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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 within 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 within the various state treasuries.

Within the reclaim drive, federal and state governments are assisting individuals locating the forgotten cash or property that is legally theirs. The truth is, 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. An example can be cited from the 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.

In the year 2006, states returned $1.754 billion from 1.929 million accounts towards the owners, but this is offset inside the fiscal year 2008, if the Department of Revenue’s Unclaimed Property Section recovered lost property worth greater than $100 million.

The ratio of incoming unclaimed money for the money being claimed is still disproportionately high. With the aid of print and electronic media, the awareness programs happen to be broadcasted to the remotest corners which has ended in businesses, financial institutions and individuals coming toward report forgotten properties.

In a lot of the cases, unclaimed property has become reported because of the migrating workforce or even 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 the losers in the majority of the cases. They are doing not inform the agencies regarding their new address where checks and balance amounts may be sent. Such undelivered checks and left out balance amounts contribute largely to the unclaimed property.

In a recent disclosure, authorities has reported that almost $16 billion lying by means of savings bonds have never been cashed. These savings bonds were issued long ago and by now they have got matured without any interest will be accrued as a result. Now, depending on the government’s regulations, these bonds play a role in the unclaimed property. A sizable slice of the unclaimed money is also because of the demise of the rightful owners of these funds.

According to a recent survey, almost 89% of U.S. families (almost 8 out of 9) remain missing out on some unclaimed money which is 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 figure reaches the much feared (from the state and government departments) $100 billion mark.

The unclaimed money count will continue to climb relentlessly in spite of each of the great efforts of state and federal agencies. A whooping $40 billion is lying within the different state treasuries across the country and this translates to roughly 117 million accounts which can be still untraced. These unclaimed money pools are lying within the various state treasuries.

Within the reclaim drive, federal and state governments are assisting individuals finding the forgotten cash or property which is legally theirs. The truth is, every U.S. state, District of Columbia, Puerto Rico, the Virgin Islands have unclaimed property programs that actively find people who own lost and forgotten assets.

The state coffers are filling every month with unclaimed money though with almost no 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 its 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 to the owners, but this was offset inside 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 continues to be disproportionately high. With the help of print and electronic media, the awareness programs have already been broadcasted to the remotest corners that has led to businesses, financial institutions and people coming forward to report forgotten properties.

In most of the cases, unclaimed property continues to be reported as a result of migrating workforce or perhaps a change of residence after retirement. In the absence of a typical procedure for closing bank accounts and collecting utility deposits, the state residents are definitely the losers in most of the cases. They do not inform the agencies regarding their new address where checks and balance amounts might be sent. Such undelivered checks and left out balance amounts contribute largely to 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 also by now they have got matured without any interest will be accrued as a result. Now, depending on the government’s regulations, these bonds contribute to the unclaimed property. A large chunk of the unclaimed money is rwrnhr as a result of demise in the rightful those who own these funds.

According to 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 can be rightfully theirs; that translates to approximately $40 billion of unclaimed money waiting to get reclaimed. It will not be considered a big surprise if this type of figure reaches the much feared (by the state and government departments) $100 billion mark.

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