Feds and States Battle Over Your Unclaimed Property

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During the WWII the federal government began issuing savings bonds in order to raise money for the war.The amount of these bonds totaled hundreds of billions of dollars.

Surprisingly a vast number of these bonds were never claimed. There is about $16.7 billion worth of bond certificates remaining never having been claimed by the owners.

Those funds have been left sitting unclaimed in Federal government hands unchallenged until just recently.

I believe the federal government should have taken action to notify bond holders that there bonds had matured,they didn't. That lack of action has now put this vast sum of money at risk. And the ones going after these funds are the State Governments.

A number of state governments have filed suit against the feds in order to take ownership of the money. They are saying that they would be better suited to have the money because the federal government hasn't taken action to return the money to it's owners. But they are also making a point that because of the tough economic times the money that isn't claimed should belong to them.

So much for looking after you and me !

Of course the feds are arguing that the money does belong to them and not the states. Either way the fact is that these agencies are fighting for possession of money that belongs to the citizens of the country not the governments and granting them possession of these funds gives them a precedent to claim all future assets of this nature.

Why fight so hard for this money ? Well note this. California and New York, could gain as much as $1.6 billion! Other states likeVirginia and Maryland could get more than $300 million each. So you see this is not pocket change.

These funds should be returned to the owners of the funds not put into the hands of the politicians that have driven our governments into debt. This money would go along way to help people during these tough economic times.

For now, it seems, it will be up to the federal courts to settle the matter.

On the chance that you are curious,this is just one small part of the government's hold on unclaimed property in this country. There are billions and billions of dollars from unclaimed bank accounts insurance settlements and more that are held in federal and state deposits waiting to be claimed. There are many that say it is not far-fetched that 90% of Americans are actually owed money by the government.

Article Source: http://depositarticles.com/

You can check to see if in fact you may have a part of thee billions of dollars in unclaimed money very easily. Just click on: Find Unclaimed Money To try a database search for free to see if you may be one of the 9 out of 10 people owed money.

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