January 25, 2010, Washington D.C., USA – As of last estimate, Unclaimed Money in the USA found 1.9 million successful claimants and which resulted in $1.7 billion being returned to the rightful owners. In Indiana alone, 20000 accounts are added as Officially Unclaimed Accounts every month, with very few claims being made for these unclaimed money and properties.
The most common types of unclaimed properties adding to the Official Unclaimed Money include bank accounts & safe deposit box contents, stocks, mutual funds, bonds, dividends, un-cashed checks, wages, insurance policies, trust funds, utility deposits and escrow accounts.
NAUPA (National Association of Unclaimed Property Administrators) is willing to actively provide a forum for continuing discussions regarding interstate co-operation, education, training; uniform laws, reporting requirements and increasing public awareness on the role that states play in protecting and returning official unclaimed properties to the rightful owners.
The State is helping the public search, identify and file claims for any lost financial assets. But, different set of laws governing the official Unclaimed Money in different states makes this very difficult for people to search for their claims. Lack of awareness among the people also contributes in making this a difficult task.
Services offered by experts and their advices have contributed in making the public aware of their individual rights. These experts have also been extremely helpful in locating and assisting searches which actually may prove so difficult for the common man. We are actually talking about a whopping $16 billion that are sitting in state coffers awaiting the claims of their rightful owners.
NAUPA is actively advocating the return of $16.6 billion in Matured Savings Bank Proceeds. Millions of Americans hold over 40 million US savings bonds and which have fully matured. Some have these lost, others have forgotten, and so many think that their bonds continue to earn interest. The value of these bonds however continues to rise.
When these bonds were sold, the Bureau of the Public Department collects the names and addresses of the bond owners, which later are literally buried within five billion microfilm insurance records. A vast majority of these microfilm records are not indexed and are very difficult to access.
As a result, nobody is actively searching for the owners of more than 40 million matured and unredeemed savings bonds. NAUPA however is supporting the passage of Bills S.827 and H.R. 4198, the Unclaimed Savings Bond Act 2009 in order to facilitate the return of these Bond proceeds.
Although (NAUPA) as an organization represents, the Official Unclaimed Money Bureau of each state and tries to help Americans locate their official unclaimed money, claimants to their rightful money are still minuscule. The joint efforts put by the NAUPA and the State Bureau is unable to bring good results, mainly since they lack in proper co-ordination. Hope they realize and do something about that.