, the owner of the money never learns that he or she is owed money. The communication is never completed.
The institutions hand over all monies that become unclaimed funds to the State. The funds are normally held by the controllers' office of each state. The money is then held by the government as unclaimed money.
Have you wondered how unclaimed funds come into existence?? Have you ever had any of the following?
Checking and Savings Accounts
Old Pay Checks
Child Support or Alimony Payments
Stocks, Bonds or Dividends
Forget any one item and the money becomes unclaimed money.
Do not expect the government to come to you to repay your money. You will have to search for the same. The best way to do so is to enter your name in an unclaimed money database. The search will not just tell you whether you are owed unclaimed money or not but will also tell you the details of the money owed to you. You can correlate the details in the results to determine whether the money belongs to you or not. Once the money is found, fill the forms and claim the same.
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