What is the State Treasury and How You Can Claim Unclaimed Money?Every state has its own treasurer. He is the state's chief banker and manager of money, investments, budgets, deficits, as well as unclaimed assets. The state treasury is managed by the State Treasurer. He is serving citizens by providing transparent and efficient financial leadership, as well as safeguarding the resources of the state and maximizing returns on investments. State Treasuries also have a special mission: to return all unclaimed money and properties to the rightful owners.
Currently, there are tens of billions of dollars ($43 billion in 2013 according to the National Association of Unclaimed Property Administrators) from bank accounts, insurance policies, stocks, bonds, jewelry, and other unclaimed assets, that are waiting for their owner! Discover how you can claim for unclaimed money.
Role of the State Treasury
The State Treasury serves as the financial chief of a specific state. It has a large mission as it is safeguarding the state revenue in all aspects. The State Treasury and his chief officer the state treasurer are also protecting taxpayer funds from fraud and abuse and have an obligation of transparency. The state treasury has many responsibilities, such as:
Safeguarding Public Funds
The role of the State Treasury is to protect public assets and to safeguard public funds. As they manage the state's investments, banking, and debt programs, they aim to make life better, protect every citizen and help to build a brighter future by safeguarding the resources and maximizing returns on investments.
Banking & Investment - Financial Services
The State Treasury is entrusted with all the public money paid to the state treasury, as a consequence, it is charged with receipt and deposit responsibilities, cash-management, state depositories, as well as the rate of interest to be paid on deposits of state moneys. The State Treasury is basically responsible for cash management duties of receiving, depositing and investing all state funds.
Helping Nonprofits & Communities
The State Treasury is often offering education savings plans or prepayment program, in order to help the youth to pay education expenses. They help to finance community projects such as schools, roads, armories, etc. Part of its mission, is to ensure that associations are not used for the benefit of terrorism.
Communication is an important part of the State Treasury's mission. With a responsibility of transparency, the State Treasurer communicates on the different projects, the programs, all actions implemented to help citizens, businesses and governments. Most of the states publish their accomplishment of the year online so that citizens can follow the different projects and learn more about the impact of the taxes that they pay.
Last but not least... the State Treasury is charged with unclaimed money and unclaimed property. Each year, the State Treasury receives millions of assets called unclaimed property or unclaimed money. It comes from abandoned assets such as cash stocks, bonds, insurance benefits, valuables, dormant accounts, etc. At the end of the year, businesses of each and every state have to review their records and file an annual report of unclaimed funds. More funds are distributed to the State Treasury unclaimed property department of every state.
Unclaimed money or unclaimed property can come from various sources. It can come from past employers, from insurance, from tax refunds, from banking and investments, from unclaimed federal tax refund checks, from federal tax refunds or even from an inheritance, as you could find unclaimed assets that are related to one of your deceased relatives.
Each year, millions of dollars in cash from financial institutions, businesses, government agencies, and other organizations are turned over the State Treasurer's Office after there has been no contact with the owner of these assets for a period of five years. Unclaimed assets come in various forms, even though it is mostly unmaterial, it can also be jewelry, precious items such as military medals and insignia, deposit box, etc. State Treasurers are calling all citizens to check for unclaimed money in every state they have lived or have abound with.
How to Find Unclaimed Money
Now, the question is how? The first step is to start thinking about all the states you've been living in or even states where relatives are living (as previously mentioned, unclaimed money could come from inheritance as well). Once you have identified all the states where you could look for unclaimed money, reach the State Treasury site of the relevant states.
Each and every state will give you the option to start looking for unclaimed money online. Get started by entering your name or business name, eventually narrow your search with city or zip code. The unclaimed money search engine will screen all property of the state and see if your name matched with one of them. Good luck! If one is found, you'll be able, to begin with, the claiming process.
If you want to learn about the steps to follow in order to look for unclaimed money and unclaimed property that might be owed to you in each and every state of the U.S., follow this article, all the links of State Treasury are indicated state by state. Easy Peasy.
If it looks a bit long a time-wasting, yes, we cannot deny, so the ultimate option is to choose a people to search websites such as GoLookup. GoLookup is screening all unclaimed funds, which represent close to 60 billion dollars and see if the name you entered is related to one of these unclaimed assets. GoLookup gives you instant access to collective records for all 50 states in the United States. Really easy peasy!