Los Angeles, CA - Billions of dollars of Federal and State Unclaimed cash reserve has been steadily growing since the last few decades in spite of so many economic upheavals. While the jobless queue grows bigger by the day and the Americans have to work harder for every single penny, the US states are waiting for the rightful owners to come forward and claim the $23 billion of the unclaimed funds. The state treasury of New York and California estimate that the unclaimed funds of $8 billion and $5 billion respectively are yet to be reclaimed.
Apart from the State unclaimed funds, US federal unclaimed cash pile is growing exponentially too – this includes almost $15 billion in IRS refunds and Social Security checks that went undelivered or unredeemed. Most Americans would find it hard to believe that such huge amounts have slipped out of their pockets without their knowledge. The National Association of Unclaimed Property Administrators (NAUPA) is an organization that represents the Unclaimed Money Bureau of each State and tries their best to protect and help Americans find their missing money and properties.
According to NAUPA, unclaimed federal and state funds can be defined within these guidelines – "Unclaimed property (sometimes referred to as abandoned) refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or a longer period. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler's checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes. "
While the federal and state governments are trying their best to spread awareness about the unclaimed funds, the number of US citizen who have actually come forward to stake claim to their rightful money is still very miniscule - as reflected by the federal unclaimed cash reserve of $33 billion. The search for the unclaimed cash or property can be initiated in 2 ways…
[A] Search the individual state databases where you have resided along with the federal database for all your name variations.
[B] Search an exhaustive and unified state and federal database with all the name variations.
