U.S. States Hoard Over $100 Billion in Unclaimed Funds, Obscuring Claims to Keep Revenue
Updated
Updated · Fox News · Jun 6
U.S. States Hoard Over $100 Billion in Unclaimed Funds, Obscuring Claims to Keep Revenue
1 articles · Updated · Fox News · Jun 6
Summary
More than $100 billion in unclaimed money is being held by U.S. states, with the report arguing the system is structured to keep owners from easily finding and recovering their funds.
New York holds over $20 billion, California about $15 billion and Texas about $10 billion, while states often use the money to support budgets, pensions, public programs and other spending.
Vague listings such as “over $250,” hidden small claims and flawed search tools can mask much larger sums—a Colorado entry labeled above $250 turned out to be nearly $30,000.
Claimants who do find money can face notarized forms, mailed records, death certificates and proof-of-address demands, barriers that critics say prolong state control and, in some cases, let states keep interest earned.
Reform pressure is building, with Sen. Elizabeth Warren seeking answers and federal lawmakers proposing changes such as exact dollar disclosures, automatic matching, simpler digital claims and interest payments to owners.