Seem impossible? It is true; $35 BILLION in cash is unclaimed and sitting in the government’s hands. If you haven’t heard about it, you’re not alone. Millions of people are owed some of this unclaimed cash and don’t even know it. By the time you finish this article you will know how to find it.
The unclaimed money can be from many places like old bank accounts, forgotten savings accounts, stocks, bonds, uncashed checks, etc. After the companies and financial institutions that hold the money haven’t had contact from the account owner and haven’t succeeded in reaching them with the contact information on file for about 3 years.
Our state and federal governments have escheats laws that require the institutions to turn over this money as “unclaimed cash”. The government then takes the money and “holds it” for the account owner until it is claimed.
Problems State Cash Unclaimed Programs
However, there are a few MAJOR problems with the governments unclaimed money programs:
1) The account owner hasn’t been contacted and therefore doesn’t know that his account is now been turned over to the government as missing money.
2) States have inadequate advertising and very few attempts of notification to the account owner, if any. Usual advertising consists of a couple generic newspaper ads.
3) Most state governments don’t actually “hold” the cash that is unclaimed. The state transfers it to their general funds and it is spent on state expenditures.
This means, for example, the State of California spends about $600 MILLION of citizens unclaimed cash per year.
4) States provide databases to search for unclaimed money but each state has their own database. Therefore, if you search your states database you would have to search 49 other states to make sure you don’t have unclaimed money, not to mention the federal databases.
It is very likely that money may have been turned over to a state other than your state of residence.
How To See If You Are Owed Unclaimed Money
You should search to see if you are owed unclaimed money. BUT you should utilize a database that searches all state and federal databases.
You can conduct a search by simply entering your name. Quality sites will also search for “name variations”. One site, www.cashunclaimed.com, has Name Match technology, where if your name is William Smith it will search for Bill Smith, W. Smith, etc.
Don’t Be Selfish
Bill McIntosh of www.cashunclaimed.com, an all-inclusive database that searches all 50 states and federal databases, suggests you also check the names of your family and friends to see if they are owed unclaimed money.
Make sure your money does not end up as missing money!
Nicole Anderson offers information about unclaimed money at http://www.cashunclaimed.com Cash Unclaimed’s database covers all state and federal databases to ensure any money owed to you is found and offers unlimited name searches to members. Click on http://www.cashunclaimed.com for a free money search and locate your missing money today!
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