Unclaimed Property Division reunites $24.4 million with rightful owners in FY 2018
SALT LAKE CITY – October 9, 2018 – Utah State Treasurer David Damschen today announced the implementation of a new unclaimed property management system and an enhanced website that incorporate the latest advancements in technology to provide claimants and holders with the simplest, most secure experience possible.
“The newly redesigned website makes it even easier for Utahns to search for unclaimed property and for holders to report unclaimed property to the State,” Treasurer Damschen said. “Some of the new features include an enhanced search function for more comprehensive searches, the ability to upload claim documentation directly to the website, improved online payments, manual online reporting for small reports and stronger protections to ensure security of personal information.”
Last year, the Unclaimed Property Division put $24.4 million back into the pockets of rightful owners and processed 19,705 claims – that is four times as many claims as 10 years ago. In recent years, the Division has paid more than 50 percent of claims in just one week. That percentage should increase with the new system.
“During the past several years, we have placed significant focus on leveraging technology to make record levels of unclaimed property payouts to rightful owners,” Unclaimed Property Administrator Dennis Johnston said. “The new KAPS system and enhanced website will take us to the next level, improving the claims process and enabling us to reunite more unclaimed property with rightful owners.”
The Division received more than $38.4 million in lost property at the end of 2017. This property comes from sources, such as dormant bank accounts, uncashed checks, safe deposit box contents and unpaid insurance benefits.
For more information and to search property, visit mycash.utah.gov or call 801-715-3300.