Even President Obama is owed unclaimed money
States are holding on to billions that residents don't know they have. That money becomes state revenue if not picked up.
Back in 2011, states returned $2.25 billion in unclaimed funds to 2.5 million citizens. That's only about 6% of total funds that have gone unclaimed, but if nobody claims it, you bet states are going to consider it revenue. A total of $58 billion is just waiting for folks to step up and get what's coming to them.
As CNNMoney notes, Delaware alone is set to rake in $500 million in unclaimed property this year, up from $71.1 million in 1997. That gives states a whole lot of incentive to close the window for reclaiming said property. In California, for example, shares in a company were once considered "abandoned" after 30 days before the state eventually extended the deadline to 18 months.
President Obama has money coming to him in the form of unclaimed funds from his election win over Mitt Romney in November. Cashier's checks -- one for $100 and one for $350 -- were turned over to California by First Republic Bank (FRC) and Bank of America (BAC). The latter has even more checks worth more than $2,500 listed under "Obama for America" that it plans to release later this year if they go unclaimed. (The California State Controller's Office has a search service that lets you find people who have money waiting for them.)
By rich-get-richer standards, Obama's $450 is peanuts compared to the cash celebrities are leaving on the table. Lindsey Lohan is owed $1,559.80 by California, while supermodel Cindy Crawford could buy a sports cars with the $101,090 from Abbott Laboratories (ABT) that California is holding for her. Crawford is a spokeswoman for Abbott's EAS dietary supplements, though Abbott keeps sending checks to her agents that remain unclaimed.
Google founder Sergey Brin still hasn't received the $1,184 he's owed from Stanford University, where he was a Ph.D. student and taught a data-mining course in the late 1990s. Singer, actor, MySpace owner and Bud Light Platinum creative director Justin Timberlake has $3,579 kicking around, most of it from Talent Partners Commercial Services for various acting gigs.
Finally, in what likely equates to couch change for the founder of Facebook, Mark Zuckerberg still hasn't claimed $404 from two different checks. No, he probably doesn't need it, but couldn't he at least humor everyone else and check under the cushions once in a while?
He blows $2,000,000 of tax payer money to play golf with Tiger ......... he wouldn't even light his cigarette with this chump change.
Little bit by Little bit we are going into a socialists country and we are being lulled to sleep. People wake up
before it too late. All of our freedom is going away one day at a time. I hope we can get out of this mess in
next election, before we lose everything we have worked so hard to make this country a free one. Our fore
fathers would roll over in their grave if they could see the way things are going. PEOPLE PRAY THAT IS OUR ONLY
HOPE FOR THE FUTURE!!
Hilarious considering he takes a 20,000,000 taxpayer vacation to Hawaii. I know, he deserves it
Did none of you read the whole article?
This was about where the money goes if you don't claim it. This was to encourage you to look for unclaimed money you have left behind; security deposits, tax returns.
The response to this article is completely scary!
It's funny how the same people that are on here bashing the president can't do anything about it. It's also funny that when Bush ( Republican) was in office they were crying cause he was running the country in the ground. Not to mention when they looked at his business history every business he had ever touched was also ran in the ground. I guess everybody forgot that when the Republicans had the office nothing was done besides the massacre of soldiers and all the people in the trade towers while he was supposedly somewhere acting like he didn't know it was going to happen. Most of the people talking cannot nor will they ever have the credentials to even gain a honor like being the President of the United States of America. Don't envy him because he is more on top than any of you sad, angry,and bitter people will ever be. It's funny how so many people have so much to say but it doesn't matter nor does he care and he will be on top for the rest of his life and you will be on this site talking about the next president and what he hasn't done for you. Ignorance is bliss!
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