Another year has come and gone and US Treasurers are still clueless as to how to manage and eradicate the unclaimed funds problem. With all the attention the problem has been getting lately, analysts thought that we would have returned all of the money currently in holding to the rightful owners by now. Yet money still sits unclaimed in Treasury vaults in nearly every state and money continues to roll in month after month. That means that more drastic action will need to be taken if we hope to rid the country of unclaimed funds in 2014. Here are the steps you can expect Treasurers to take as we ring in the New Year.
Are You The Owner Of Billions In Unclaimed Funds?
The US Treasury is currently on the lookout for the rightful owner of billions in unclaimed funds. If you are hoping to be that person, you might be disheartened to know that there are actually hundreds of thousands of rightful owners of all of that money. These unclaimed funds were once in the possession of Americans just like you, only they became lost for whatever reason. Now these funds are being stored in a treasury vault and only the people who own them can come forward to claim them. If you are unsure if you are the owner of some of this money or even if you are just curious, you will be happy to know that you can search for these billions in unclaimed funds right from the comfort of home, or the office, or from anywhere if you're using a mobile device.
People spend their entire lives trying to accumulate things: money, furniture, cars, homes, jewelry and even children and pets. What happens to all of that stuff when a person passes away? In most cases, a person will construct a last will and testament and that spells out exactly how the assets are to be divided; usually amongst the aforementioned children. If the person has no children or other heirs, the money could go to the state's treasury, where it will rest in limbo and gather dust until someone steps forward to claim it. If you suspect that the unclaimed funds of lost loved ones may be holed up in a treasury near you, you're about to learn one fantastic way to find out.
You might want to take back your unclaimed funds before they expire. This is the message most state treasurers are hoping to send to the hard working men and women of their respective states. Right now unclaimed funds are expiring across the nation. These expiring unclaimed funds come from a variety of sources, but they all will be expiring before we know it. The only solution is for everyone with money in this game to step forward to claim what's rightfully theirs. If you think that you might have unclaimed funds in your name, you might want to act quickly before they expire.
Several states are joining in on an initiative to discover lost funds and it's about time. If all fifty states put their combined unclaimed funds into a pot, along with the fed and their income tax unclaimed funds initiatives, the amount would easily amount to the billions of dollars – maybe even trillions. With so much money flowing in constantly, it's a little hard to tell. Now the states are finally doing something about it by starting unclaimed funds initiatives across the country where anyone with an Internet connection can discover lost funds.
The United States recently avoided going over a fiscal cliff, but the country is facing another fiscal crisis not often talked about. The US Treasury is currently reporting a balance of nearly $60 billion dollars. While that number may sound great, it's not when you consider the balance sheet comes from the country's unclaimed money account.
With almost $60 billion in unclaimed funds to contend with, Treasury officials have a major job ahead of them if they hope to contact and alert the millions of people on the unclaimed registry list. This is why the country is urging all Americans to find your unclaimed funds on your own. The quicker you search, the faster you'll find your share of all of that money currently stacked to the walls in Treasury vaults all across the country.
You would think with California's economy in such dire straits that state officials would use all the money at the state's disposal to try and rectify the situation. Yet the state still has millions of dollars in unclaimed funds sitting in its treasury coffers. Unclaimed funds in California are growing out of control, this according to local news affiliates that have picked up the story here and there throughout the years. The state could use the money, but yet it just sits there collecting dust, not doing anyone, the State or the individuals it belongs to, any bit of good. What can we do about this situation but watch it grow further out of control?
You are currently browsing the archives for the Unclaimed Funds category.