News By Tag
* Personal finance
* More Industries...
News By Location
Americans Use Unclaimed Funds to Pay off Debt
While Americans stress over how to pay off mounting debts from credit cards, loans and taxes, $35 BILLION DOLLARS lays unclaimed in state and federal unclaimed funds. This money is owed to MILLIONS of Americans nationwide.
Unclaimed funds come from many different sources. The property may be from old bank accounts, abandoned savings accounts, stocks, bonds, dividends, old paychecks, inheritance and countless other sources.
Once this money has been unclaimed for a period of time, about 3 years, it is then turned over to the state or federal agency. The government holds the money until the rightful owner claims it.
While this money can by utilized for many purposes, an increasing number of claims are being used to pay off debt.
Nancy Heinz, owner of recently claimed funds found using www.cashunclaimed.com, said, “I wasn’t expecting the money and didn’t have to budget to save it, so I thought why not put it toward lowering my debt. It is money I could send to pay off bills without missing it!”
With the average credit card debt per household ranging from $2,000 to $8,000, an unclaimed funds check may be able to pay off all or a large chunk of this debt.
The average unclaimed property check is about $700. There are many unclaimed money owners who are owed large amounts ranging from $5,000 to $20,000. There is even a few claimants owed $100,000+ in lost money.
Bill McIntosh, Founder of www.cashunclaimed.com, stated “When I look through the database I am amazed at the amount of money owed to people. At a quick glance I can find Cardona Waltroud is owed $97,989, Robert R Shepard is owed $38,993, and on and on… this is not unusual at all. I would guess there are thousands of people owed these ‘Large’ amounts of lost funds.”
Unclaimed funds can be claimed by conducting an lost money search. People should make sure to utilize a database that covers all state and federal databases. Money may be held in a state other than a person’s state of residence, and could therefore by missed by looking in a state specific database.
The claims process requires claimants to complete a form and submit it to the appropriate state or federal agency along with proof of identification. Occasionally additional proof of identification or proof of ownership is required. Unclaimed funds checks usually take 4 to 12 weeks to be received.
Cashunclaimed.com is the largest unclaimed money database, including all state and federal databases. CashUnclaimed.com was founded to assist owners in easily locating and claiming their lost funds. The site offers more information on unclaimed money and free unclaimed money search at www.cashunclaimed.com.
Contact Nicole Anderson at 714-277-3040 extension 707 for an interview, media questions or information about the charitable donations or event. Or contact her by email at: PR@CashUnclaimed.com