Unused gift-card money reserve is growing at a rapid pace and it is estimated that around $8 billion of this amount is waiting to be reclaimed. In 2008, almost $80 billion was spent on gift-card and gift certificates during the Christmas holiday season. These unclaimed gift card funds are now included under the state unclaimed property, which makes it easier for the US residents to reclaim their unredeemed cards even after the gift card has expired.
As of now, Unused gift cards are legally considered an unclaimed property in at least 24 states and more states are working towards changing the jurisdiction of their state unclaimed properties law. The businesses are required to track the owners of the gift-cards, but it is difficult to locate the real owner because of the absence of any registration process in gift-cards during the purchase. When a gift-card holder fails to redeem their card, Companies are required to turn over the remaining value of the card, excluding the maintenance amount, to the state treasury after five years. Once the money is with the state, the only way to claim it, is to know the card number. This law applies only to cards where the remaining balance is more than $25. On a national level, there has been no tracking of the unclaimed gift-card amount as The National Association of Unclaimed Property Fund Administrators does not have the mechanism to track it. The unredeemed gift-cards were treated as a short term, interest-free loans by businesses and many states took notice of this and amended their unclaimed property laws. As a pro-consumer move, many companies are removing the expiration date and the non-use fees from their gift-cards. Wal-Mart, Home Depot and Target will honor the card even after years of being purchased. "One of the benefits of offering gift cards which never expire is that it affords the guest the opportunity to use them at any time," said Target Corp. spokesman Eric Hausman. "The proposals under consideration would essentially impose an expiration date on our gift cards." So, if you remember an unredeemed gift-card even after five years, you can expect to find your name in the unclaimed property holder list of states (assuming your state has enacted the unredeemed gift-card law). You can also utilize the vast database of www.cashunclaimed.com covering almost all the states. CashUnclaimed also has a patent pending Name Match technology which makes the search for unclaimed cash much easier for majority of the states.
Cashunclaimed.com offers a free search for unclaimed money and is one of the largest databases for US unclaimed money in the world. Our current database lists billions of dollars in unclaimed money, property, accounts and assets from all 50 states that could belong to you. There are millions of people who are owed unclaimed money and they dont even know it!
Florida Unclaimed Money Still on the Rise. - Los Angeles, CA - October 8, 2009 – Florida Unclaimed money
is on the rise even amidst the failing economy and financial hardships across the United States. In Florida, the unclaimed cash and proper .. (174 Views)
State Unclaimed Money Owed to Millions in United States. - Huntington Beach, CA – October 8, 2009 – State unclaimed money has risen to billions of dollars and is owed to citizens in the United States. While the economic slowdown persists, the unclaimed cash .. (137 Views)
Cashunclaimed.com Unveils Secrets to Getting Money for Christmas - December 22, 2009 – USA - $25 Billion of unclaimed money waiting to be reunited with its owners this Christmas – That’s an approximate figure shared by the federal and State governments. Most of the U .. (135 Views)
US Unclaimed Money on the Rise Amidst Financial Crisis - Orange County, CA – August 10, 2009 – Cashunclaimed.com announces US unclaimed money is still growing in each state across the country. With many in the nation suffering from the strain on the econom .. (94 Views)
Millions in New York Unclaimed Money Up for Grabs. - October 18, 2009 – New York, NY - New York unclaimed money has been adding up in the vaults of the State controllers office for years now. At last estimate almost $10 billion of unclaimed cash is wait .. (93 Views)
Connecticut Unclaimed Money Mystery: $400 Million Owed to Americans - November 5, 2009, Brideport, Connecticut CT – The Connecticut unclaimed money pile is getting bigger by the day in the state of Connecticut. An unprecedented drive is being undertaken by the State Tre .. (92 Views)
Unclaimed Money owed to World War II Veterans - Unclaimed money owed to US citizens dates back to even World War II and in some cases much earlier times. World War II saw the emergence of an economically superior America and at the same time a firs .. (91 Views)
