How Not Claiming Unclaimed Funds Hurts The Economy

It seems that California is trying everything it can to help fix its economy, but now it has yet another problem to contend with. Unclaimed funds are pouring in to State Treasury coffers at alarming rates and there is no sign of it slowing down. Until Californians start claiming these unclaimed funds as their own, we may see a crisis the likes the state has never seen. Not only are these funds just sitting there not currently helping anyone but it is costing the state even more money to track all of these unclaimed funds as well as maintain them.

The Looming Unclaimed Funds Crisis

Are you one of the millions of people wondering where all of this money is coming from? The money that is coming in has various sources. Some of the sources like these include final paychecks that have not ever been cashed or even bank accounts that were abandoned, lost or forgotten about all together. More situations that lead to these types of unclaimed funds are from things like insurance claims that were never cashed in on or cashed out and even court settlements from refinancing or new homes purchases that have been held in escrow. These are just a fraction of the types of sources that lead to money going missing, being forgotten about or simply being left unclaimed.

This is why the fact that there are so many sources for the unclaimed funds makes tracking the problem and fixing it rather difficult. The problem is exacerbated by the fact most Californians do not even know that claiming unclaimed funds is a possibility or that any money is out there waiting for them at all. Most people who have money coming to them don’t even know it and most who find unclaimed funds think they’re getting much less than they actually claim. So you can see there are lots of factors that come into play when searching for, finding and claiming these types of funds is concerned.

The main heart of the problem is communication, or the break down in communication anyway. California state needs to begin a state-wide initiative so that all Californians know about this growing unclaimed funds problem. The next largest problem that comes into play is that the state of California may not even have enough money to begin a campaign or issue any public service announcements. So maybe the best way to start tackling these two main problems is to start a word of mouth campaign or even one online to finally get the word out.

The more people who discover this process of finding, tracking down and claiming unclaimed funds, the more all of us can help California’s economy recover. As a resident of California, even if you do not live in this state currently, you should conduct a search for unclaimed funds anyways simply by using your first and last name online.

You never know how much you might find. With millions if not billions of dollars being held in state unclaimed funds accounts, and more and more pouring in every single day, we need to do something fast before the economy gets to a point where it might not easily recover. So all of us need to spread the word for everyone to search for unclaimed funds en masse using their first and last names so that every one can begin the process of claiming unclaimed funds to help the State’s economy as well as each other.