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.

By Jason Notte Mar 7, 2013 12:37PM
U.S. President Barack Obama holds a news conference from the White House /Larry Downing/Reuters Think government officials are getting too much money as it is this tax season? Well even the president has some unclaimed cash kicking around this time of year.


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?


More on moneyNOW

75Comments
Mar 7, 2013 2:57PM
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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.

Mar 7, 2013 4:30PM
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well that's 450.00 dollars more than he`s worth
Mar 7, 2013 4:09PM
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Obama is owed nothing...he owes the taxpayers so much money for all the debt he as allowed happen in this country and not to mention all the vacations this man has taken more than other president ever....let us be real.
Mar 7, 2013 4:53PM
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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!!

Mar 7, 2013 2:51PM
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Welfare check or residual bribe money from Chicago?
Mar 7, 2013 5:42PM
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And the award for Biggest Non-News Who Cares News story goes too...
Mar 7, 2013 4:27PM
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Under which name Barry Soeroto or Barack Obama. LMAO
Mar 7, 2013 4:41PM
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There's an obvious difference between hating and justifiably criticizing.

By now, everyone observant knows that Obama doesn't know what he's doing, and that he stumbles through literally every day of his presidency.
Mar 7, 2013 4:58PM
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He should first pay back the money he embezzled from the loans on his Chicago mansion by changing the parcel ID several times to avoid detection. It's called a multi layer real estate fraud transaction.
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The blowhard in chief warns us to prepare to feel the shock of sequestration on everything .............. while employing 3 calligraphers  at a total yearly cost of 277,000.00  ......... and probably doesn't consider what a government pension for 3 people is when they could be replaced with a 50.00 font is going to cost as well!
Mar 7, 2013 5:18PM
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Hilarious considering he takes a 20,000,000 taxpayer vacation to Hawaii. I know, he deserves it

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WHAT I JUST CAN'T GET MY HEAD AND HEART AROUND IS HOW IN THE WORLD DID AMERICA RE ELECT THIS NON FUNCTIONING IDIOT WHO , OH FORGET THAT HE IS FUNCTIONING ABET HE FUNCTIONS TO DESTROY OUR WONDERFUL COUNTRY. WHEN IS AMERICANS GOING TO HAVE ENOUGH OF THIS DUDE THAT IS SUPPOSE TO BE WORKING FOR AMERICA NOT DESTROYING AMERICA. I UNDERSTAND TERE IS GOING TO BE A BILL TO STOP FUNDING THIS DUDES GOLF TRIPS, I THINK A BILL SHOULD STOP FUNDING MS OBAMA TRIPS AS WELL. IT CRAZY HOW MUCH THESE TWO AVE SPENT OF TAX PAYERS MONEY. IF WE DO NOT GET THIS WHOLE THIG BACK UNDER CONTROL WE WILL NOT SEE OUR COUNTRY EVER AGAIN IT WILL BE GONE, AND THAT IS EXACTLY WAT TIS EVIL MAN AND HIS COHORTS WANT. THEY HATE AMERICA AND WHAT SHE STANDS FOR. DONT YOU PEOPLE GET IT AND FOR THOSE WHO VOTED FOR HIM YOU AL ARE GETTING SLAMMED BUT DONT HAVE THE COURAGE TO STATE IT AND DO SOMETHING TO SAE AMERICA FOR OUR FUTURE GENERATIONS.
Mar 7, 2013 4:16PM
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Maybe Obama thinks that it is his "Fair Share"
Mar 7, 2013 5:32PM
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It's ok if he doesn't claim it. They will find a way to tax it, and we will pay for it.
Mar 7, 2013 6:22PM
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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!

 

Mar 7, 2013 7:07PM
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This news are old as Mathusalem. Unclaimed money by taxpayers existed before Obama and it will continue to exist after he leaves office. Ignorance is costly. 1) Approximately 12 years ago, a colleague in the office read an article about all the millions of dollars that were unclaimed by taxpayers. She got curious and then decided to find out if by any chance she was one of them. She was shocked to find out that she was one those taxpayers whom the IRS owed money.  It has been my personal experience that whenever an institution owes you money, if you do not inquiry and ask for a refund in writing, most likely they will never contact you and or sent you a check. It happens to me with my daughter's college tuition. Once when I contacted the college to ask for a final copy of the tuition statement, I was surprised to  find out that there was a remaining balance in my favor for $ 1,364.00. When I inquired why the college didn't send me a refund check, I was told that refunds were issued only when requested. 
Mar 7, 2013 4:42PM
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He is just afraid to give out his Kenyan bank acct.# to deposit the check because of internet fraud.
Mar 7, 2013 5:54PM
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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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