subject: Improve Finances With Unclaimed Money [print this page] Despite of the repeated initiatives of the state agencies to curb the problem of rising unclaimed money, the number of people rising to the occasion to claim lost funds has not increased in the slightest. The state agencies who are bearing the burden of this pile have taken several steps to insure that people get educated about the importance of unclaimed funds on their personal finances. As per the state agencies, some of the major contributors to the growing pile of unclaimed money include sources like un-cashed pay checks, safety deposits and gift certificates. Unclaimed money is not always in the form of cash but also in the form of properties that are scattered in different parts of the state.
The agencies that give rise to lost money sources include agencies like banks, credit unions, insurance agencies, corporations and other government agencies. It is the responsibility of the state treasury to transfer the lost property ownership for safe custody after a specified period. As per the state treasury, some of the primary contributors to the growing pile include certificates of deposits, estates, mutual funds, dividends, insurance policies, estates, contents of safe deposit boxes and money orders. This lost money can be utilized by the real owners in improving their personal finances as the state cannot use it without the permission of the owners. It is because of the state initiatives, unclaimed money searches are much simpler now compared to the old technique that required a claimant to visit the state treasury office again and again.
The state of New York is leading the country in sitting on one of the largest pile of lost money. The disturbing fact is that the pile is still increasing at an alarming rate because people are still unaware of their property located in different parts of the states. About $25 million of unclaimed money is lying in the bank accounts that are still waiting for their rightful owners. Almost every state now maintains an individual database that consists of information related to lost property and a claimant can make easy searches by entering information like name and social security number to get filtered results.
The state controllers have initiated some aggressive steps to make sure people are aware of the concept of lost money and are educated about the appropriate method to claim the same. These aggressive techniques include establishment of educational booths that educate people in different parts of the states. States, in coordination with the federal agencies, have started organizing fairs on a regular basis that assist people on a walk-in basis. The much talked about lengthy procedure of claiming has been simplified by creation of a robust technique that can assist a person in claiming his own property without wasting much time.
A person can download the application form from the website of NAUPA and know important numbers of the agencies. The correct procedure to claim a property is also mentioned on the website. State agencies feel that by educating people about the importance of lost money in personal finances, the problem of increasing lost money pile can be curbed permanently.
by: Nicole Anderson
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