The best magazine
Many times people fail to take their claims.
These become unclaimed federal grants.
There are many properties and bank accounts that come in this parlance.
Here are some common beliefs related to the government unclaimed funds.
These tips would also help you get your share in the pie: * You must understand that no one would come home to give your grants.
People believe that the banks contact the persons in case they have some unclaimed property, funds or the bank accounts.
The less known fact is that they the banks make three feeble attempts to contact the person.
For this they mail 3 letters to the address that they have.
They ignore that the fact that the person is not there at present.
* In order to claim these funds you must check the government websites on the internet.
They always give the details of this money and property.
As per the law, any item is enlisted in this list only when the owner is not in contact for 3 years or more.
* Another interesting fact you must know is that the Government unclaimed funds are often not exact.
For instance, the finds for the state of New York are often not posted properly.
Right now they are worth $ 22 million, but the website shows only $ 3 million.
* Another common myth that people have in this connection is that the state pays you an interest on the unclaimed federal funds.
The fact is that none of the state pays you any thing extra.
In fact, in the sate of Ohio they charge 5% processing fee on the claims.
* Further, another less known truth is that when the banks fail, the money becomes unclaimed.
The users thing that they have lost their savings & earnings, but it is not so.
Usually the banks are a member of the Federal Deposit Insurance Corporation (FDIC).
This organization has insured the account holders against the loss of funds if the banks close down.
They protect the funds up to the limit of $ 100,000 per account.
Source: ...