Get united with your windfall

By: GEORGE CHAMBERLIN - For the North County Times | Saturday, September 15, 2007 8:58 PM PDT ∞

A billion dollars here, a billion dollars there, and pretty soon you're talking about a lot of money.

That was a comment made many years ago ---- in jest, I hope ---- by the late Sen. Alan Dirksen discussing government spending. Well, America's cash-strapped consumers seem to have the same cavalier attitude about their personal finances.

A recent report suggests that more than $24 billion worth of unclaimed assets are being held by state regulators. Try as they may to contact the rightful owners, the money goes begging.

Believe it or not, there is a National Association of Unclaimed Property Administrators, an organization of state officials that desperately wants to unite people with their money. You can begin your search by going to www.missingmoney.com.

In addition, the Federal Deposit Insurance Corp. (www.fdic.gov) and the national Credit Union Administration (www.ncua.gov) have information on their Web sites to help people determine if they have unclaimed deposits.

Here in California, the state controller recently announced changes in the law that will make it easier for people to investigate if there are assets in their name being held. John Chiang said that roadblocks in the past have prevented his office "from telling 650,000 individuals each year that their stocks, bonds, cash and family heirlooms are available to be claimed."

And we're not talking about small amounts. Chiang said that the state holds more than $5 million in securities owned by 361 owners. The state is ready to send out notices to these individuals that couldn't be sent under previous laws.

You can learn more by going to the Unclaimed Property Program at www.sco.ca.gov. It provides a complete listing of all the rules and regulations ---- and there are plenty of them ---- that must be followed in order to place a claim.

Of course, Americans are rather flippant when it comes to their money. A new survey by Visa found that every year, about $2,340 in cash "disappears" from people's wallets. Nearly half of all people say that they can't account for one-third of their weekly spending. Men are the worst, losing track of about $3,000 a year.

This so-called "mystery spending" is epidemic. A quarter of the people who say they misplace more than $25 a week also admit that their spending is out of control.

Most of the problems stem from the use of cash. Visa points out that it's harder to budget your money if you don't know where it has gone. The company, of course, is encouraging people to use debit cards that provide a history of spending. For instance, you might forget that you paid $4 in cash for a drink at Starbucks, but if you use a card, it will show up on your statement.

Whether its mystery spending or misplaced assets, you would think ---- considering the supposed hard time faced by Americans ---- that we would all be a bit more responsible with our money.

Then again, another survey recently found that most people won't stoop to pick up a coin on the street. It's one thing not to pick up money, but it's another thing to throw it away.

George Chamberlin is a regular contributor to the North County Times, and also is a TV and radio commentator. Contact him at geoc1045@gmail.com.

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