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Will Unclaimed Money Trust Funds Disappear like Social Security?

The government requires unclaimed money bethe State and 40% remain for the retailer.
turned over to state. Now they are passingGeorge Delta, from the counsel to the
bills to spend this money that may belong toIncentive Marketing Association, stated
you! Are they legalizing theftUnclaimed"States require businesses to give them some
money accounts in the United States totaltype of periodic report of the amount of
over $25 BILLION dollars. The money ends upunclaimed property they are holding. This
in these account do to the governmentsallows the state to monitor this potential
"escheat laws" requiring institutions such assource of income."With the states
banks to turn over funds from dormant bankexperiencing such great budget benefits from
accounts, uncashed checks, unused gift cards,the unclaimed property funds, they have
etc. States are now passing bills to spendlittle incentive to locate the rightful
the money from these Unclaimed Property Trustowners of this money.In the state of
Funds. These funds are owed to millions ofCalifornia the lost funds have reached over
Americans and instead of making any sizable$5 billion and it is estimated 1 in 5 have
effort to contact the rightful owners, theunclaimed money. How hard is it to find Ryan
state is now proposing to spend this money toSeacrest, Reese Witherspoon, Julia Roberts,
handle there own budget problems.States areKate Hudson and Benicio Del Toro? They are
passing bills allowing them to use theall owed money from California's state
missing money funds. One such case is a Billdatabase. Microsoft is owed over $25,000!!!
was passed last year in Arkansas. The BillCalifornia's Unclaimed Property Trust Funds
was created impart to allow the State tois likely to be a target piggy bank for the
transfer up to $15,000,000 of funds from theCA Governor to use to assist with the states
"Unclaimed Property Proceeds Trust Fund" tobudget issues.Nicole Anderson offers more
the States General Improvement Fund. Theinformation about unclaimed money at Cash
subtitle of this Bill states the funds are toUnclaimed. Would you like to receive your
be used "...to provide additional funds forlost funds check without searching 100+
the State budget".Some states such as Indianaindividual databases? A simple unclaimed
and Iowa require that 60% of the money fromproperty search could mean a check in your
unused expired gift certificates be sent tomailbox.



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