Bellevue, UT (PressExposure) April 28, 2011 -- Like 2010, 2011 is facing the same burning issues of returning unclaimed money to the real owners. In spite of the best intentions and numerous campaigns, the unclaimed money pile refuses to subside and a majority of the unclaimed money is still not being returned to the public as per the expectations of the state treasuries.
Almost all of the states have reported an increasing inflow of unclaimed money and this is leading to an unmanageable piling of unclaimed money vault every month. As compared to the smaller states, the larger states, where the workforce diversity and migrations are extremely high, are reporting a much higher volume of unclaimed money. California is estimating an unclaimed money volume to the tune of $5.7 Billion while New York's pile of unclaimed money has swelled up to $9.9 billion.
Public utility companies, the IRS, and financial institutions, like Banks and insurance companies, are the other major contributors towards this unclaimed money pile. The above mentioned institutions have also been reporting big numbers of unclaimed money balances. A recent Press Release is about half a million dollars in unclaimed money from former Washington Mutual Bank customers in Wisconsin is waiting to be claimed.
According to the National Association of Unclaimed Property Administrators (NAUPA), almost $40 billion in unclaimed cash and property is sitting in state treasuries and other agencies and have been lying unaccounted for a long period of time and in spite of all the measures taken up by the state. This figure is going up every year. It was expected that 2011 will be a better year in terms of the volume claim, but the latest indicators have not shown any marked improvements.
While the federal agencies and higher official of the State treasuries are working feverishly to tackle the various major sources of unclaimed funds, unclosed bank accounts, returned tax refund, unremitting pension funds, and other types of personal assets that have no takers, the number of unclaimed money searches throughout the country is still way below the expectations. States like California and New York, which have a relatively higher figure of unclaimed funds, are forced to take different route. The governors and the governing body of these states are seriously considering options to utilize the unclaimed funds for state development programs.
For more information please visit http://www.cashunclaimed.com.