Huntington Beach, CA (PressExposure) October 12, 2009 -- State unclaimed money has risen to billions of dollars and is owed to citizens in the United States. While the economic slowdown persists, the 'unclaimed cash' reserve of the federal government continues to grow. Most of the American would find it hard to believe that the state and federal government might owe them money that is rightfully theirs - which is now considered abandoned.
Each year millions of dollars of unclaimed cash and unclaimed property is procured by the state because the companies cannot locate their ex-employees. Because of tax and legal regulations, companies cannot hold on to the abandoned funds forever, and they have no recourse but to hand it over to the state. The 'escheat laws' ensures that the companies hand over the abandoned funds to the state.
The unclaimed cash is tagged as abandoned because -
* The address change was not updated and communicated * A new name was taken up the owner for various reasons * The owner of the money is deceased * The bank account has been dormant for more than 2 to years without enquiries * Or for a very simple reason that the owners don't know that their assets are now considered abandoned
This secret fund of America continues to grow because either we don't know about our legal assets and investments, or we don't know how to search for unclaimed cash.
The unclaimed cash reserve is mostly comprised of Lost bank Accounts, Indian Trust Funds, HUD funds, 401K Pension benefits, Veterans benefits, IRS Refunds, Government Pensions, Child Support payments, Life insurance, Uncashed checks and wages, Escrow amounts, Utility deposits (electricity, phone etc.), Child support payments, veterans benefits, Missing Inheritance, Stocks & Mutual Funds and so many other Federal and State financial buckets. While the State and Federal government want to return the money to its rightful owner, the owners of these unclaimed cash are hard to locate.
Contrary to the belief, it's not hard to search for the unclaimed funds that might be rightfully yours. In most of the cases, a free unclaimed money search will help you in locating your state unclaimed cash being held by the government - some reliable unclaimed cash search sites and even phone searches are there to help you. Cash Unclaimed (www.cashunclaimed.com) has one of the most exhaustive unclaimed cash databases for all of US and which uses a simple Name Match technology to help you find your unclaimed fund.
Cashunclaimed.com is one of the largest databases for state unclaimed money in the world. Our current database lists billions of dollars in unclaimed money, property, accounts and assets from all 50 states and several Federal agencies that could belong to you. There are millions of people who are owed state unclaimed money and they don't even know it!