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The unclaimed money count continues to climb relentlessly regardless 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.

Within the reclaim drive, federal and state governments are assisting individuals choosing the forgotten cash or property that is legally theirs. In fact, 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 each month with unclaimed money but with hardly any movement on the owner identification front. One example can be cited from the state of Indiana: During 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.

During 2006, states returned $1.754 billion from 1.929 million accounts for the owners, but this is offset in the fiscal year 2008, if 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 is still disproportionately high. Through the help of print and electronic media, the awareness programs happen to be broadcasted towards the remotest corners that has ended in businesses, financial institutions and folks coming to report forgotten properties.

In most of the cases, unclaimed property continues to be reported because of the migrating workforce or even a change of residence after retirement. In the absence of a regular procedure for closing bank accounts and collecting utility deposits, the state residents are the losers in most 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 left out balance amounts contribute largely to 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 have matured and no interest has been accrued from this. Now, depending on the government’s regulations, these bonds bring about the unclaimed property. A sizable chunk of the unclaimed funds are also as a result of demise in the rightful people who own these funds.

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

The unclaimed money count consistently climb relentlessly in spite of each of the great efforts of state and federal agencies. A whooping $40 billion is lying in the different state treasuries round the country which translates to 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 folks locating the forgotten cash or property that is legally theirs. In fact, 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.

The state coffers are filling on a monthly basis with unclaimed money though with very little movement on the owner identification front. An example can be cited from your 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 in addition 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 within 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 towards the money being claimed remains disproportionately high. With the help of print and electronic media, the awareness programs have already been broadcasted for the remotest corners which has resulted in businesses, financial institutions and individuals coming to report forgotten properties.

In the majority of the cases, unclaimed property continues to be reported due to the migrating workforce or a change of residence after retirement. In the lack of a typical procedure for closing bank accounts and collecting utility deposits, the state residents are definitely the losers in the majority of the cases. They actually do 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 to 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 through now they have got matured without any interest will be accrued from it. Now, as per the government’s regulations, these bonds bring about the unclaimed property. A big chunk of the unclaimed money is rwrnhr due to the demise in the rightful owners of these funds.

Based on a newly released survey, almost 89% of U.S. families (almost 8 out of 9) continue to be passing up 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 be considered a big surprise if this type of figure reaches the much feared (from the state and government agencies) $100 billion mark.

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