Unclaimed Money Can Help Increase Personal Finances |
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By: Nicole Anderson Posted: 2011-12-31 01:00:20 |
| For many, unclaimed money has increased their personal finances greatly. The state agencies are employing several resources in making sure that the problem of lost money comes to an end. This is one of the main issues that give nightmares to the state treasuries and other agencies who are managing these money piles that are yet to see the face of their real owners.State agencies believe that it is because of the lack of initiative that people are not willing to take keeps the pile of unclaimed money increasing at an alarming rate. Officials in the state treasuries believe that by educating the people about the importance of unclaimed funds in improving personal finances, this problem can be stopped. Some contributors to the growing pile of unclaimed money include items like un-cashed pay checks, gift certificates and safety deposits, whereas some of the major contributors to the pile include funds from insurance refunds.Lost money is not only in the form of property or land located in different parts of the state. There are certain agencies that manage lost money in different forms and these agencies include credit unions, insurance agencies, corporations, government agencies and banks. As per the law of unclaimed money it is the responsibility of the financial agencies to report to the state about the lost funds if they have been lying idle for more than a specified period of time and later on the records are transferred to the custody of the state for safe keeping.As per the current estimates by NAUPA, New York is the current leader when it comes to safe keeping the largest pile of unclaimed money. The estimated figure comes around to be more than $25 million that is still waiting for their rightful owners to come and claim them. Other states with large amounts, following close behind New York are California and Texas.One of the major state initiatives include the establishment of individual databases that consist of all the information related to lost funds in that state. For those who have access to the internet can easily conduct searches by entering personal information like name, address and social security number. To get accurate results it is better to enter unique information because if a person enters his or her name then he may get more than one result.Some of the aggressive initiatives by the state agencies include campaigns activities like setting up of educational booths and campaigns in different parts of the state so that people can be made aware about the concepts related to lost money. Other more aggressive methods are listing names in local newspapers as well.One of the recent initiatives by the state includes organizing state fairs in different areas that function on a walk in basis. These fairs assist by conducting on the spot searches and getting results accordingly. Some of the initiatives employed by the state are oriented towards creating a robust and unique technique to make sure that the application process is kept simple and short. The application procedure requires a person to fill the claim form and submit the same along with identity proofs. The unclaimed money form is available on the website of NAUPA from where the same can be downloaded. |
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