People don’t usually come to the state of Arkansas to find money, unless they plan to visit Crater of Diamonds State Park, where one tourist recently found a jellybean-sized 5.16-carat ‘God’s Glory Diamond’ that could be worth as much as $15,000. Other than diamonds, there is much more money to be found in Arkansas, and you don’t have to do a bit of digging to find it. It turns out that there is just over $170 million sitting in Arkansas lost funds accounts. This money belongs to current and former state residents and it can be uncovered in a variety of manners. The easiest way to find your lost funds in Arkansas is to visit a nationwide database called Unclaimed Money.
Tracking down unclaimed money used to be incredibly difficult. Private detectives would oftentimes take the job, but they were expensive. Third-party companies were set up to handle the job, but they usually wanted a cut of the money they were hired to find. The public soon got fed up and stopped searching for unclaimed money; and the problem was soon forgotten. The problem also began to grow.
Unclaimed money in Texas is growing steadily out of control and the treasury is hoping that all residents of the Lone Star State have an Internet connection and a desire to find Texas unclaimed money. With millions of dollars to manage and hundreds of thousands of residents being owed this money, treasurers have been working around the clock to try to find a home for these lost funds. Thankfully a database has been developed that hopes to return all of this Texas unclaimed money to the rightful owners. To do your part and to see if you have unclaimed money available, all you have to do is point your browser to the Unclaimed Money database.
You may think that having billions of dollars in unclaimed money would be a very good thing, but it’s not. In fact, it’s a very big problem. The unclaimed money problem is so big that every treasurer in the nation is calling out to the hard working people of the great state in which they reside. These treasurers need help to solve the unclaimed money problem. If they don’t get help soon, the unclaimed money problem will only get worse.
Why Is the Unclaimed Money Problem Actually a Problem?
Every year Florida succeeds in returning missing money to the rightful owners, and every year the money keeps coming back. Now the state’s Treasurer, Jeff Atwater, would like to do something about it. Like other states in the union, Florida has enacted a state-wide treasure hunt. Instead of traipsing up and down the beach with metal detectors searching for gold, this treasure hunt involves a search for Florida missing money. Atwater hopes this hunt will do the trick to track down missing money in Florida for good.
How the Money Keeps Returning
A common question many people asked when confronted with the unclaimed money problem is how the money compounds interest. If the money is sent to the state or federal treasury and it just collects dust, how can that possibly involve interest charges? This is a great question and it’s one that requires us to delve into the process of how unclaimed money comes to be. The following should show you that interest on unclaimed money is not an uncommon thing and that means you may have much more money out there than you first imagined.
Nearly $2.5 billion, that’s how much the Arizona state treasurers have to contend with on a daily basis. These individuals are responsible for returning all of that money to the men and women who worked so hard to earn it. The Arizona unclaimed money problem is not one that is going to go away on its own. It’s going to require a group effort between the Arizona state treasurers and the men and women of this great state to put a dent in the amounts flowing in year after year.
Arizona State Treasurers – The Missing Money Link
As the data continues to roll in, state and federal treasury officials continue to sweat. Yes, unclaimed money in 2013 is set to become even larger than years past. With billions already being held in state and federal Treasury accounts and with few people conducting an unclaimed money search, we may see record numbers this year in the lost or unclaimed money department.
What Can Officials Do?
Tax season is here and that means it’s almost time to pay the tax man, but make sure you’re not adding to the unclaimed money problem in the process. Every year millions of Americans file their tax returns and a good portion of them contain mistakes. Many times, these mistakes originate from tax software that the filer uses incorrectly or it comes from CPAs who make mistakes. In any case, these ‘overpayments’ to the IRS usually end up in the federal government’s unclaimed money vaults. Then there are the cases of individuals who filed their taxes and then never received a return. Those checks would also be sent to the federal government. By now it should be clear that it’s possible to find unclaimed money nationwide and much of it comes from the fed at tax time.
Ohio Superintendent Yaw Obeng is attempting to reunite the state’s current and former residents with millions and possibly billions of dollars in Ohio missing money. Missing money in Ohio is not a new subject. The problem has been growing for years, compounded by the fact that so many of the rightful recipients have moved out of state. This has led to Superintendent Yaw Obeng announcing a nationwide agenda to inform all current and former residents that Ohio missing money exists and it may belong to you or someone you know.