Major Concerns Toward Government Unclaimed Money

By Author: Nicole Anderson
Total Articles: 82
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Unclaimed money is a big burden on the shoulder of the U.S. government and becoming a major concern with the passing days. In spite of all the strategies and programs organized for spreading awareness regarding the growing issue of unclaimed money, the results or the claim rate has not been satisfactory. The growing amount of this unclaimed money is contained with the inactive accounts lying with the large number of insurance companies, investment companies, utilities, banks, and several other businesses.

These lost and abandoned accounts are continuously adding to the custody money lying with the office of the state Comptrollers. Out of this growing concern related to lost money, the U.S. government has churned out methods to put this money to some productive use till the time it gets claimed by their rightful owners. This money is used for serving the citizens and taxpayers of the country. The money is used with the assurance that it would be available for repayment whenever its rightful owner comes to claim it.

Along with the process of putting the government unclaimed money ...
... to productive use, the efforts of refining the methods of unclaimed money search is also an ongoing activity for the government. With the changing times and the growing use of the internet, the U.S. government has also introduced this medium for solving the issue of lost and unclaimed money. This includes launching of websites that contain databases regarding all the owners and amount of lost money present with the State Comptroller’s Office. Apart from this, they also teach people about the different ways through which they can make sure that any kind of unclaimed asset, property or funds lying in their name with the government does not get missed by them.

These ways mainly include certain kind of awareness that can remind or make you aware of any possibility of any lost fund or asset existing in your name. Certain points to consider that can refine your unclaimed money search include:

Any recently closed bank account

The money lying with your closed bank account forms that part of the money, that your bank failed to pay you. If you weren’t able to get your money at the time your account closed, then you can still claim it with the assistance of FDIC.

Fail of Credit Union

In case that any credit union with the federal insurance gets liquidated, the money in the accounts of its members is the responsibility of the National Credit Union Administration’s Asset Management and Assistance Center, to be repaid to its rightful owners.

FHA-Insured Mortgage

If you were the owner of an FHA-Insured Mortgage earlier then you are eligible for a refund from the Urban Housing and Development Department of US.

Former Employee of a closed company

Generally companies that went out of business transfer the pension money of their employees to the Pension Benefit Guaranty Corporation (PBGC), from where the rightful owners of this money can claim their share.

Some other causes of unclaimed money can include unpaid tax refunds, unknown property in your name or your eligibility of receiving any Government financial assistance, in special circumstances.