Government laws are forcing banks to return unclaimed funds from dormant bank accounts, unused gift cards, un-cashed checks, etc. Instead of making any noticeable effort to locate the rightful owners of this unclaimed property, the states are now passing bills to use this unclaimed money to handle their own budget problems.
In the state of California alone, the unclaimed funds have reached over $5.5 billion and it is estimated 1 in 5 have unclaimed money. With the states enjoying such grand budget benefits from the unclaimed property, they have little (or better say no) interest to locate the rightful owners of this missing money.
Forget about the common people. Just tell me how difficult is it to find big names like Julia Roberts, Reese Witherspoon, Benicio Del Toro, Kate Hudson and Microsoft? Do you know they are all owed missing money from California’s state database? But, it seems like California’s Unclaimed Property Trust Funds is not interested to deliver it to them! In fact they are more interested in using these unclaimed assets to solve the budget issues of the state.
Source: http://www.ArticlePros.com/author.php?Henry Mills
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