Arkansas is one state that is facing a big money problem. No, the state’s not broke. Rather, the state is holding onto too much unclaimed money. Unclaimed money isn’t a new phenomenon, but it is a problem that is getting steadily worse. So what is unclaimed money and why is Arkansas facing such a problem?
What Is Unclaimed Money?
Unclaimed Money is the money that goes missing when you have an old utility deposit coming to you and you move away. The check is mailed, it fails to find you and it is mailed right back to the company that mailed it in the first place.
Then there are the insurance settlements that never reached the Arkansas residents that moved away, the old bank accounts and safe deposit boxes that some Arkansas residents have forgotten about or abandoned, and more. These are just some of the reasons Arkansas is facing such a bad unclaimed money problem.
Why is Unclaimed Money Considered a Problem?
You would think that Arkansas would be thrilled to have all that unclaimed money on hand. While Arkansas isn’t broke, per se, it still could use some extra money. Arkansas, like most states in the union, are in a recession and economic recovery is still years away.
To make problems worse, the unclaimed money that is sitting in Arkansas treasury accounts is considered worthless to the state. The state can’t spend it, it can’t use it for its budget, nor can that state do anything else with the money. Instead, the unclaimed money just sits in an Arkansas treasury account with no sign of relief.
What Can Be Done?
Arkansas is going to have to rely on its residents if it hopes to alleviate the unclaimed money problem in the state. With so much money being held and more coming in all the time, only by the residents taking action can we hope to get rid of the unclaimed money problem once and for all.
The great thing is, it is now easier than ever to find unclaimed money if you live in Arkansas. The state has tried numerous techniques for getting the word out about unclaimed money. Direct mailers have gone out, the TV and radio has played commercials and there have even been booths set up at Arkansas state fairs. Still, the unclaimed money problem isn’t stopping anytime soon.
That is why many Arkansas state officials are relying on programs like UnclaimedMoney.com and word-of-mouth advertising to help get the word out. Now that Arkansas residents can search for unclaimed money online, it is now easier than ever to find and claim that unclaimed money if it is indeed owed to you.
Most Have No Idea Money is Owed to Them
Did you know that most people who search for unclaimed money using UnclaimedMoney.com have no idea it is even out there? This is why it is imperative that all Arkansas residents search for unclaimed money. If all residents search for unclaimed money and tell everyone they know about the unclaimed money they found, hopefully Arkansas can be one of the first states of the union to alleviate the unclaimed money problem for good.
Thankfully, it only takes a few minutes to search for unclaimed money. With such an easy process and with so much money on the line, money that many could use in these trying times, every Arkansas resident should conduct a search for unclaimed money right now.