Unclaimed Treasury Money is still lying with the U.S. treasury in the absence of any rightful owners claiming these lost monies. While millions of U.S. residents (around 28 million) are still relying on food stamps to survive, the rightful owners of this treasury money are still elusive. The combined value of unclaimed money in the 50 states is over $30 billion and this is being held in the various State Treasury Department. States like New York and California have the largest volumes of unclaimed money.
Almost $5.6 million is owed to the 17,000 Albany residents as part of their unclaimed property tax rebate. Most of the unclaimed checks have been directed to the office of the State Comptroller in March 2009. A T.V. report from Monroe County mentioned that there are approximately 40 uncashed checks waiting in the New York State Comptroller’s office. “For confidentiality reasons I can’t tell you the exact amount, but the funds on all the claims range from less than $50 to several thousand dollars.” Emily DeSantis of the Comptroller’s office said.
“Most people only need to file a tax return as they normally do,” Dianne Besunder, spokeswoman for the IRS says in Schenectady’s Daily Gazette. “We will calculate eligibility and payment amount. However, many retirees and veterans do not normally file a tax return because their benefits are not taxable. This year, they must file in order to receive an economic stimulus payment.” In Virginia, Maine, and Tennessee, unclaimed checks averaging $700-$800 are yet to be put in the hands of thousands of residents who aren’t aware they are owed unclaimed tax rebates by the IRS. California has the highest number of unclaimed tax refunds with almost $40 million owed to more than half a million residents.
The claim program of U.S. is treasury is designed to create maximum awareness. With the number of unclaimed funds cases rising rapidly in all the states, the disbursement of funds have failed to match up with the speed with which the unclaimed money is piling up in the treasury. The fact remains that billions of unclaimed funds are still lying unaccounted with the U.S. state treasury.