What is Unclaimed Money?

By: Nicole Anderson

Why is the problem of unclaimed money spiraling outof control? Majority of the Americans have not considered searching for unclaimed money.The end result is that millions are owed unclaimed money.

?The problem of unclaimed money is not mere hypegenerated by businessmen. Even Oprah Winfrey has gone on record about theextent of the problem of unclaimed money. She said that eight out of ninefamilies in the US areowed unclaimed money. Oprah checked for unclaimed money owed to the persons inher audience and they were shocked to receive checks worth thousands of dollarsin their name. The best part was that they were legally entitled to the money.

?If the account owner is beyond reach for a periodof three years and more, the company and financial institution holding themoney is forced to treat it as unclaimed money. The moneyends up rotting for years together

?The communication gap occurs primarily because theindividual has changed his or her residence, phone number or name and the sameis not reflecting in the records with the company.

?Due to the mismatch in contact details, the ownerof the money never learns that he or she is owed money. The communication isnever completed.

?The institutions hand over all monies that becomeunclaimed funds to the State. The funds are normally held by the controllers’office of each state. The money is then held by the government asunclaimed money.

?Have you wondered how unclaimed funds come intoexistence?? Have you ever had any of the following?

Checking and Savings Accounts

Tax Refunds

Old Pay Checks

Child Support or Alimony Payments

Stocks, Bonds or Dividends

Insurance Payments

Forget any one item and the money becomes unclaimedmoney.

?Do not expect the government to come to you torepay your money. You will have to search for the same. The best way to do sois to enter your name in an unclaimed money database. The search will not justtell you whether you are owed unclaimed money or not butwill also tell you the details of the money owed to you. You can correlate thedetails in the results to determine whether the money belongs to you or not.Once the money is foundFind Article, fill the forms and claim the same.

Insurance
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 

» More on Insurance