Create Australia Business Unrecovered Lost Funds; One of the largest niche industries globally
The picture is surreal even to veteran Refund consultants in the Lost fund Industry.
The amounts are unbelievably huge- Australian owed $20 Billion dollars, and that amount is growing daily with one in 5 Australians being owed some form of lost funds. In America, the estimated amount in Lost and unrecovered funds is $80 Billion dollars, and counting, The United Kingdom is equally surreal. All this amounts to a very lucrative industry to work in and work easily and with a lot of flexibility and freedom. In many ways, residents of Australia, New Zealand, USA, UK, and Canada should be thankful for the English law system that allows for misplaced assets to be refunded to its correct owner.
Just to give you an idea, One woman out of Kansas City, Missouri is certainly going to remember this holiday season. She just received $6.1 million from the state that had been unclaimed for several years. It is estimated that the State of Missouri has more than $600 million in unclaimed property. Most of the money is from safe deposit boxes, bank accounts, stocks, and bonds. The average payout to an individual is about $300, according to the state treasury office.
The woman’s name was not released, according to Missouri’s Treasurer. There are a number of reasons why there may be unrecovered property in someone’s name. It could be a simple case of a change of address or there might have been a death in the family. Misplaced documents, especially for life insurance or bank accounts, are also common reasons why someone may not know about money sitting in their name with the state.
In Missouri, insurance companies, financial institutions, and public agencies are required by state law to turn over funds to the treasurer’s office if they have not been able to contact the owner for over five years.
The American Media like the Today Tonight program speaks about the massive money pit that is “Unrecovered Money”, but even they don’t seem to realize how massive the world’s lost money pit REALLY is!
On the Australian Today Tonight Program, billions of Misplaced Funds in Australia, waiting for refund agents to assist in its refund. All in all a brilliant way to make a living!