How Money Becomes Unclaimed

Unclaimed money is definitely real

Unclaimed money is definitely real. Money, or any type of property, can become unclaimed or abandoned in many ways. Some may have forgot about their bank accounts due to sudden change in address or change in employment. People often tend to lose track of their earnings when situations like change in address and employment arises.

Some of the primary contributors to the growing pile of unclaimed money include forgotten insurance proceeds and policies. Other contributors to the growing pile include common sources like savings account, cashiers checks, money orders, unclaimed insurance benefits, and safety deposit box in banks, utility deposit refunds and un-cashed pay checks.

Some financial experts claim that it is not only within the state that unclaimed property exists but some of the major origins of unclaimed funds are from banks and other financial institutions. A recent report from the Washington Mutual bank shows enormous pile of unclaimed money lying within the accounts. This massive total with the bank comes up to more than half a billion dollars that belong to the customers of the banks itself.

It is now the burden of bank agencies and the financial treasuries to locate the real owners of the lost pile and reunite them with their lost property. It is just not in case of Washington Mutual but similar problems persist in other states across the U.S. like the state of California where lost funds total up to an approximate of $5.7 billion.

The state of New York is riding high on an enormous pile of lost money that sums up to an approximate total of $9.9 billion. The state believes that it is because of the lack of proper initiative on the part of the real owners of the property the pile is still increasing at an alarming rate.

State agencies in coordination with different media sources are trying their best to educate people about the importance of lost money in the personal finances. Some of their efforts organized towards educating the masses include establishment of education booths in different parts of the state so that people can get information. For those who have access to internet can obtain information from the official website of NAUPA.

It is because of the initiatives of the different state governments that each and every state maintains individual databases where a person can search for unclaimed property in the particular region. In order to search the database, a user has to enter his or her personal details like first name, last name and even social security number. For searching by name a person should try to get filtered results because there are more than one people by the same name.

If you think that you have lost property in more than one states or region then it is best to go for an all in one databases so that searching does not consume much time.

by: Nicole Anderson

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