Unclaimed money is one of the major causes of concern for the decision-making officials in the government agencies. The government agencies are taking every possible step to leave no stones un-turned by creating several programs for educating the people about the value of unclaimed cash and problems related to it. The fact that all the lost funds are lying safe in the custody of the federal agencies is a relief for many as all they have to do is search for what they believe is theirs.
Major contributors to the growing pile of unclaimed cash come from several sources, such as:
Bank funds: One of the primary contributors to the growing pile is the inactive bank accounts that have no operations from the owners anymore due to reasons like change of address or name and if the bank is in business anymore. Information about the operations of the bank can be found on the website of Federal Deposit Insurance Corporation’s Web site at www.fdic.gov.
Saving Bonds: More than $ 15 billion dollars are lying with the bank authorities in the form of saving bonds that has stopped earning interests. The record keeping office of the U.S. treasury is one of the most convenient and reliable ways to locate these inactive funds.
It can be termed as both popular and underestimated that the pile of unclaimed property is increasing at an alarming rate. As a part of the combined efforts employed by state government in coordination with the federal agencies, the process of application has been simplified to encourage people to come forward in relocating their property.
Here are certain tools that can help in improving the search for unclaimed property or cash:
Nearly all states now are maintaining a dedicated website that provides all necessary information related to unclaimed cash or funds located in that state. All the person has to do is search the database by entering different combinations of their name in the space provided. The presence of state dedicated websites has simplified the process for the people and at the same time eased off the burden from the State Treasuries.
Most of the states have now started organizing public fairs to assist unclaimed money owners on a walk-in basis. The main advantage of these fairs is that on the spot decisions are made in order to reduce the waiting time. Other than on-the–spot decisions, awareness about unclaimed funds is also spread among the public so that they take interest.
As per the estimation of the State federal agencies, more than $ 15 billion dollars of unclaimed money is scattered in different regions of the state and the U.S. treasury records is one of the best ways to search for it.
Pension Benefit Guaranty Corporation, which is also known by the name of PBGC, is the organization that takes of all the inactive pension accounts of the state. Visiting the official website of search.pbgc.gov/mp/ can improvise the search by providing details like Pension Company’s name and pension holder’s name.
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