Info about Unclaimed Money
A Nation of Unclaimed Riches
There are billions of dollars in unclaimed wealth within the United States of America. Ignorance and apathy are to blame for this trend. Some people cannot be bothered to follow the basic procedures that are required by the authorities. Others are incredulous about the fact. You should make an effort to ensure that there is no private money of yours that is lurking in the state coffers. That money will end up in the hands of greedy politicians.
1. The figures: It is estimated that there is close to 33 billion dollars of unclaimed money. This comes in the form of utility refunds, payroll checks, stock dividends, trust distributions and lost assets. Some people even do not collect their wealth from the safe deposit boxes. The National Association of Unclaimed Property Administrators is attempting to change the trend. It will take some time before all the issues are resolved. The public is slowly catching up on the fact that this money belongs to them and not some state bureaucrats.
2. Abandonment: It might sound far fetched but in fact the state Abandoned Property Offices are full of unclaimed items. Other developed countries are facing this problem and there are statutory limitations which might mean that you eventually lose the entire pot of money. Tracking can be difficult especially if the original owner has since died. You might need to send in a private investigator to look at all the issues before you can be satisfied about the facts.
3. The states: As custodians of this unclaimed wealth, the states are struggling to find claimants. Alabama has no less than four hundred million dollars per year. Hawaii has one hundred and thirty million dollars while Ohio is now exceeding one billion dollars. Nevada has registered figures in the region of $200 million. North Carolina has a whopping $700 million. Pennsylvania is creeping up to $1 billion. This is money that belongs to the citizens but they are not making the right efforts to secure it.
4. State protocols: There are different protocols that are put in place to ensure that this unclaimed wealth can be dealt with efficiently. You will need to make an application to the relevant authorities and follow the rules that are set as part of the claims process. In following these rules you need to ensure that you do not fall into the trap of claiming wealth to which you are not entitled. There are specific state laws which will ensure that you are apprehended and fined as necessary.
5. Impact on the economy: From the perspective of macroeconomic policy, the states have to remove their dependency on these resources. It is a strain on public finances and they cannot plan effectively without addressing these issues. At the same time there has to be a protocol for ensuring that the wealth goes to the right person. In the absence of such a protocol then chaos will reign. The federal government is staying out of the market for unclaimed riches because it receives criticisms from fiscal conservatives.