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The unclaimed money count continues to climb relentlessly despite 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 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 which 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 though with almost no movement on the owner identification front. One example can be cited from your 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 towards the owners, but this was 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 towards the money being claimed is still disproportionately high. With the aid of print and electronic media, the awareness programs happen to be broadcasted for the remotest corners that has resulted in businesses, finance institutions and folks coming forward to report forgotten properties.

In the majority of the cases, unclaimed property has been reported because of the migrating workforce or perhaps a change of residence after retirement. In the lack of a standard procedure for closing bank accounts and collecting utility deposits, the 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 could be sent. Such undelivered checks and left out balance amounts contribute largely towards 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 through now they have matured and no interest will be accrued as a result. Now, depending on the government’s regulations, these bonds contribute to the unclaimed property. A large slice of the unclaimed funds are also 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 missing out on some unclaimed money which is rightfully theirs; that results in approximately $40 billion of unclaimed money waiting to get reclaimed. It does not be considered a big surprise if the figure reaches the much feared (through the state and government agencies) $100 billion mark.

The unclaimed money count consistently climb relentlessly in spite of all of the great efforts of state and federal agencies. A whooping $40 billion is lying in the different state treasuries around the country and that means roughly 117 million accounts that 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 choosing the forgotten cash or property which 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 on a monthly basis with unclaimed money but with hardly any movement on the owner identification front. One example can be cited through 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 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 towards the owners, but this is offset in 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 continues to be disproportionately high. With the help of print and electronic media, the awareness programs have been broadcasted for the remotest corners that has led to businesses, financial institutions and folks coming to report forgotten properties.

In most of the cases, unclaimed property has been reported because of the migrating workforce or even 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 the majority of the cases. They actually do not inform the agencies with regards to their new address where checks and balance amounts might be sent. Such undelivered checks and left out balance amounts contribute largely towards the unclaimed property.

In a recent disclosure, 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 has been accrued from this. Now, depending on the government’s regulations, these bonds bring about the unclaimed property. A big chunk of the unclaimed money is rwrnhr as a result of demise of the rightful people who own these funds.

According to a recent survey, almost 89% of U.S. families (almost 8 from 9) remain losing out on some unclaimed money that is rightfully theirs; that results in approximately $40 billion of unclaimed money waiting to become reclaimed. It will not be a big surprise if the figure reaches the much feared (through the state and government departments) $100 billion mark.

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