Do all that is necessary to ensure you are not owed unclaimed money

Majority of the Americans have not given a thought to the task of searching for unclaimed money. The majority of the Americans are not aware that millions of individuals in the country are owed lost money. Due to public apathy, the unclaimed cash kitty has grown to over $40 billion.

All the individuals in the audience of a show by Oprah Winfrey were given checks for various sums. The money that was distributed was not charity or donations. The money belonged to the audience. The money was unclaimed money owed to the individuals in the audience. Oprah had checked for unclaimed money owed to the individuals and thousands of dollars was found owed to the individuals. Oprah stated on the show that as many as 8 out of 9 families in the US are owed unclaimed money.

Money becomes unclaimed money becomes so when the company or financial institution holding the money is unable to contact its owner for a period in excess of three years.

The owner of the money is beyond reach because the contact information of the individual has become outdated or because the individual has changed his or her legal name.

All communication to the individual is sent to the old address and the same never reaches the person who is the owner of the money.

The government steps in after the period of three years. Once the money becomes unclaimed money, the government requires the companies and institutions to turn over the money to the State. The funds are normally held by the controller's office of each state.

Unclaimed funds come into existence from many sources. Most common sources include Checking Accounts, Savings Accounts, unclaimed Tax Refunds, Old Pay Checks, Child Support or Alimony Payments, Stocks, Bonds or Dividends, Insurance Payments etc

Since it is useless to rely on the government to return the money promptly, the onus is upon you to search for unclaimed money owed to you. You will have to search by entering your name in an unclaimed money database. The search should help you determine whether you are owed money or not. You can even check the accounts to find out whether any record rings a bell. Once money is found, a claim has to be submitted and the wait for the check begins.