California, known for its sun, beaches and yes, the famous playboy mansion, has more to offer. Or perhaps I should say, more to give. A few days ago, ABC 7 aired a special report on the golden state’s unclaimed money/property, informing the public of the $6 billion that it is holding as ‘missing money.’
According to the local news channel, unclaimed money has become a problem for the government, and not just in California.
‘Currently, the unclaimed money totally is well over $50 billion,’ the Los Angeles-based news channel says. Some of the states that rank high with copious amounts of unclaimed money are California, with over $6 billion, Michigan – $1.3 billion, Ohio – $1.4 billion and Texas – $2.2 billion, to name just a few.
You may be wondering how money or property can become ‘unclaimed’, especially after clawing your way through the financial crisis.
Well, some of the most typical forms can be seen in unclaimed savings accounts, utility deposits, uncashed checks, stocks, mutual funds, lottery wins or even in abandoned estate. And, according to the channel, ‘it is also very likely to have unclaimed money in multiple states, not just the current state of residence.’
With this issue growing, most governments are now taking measures to inform the public about money that can be rightfully claimed. For example, the California State Comptroller’s office has set up a website designed to educate individuals on unclaimed property.
Also, there are not for profit groups doing their bit. The Unclaimed Property Professional organisation (UPPO), for instance, hosts a series of conferences and networking events to help its members make decisions on this topic.
You might want to check in and cash up before it’s too late. As US founding father Benjamin Franklin once said ‘time is money.’ So what are you waiting for?
Business Insider Emails & Alerts
Site highlights each day to your inbox.