One of the popular issues that the U.S. Government is dealing with is the issue of unclaimed money. Unclaimed money is a much bigger problem for the state agencies who are managing the growing pile of this useless finance, which is of no use for the state as they cannot use this amount without the permission of the owners. It is because of the repeated efforts of the state agencies that people now are more aware of the unclaimed property concept and are coming forward to claim their property. But the main problem is the rate at which the unclaimed money pile is increasing and the rate is very alarming for even the agencies to predict.
As per the agencies who manage the account of these lost properties, the main sources that donate to the lost property pile include idle savings accounts with the banks, un-cashed checks, gifts certificates, insurance deposits, refunds and many more. The initiatives organized by the states include setting up of educational booths in different parts of the state so that maximum number of people can be educated about the importance of unclaimed money and the rightful method to claim the same. States, in coordination with the agencies, are organizing fairs to assist people on a walk-in basis and make on the spot claims on lost property of theirs.
It is because of their repeated efforts the agencies now claim that more people are turning up to make rightful claims. Currently almost all the states across the United States maintain their individual databases that have all information pertaining to lost property located in their boundaries. All the claimant needs to do is search by using his personal information like name and social security number. The website also suggests the user to use different combinations of their name as there can be more than one results under the same name. For instance if the name is Ben J Simpson, then the possible name combinations come out to be like J Ben Simpson or Ben Simpson or even Simpson Ben J to get better filtered results.
One of the primary contributors to the growing pile of lost money now is money derived from unclaimed child support as the agencies estimate the amount to be a massive $96 billion that remain unpaid to the rightful owners every year. The rate of increase in the child support money has also increased from 21 to 51 percent. Most of us are not even aware of such existence. An estimate by the state agencies shows that undistributed money by the end of 2004 only in terms of child support comes to be $734 million. Now the state agencies have prepared certain new regulations as per which this unused money will be now spent on the development of state prisons and roads. Some may find it disturbing but this policy is paying off on a long term basis.
As per the agencies who manage the account of these lost properties, the main sources that donate to the lost property pile include idle savings accounts with the banks, un-cashed checks, gifts certificates, insurance deposits, refunds and many more. The initiatives organized by the states include setting up of educational booths in different parts of the state so that maximum number of people can be educated about the importance of unclaimed money and the rightful method to claim the same. States, in coordination with the agencies, are organizing fairs to assist people on a walk-in basis and make on the spot claims on lost property of theirs.
It is because of their repeated efforts the agencies now claim that more people are turning up to make rightful claims. Currently almost all the states across the United States maintain their individual databases that have all information pertaining to lost property located in their boundaries. All the claimant needs to do is search by using his personal information like name and social security number. The website also suggests the user to use different combinations of their name as there can be more than one results under the same name. For instance if the name is Ben J Simpson, then the possible name combinations come out to be like J Ben Simpson or Ben Simpson or even Simpson Ben J to get better filtered results.
One of the primary contributors to the growing pile of lost money now is money derived from unclaimed child support as the agencies estimate the amount to be a massive $96 billion that remain unpaid to the rightful owners every year. The rate of increase in the child support money has also increased from 21 to 51 percent. Most of us are not even aware of such existence. An estimate by the state agencies shows that undistributed money by the end of 2004 only in terms of child support comes to be $734 million. Now the state agencies have prepared certain new regulations as per which this unused money will be now spent on the development of state prisons and roads. Some may find it disturbing but this policy is paying off on a long term basis.