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The federal government is facing a lawsuit over billions in unclaimed bonds that date back to the patriotic fundraising efforts of World War II, leading to a showdown between states who say they should be given the money and a Treasury Department that claims ownership.

The Federal government is trying to keep its holder status of the 16 billion dollar unclaimed bonds. The local states are seeking the money to aid them in the budget shortfall. In other words the local states government could use the unclaimed money that belongs to the rightful owners for their purpose. Here is a short summary of what is going on:

• Over $16 billion in world war bonds are unclaimed
• These bonds where being sold until the late 1980’s
• Bonds have a 40 year maturity
• Chances are your parents or even grandparents bought at least one of these bonds

It is important that these unclaimed bonds remain in the hands of the Federal government so that rightful owners have the opportunity to claim these funds.

It is also important to search for your parents name, grand parents, use a combination of your mother’s maiden name. To search for your money please visit www.foundmoney.com

Full article from AP

Unclaimed Guru specialized in the field unclaimed funds. A dedicated and proactive member who seeks to locate the rightful owner of these funds. Please feel free to ask Unclaimed Guru questions about these funds down below.

Reuniting Bondholders with their matured unredeemed savings bonds

Great news for bondholders. Mr. Rockefeller together with Mr. Roberts and Mr. Leahy have introduced a bill to establish a program to reunite bondholders with matured unredeemed United States savings bonds.

The name of the soon to be Act is the “Unclaimed Savings Bond Act of 2009”, according to Rockefeller.

Up until now, little or no effort has been made to locate and contact bondholders that are holding until matured unredeemed savings bonds. There are currently over $16.5 billion in associated bond proceeds that have yet to be claimed. At the moment the Government does not have an organized program to identify the owners of all matured unredeemed savings bonds and return this new found money to their rightful owners.

Although over $1.5 billion of unclaimed money and property is being turned over to their rightful owners by the State Offices, the Federal Government provides very little assistance to help in the State Office locate the bond holders.

“At the moment, the proceeds of the matured unredeemed savings bonds are held in the United States Treasury, these unclaimed bonds are not Federal funds and belong to bond owners, not the Federal Government” says Edward Palonek, president of Foundmoney.com.

According to Mr. Palonek “by having the Federal Government join forces with at the State level, these should substantial increase the likelihood of locating the owners of these bonds which would in turn help stimulate the economy with all this new found money”.

The Federal Government plans to, firstly attempt to identify and locate the owners of specified unredeemed savings bonds and then to provide assistance to States in the form of bondholder location and assistance grants, for the purpose of owner location and notification activities with respect to these bonds.

Foundmoney.com manages millions of records which consist of billions of dollars of unclaimed accounts that still need to be claimed. Since 1995 foundmoney.com has been helping Americans claim money they didn’t even know they had.

Past customers have thanked us for bringing to their attention the possibility of finding money for themselves or family members and have commented on what a wonderful service we are offering” says Mr. Palonek.

The Unclaimed Savings Bond Act of 2009 bill will compel the Federal Government to put the bonds holder records in a digital format and all access to these records of the State Agencies which will then try to locate the owners of these matured unredeemed savings bonds. This will allow State agencies to do a web search to locate a bond holder.

Most of the unredeemed bonds appear to be from Series E which were first issued in 1941 and then reached maturity in 1981. This series was discontinued over 40 years ago.

“This new system to track down the rightful owners and return the bond proceeds to them will help the millions of Americans which are the holders of the more than $16.5 billion in bonds don’t even realize” says Mr. Palonek from foundmoney.

You can be richer than you think. Visit foundmoney.com to see if you are one of those lucky Americans that may have unclaimed money waiting for you.

Posted by Missing Money

In this economic downturn many states are looking towards making their budget shortfalls by simply claiming unused gift cards. How much can they really make up with the unclaimed cards? Is it going to make such a big difference in their budget? Could the state’s time and resources be put to a better use? On the other side, one could argue that every penny counts.

South Carolina is leading the new frontier of collecting unused gift card credits. While their methods were slow at first, now the operation is expanding. Other states appear to be following this path. Texas, for example, wants to pass a bill that would allow the state to collect these unused gift cards even when they contain no expiration date.

Today, more then half of the states have adopted some form of collection of unused gift cards. With the rising budget deficits in most states, this trend of collecting abandoned cards is expected to continue. New York facing a mounting debt of more than $7.4 billion dollars collected a mere $9.6 million in 2008 according to Wall Street Journal. Seems like a drop in the bucket? But the same laws are allowing states to “take” unclaimed property for the purpose of the State’s spending. New York State has collected $691 million dollars in this manner. This money should have been returned to their rightful owners who in turn would stimulate the economy. The extra economic growth would provide more revenue for the state and so there would be no need to pillage the abandoned properties.

The NRF has released top tips for buying gift cards http://www.nrf.com/modules.php?name=News&op=viewlive&sp_id=593
1. Know the difference between gift card policies from retailers and banks
none of the gift cards from the nation’s 25 largest retailers have expiration dates and 84% have no fees
2. Buy gift cards from reputable retailers.
3. Spend your gift card, don’t save it
4. Personalize your gift card
5. Keep your receipt

To claim your property visit www.foundmoney.com and don’t let the state take your money!

Ohio – In a recent Supreme Court ruling declared unconstitutional a provision of state law that considers interest on unclaimed funds not payable to those who claim it.

“The provision that dubbed interest nonpayable “strikes at the core of the concept of private property because, at a stroke, the General Assembly severed the link between the owner of an asset and the income produced by that asset,” Justice Paul Pfeifer wrote in the unanimous decision.” As reported by the Columbus Business First.

This is one more reason why you should check your name for unclaimed balances. As economy tightens more states will follow.

“The appeals court contended that unclaimed funds are abandoned property and subject to the government taking interest without compensation. Pfeifer wrote in this week’s ruling that Ohio statute doesn’t support that position.”

Latest estimate as of April 2009 predict Unclaimed Balances in United States alone reaches more then $32 Billion.

Unclaimed Assets Around The Globe:

• Hard-hit universities have plenty of unclaimed money Read More
• Bill plans to protect unclaimed financial assets in Africa Read More
• United Kingdom's unclaimed property value soars to £15.3bn Read More

FoundMoney.com

LAS VEGAS --- The recent announcement from of General Motors that, without a bailout, the company could face further problems has prompted FoundMoney.com (http://www.foundmoney.com) Founder Edward Palonek (http://www.edwardpalonek.org) to comment on the situation. FoundMoney.com is an Internet-searchable database for unclaimed money, and Palonek reports that the big three have millions of dollars sitting and collecting dust.

"A worst case scenario has been presented to congress which summarizes that GM's new operations would need more money than the already allocated $13.4 billion dollars," said Palonek. "The big three automakers need to examine other potential streams of cash. "The problem of auto makers not collecting money extends to almost all foreign car makers, such as, Toyota and Honda."

According to Foundmoney.com, General Motor Company (GM) has over 1,500 unclaimed money records with the estimated worth of $3.4 million. Chrysler Company has about 1,200 records with unclaimed funds worth over $1.6 million, while Ford Motor Company has more than 1,300 records in the Foundmoney.com database totaling over $2.2 million.

"The problem of domestic companies not realizing that they could recover this money quite easily also extends to foreign car makers," added the unclaimed money expert.

Toyota has an estimated $918 thousand of unclaimed funds and Honda has over just under $500 thousand in unclaimed money.

"Millions of individuals have recovered millions of dollars in recent years with companies like Foundmoney.com," stated Palonek. "While the auto makers sit on a pile of gold, they continue to ask for bailout money. Some auto makers have taken drastic cuts, which is evidenced in the recent Detroit Auto Show where some carmakers did not show up. Mitsubishi, Nissan, Ferrari, Land Rover, Rolls-Royce and Suzuki where among those car manufactures that did not attend the auto show in an attempt to save money."

Foundmoney.com reports that Nissan has over $700,000 of unclaimed money - money that could have helped to pay for the auto show.

FoundMoney.com is the Internet's largest search engine for unclaimed funds. Its database was opened in 1995 with over 1,000,000 records. Palonek started the company after his own parents passed away. As he realized the difficulties imposed by financial institutions when recovering this money, Palonek made his research available to the public.

Palonek and his company would like to offer the big three automakers a free service to help them recover their unclaimed funds. "Full story be told, millions of dollars are at stake here. Foundmoney.com would help the auto makers with the appropriate claims for some 7,000 plus records containing millions of dollars. It's money you just can't ignore when you're strapped for cash," commented Palonek.

"This month, General Motors will receive $9.4 billion and Chrysler, $4 billion. The other $4 billion will come in February but only when Congress approves a request for the second half of the financial bail out fund. In the mean time, FoundMoney is in the process of contacting the companies involved, and we hope to hear a response soon," said Palonek.

Featured on television shows such as Oprah Winfrey and Maury Povich, FoundMoney's service guarantee assures users that the information available to clients within the database will contain more than $50 or a full refund is available.

"For years the automakers have ignored missing money. Harsh economic times make finding unclaimed money a great cash infusion - not just for the automakers,but also for any individual. Millions of people have already visited Foundmoney.com to locate money using a proven method for unclaimed funds recovery."

According to the National Association of State Treasurers, there currently is more than $30 billion in unclaimed money, and with the total rising faster than people claiming, it is projected that by 2020 there could be as much as $40 billion of unclaimed money. "Aging boomers are adding more significantly to this number," remarked Palonek. "If someone forgets about a savings account today, that account may potentially take over five years before it reaches status of unclaimed money. As in the case of the automakers, it is certain there will be more unclaimed money in the coming years."

There is no doubt the world economy is facing some tough issues ahead, but there may have a positive cash infusion into the economy from an unlikely source: unclaimed money. This is a world wide phenomenon with billions of missing money world wide. In the UK people are urged to check and double check whether they've got any missing money in old accounts they might have forgotten about. Banks are making a considerable efforts to locate their rightful owners.

While most countries will keep missing money in a special accounts for future generations to claim, some other countries and institutions do not follow this road. Recently a man in Shanghai has failed to collect a lottery jackpot of $827,700. As a result that money will now be added to the next draw.

It is estimated that Americans have more missing money per capita then any other country. “This is good news for the dire economy, now we just have to find the people who are owed this money. “ says Edward Palonek founder of Foundmoney.com.

The best method for searching money is to conduct a search on a national database of missing money. Found money provides such a database with unprecedented proven track record, this is one website you can bookmark.