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Will Unclaimed Money Trust Funds Disappear Like Social Security? |
By:
Nicole Anderson |
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The government requires unclaimed money be turned over to state.
Now they are passing bills to spend this money that may belong
to you! Are they legalizing theft
Unclaimed money accounts in the United States total over $25
BILLION dollars. The money ends up in these account do to the
governments "escheat laws" requiring institutions such as banks
to turn over funds from dormant bank accounts, uncashed checks,
unused gift cards, etc. States are now passing bills to spend
the money from these Unclaimed Property Trust Funds.
These funds are owed to millions of Americans and instead of
making any sizable effort to contact the rightful owners, the
state is now proposing to spend this money to handle there own
budget problems.
States are passing bills allowing them to use the missing money
funds. One such case is a Bill was passed last year in Arkansas.
The Bill was created impart to
allow the State to transfer up to $15,000,000 of funds from the
"Unclaimed Property Proceeds Trust Fund" to the States General
Improvement Fund. The subtitle of this Bill states the funds are
to be used "...to provide additional funds for the State budget".
Some states such as Indiana and Iowa require that 60% of the
money from unused expired gift certificates be sent to the State
and 40% remain for the retailer. George Delta, from the counsel
to the Incentive Marketing Association, stated "States require
businesses to give them some type of periodic report of the
amount of unclaimed property they are holding. This allows the
state to monitor this potential source of income."
With the states experiencing such great budget benefits from the
unclaimed property funds, they have little incentive to locate
the rightful owners of this money.
In the state of California the lost funds have reached over $5
billion and it is estimated 1 in 5 have unclaimed money. How
hard is it to find Ryan Seacrest, Reese Witherspoon, Julia
Roberts, Kate Hudson and Benicio Del Toro? They are all owed
money from California's state database. Microsoft is owed over
$25,000!!! California's Unclaimed Property Trust Funds is likely
to be a target piggy bank for the CA Governor to use to assist
with the states budget issues.
Would you like to locate your money before your state spends it?
Cash Unclaimedoffers a free search of
over 54 databases where your money may be waiting. Log on to
www.cashunclaimed.com for your free
search and find out how much money is owed to you.
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Article Source: http://www.PopularArticles.com/article46684.html |
Article: Will Unclaimed Money Trust Funds disappear like Social Security?
Author: Nicole Anderson
Total Views: 32
Word Count: 380
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