$29.3 million paid out in FY2019
Visit mycash.utah.gov or call 801-715-3300 to claim property
SALT LAKE CITY – February 13, 2020 – Utah State Treasurer David Damschen today announced that the Utah Unclaimed Property Division received $56.4 million in lost property at the end of 2019. This property comes from sources like dormant bank accounts, uncashed checks, safe deposit box contents and unpaid insurance benefits.
“We encourage Utahns to check mycash.utah.gov every year as they file their taxes to see if they have lost property to claim,” Treasurer Damschen said. “We receive tens of millions of dollars in new unclaimed property each year, so the odds are good that you, a relative, or friend have unclaimed property, even if you haven’t in the past.”
When a business owes money to an individual it cannot find, it remits those funds to the state’s Unclaimed Property Division after three years of non-contact with the owner. Property holders remitted 380,221 new properties to the Unclaimed Property Division of the Office of State Treasurer by the November 1 annual reporting deadline, along with the names and last-known addresses of owners. The division currently safeguards more than $370 million in unclaimed property.
“There are many ways to lose track of property. People might move and forget they had a deposit with the utility company, or they might be the beneficiary of a life insurance policy they didn’t know existed. Checking to see if you or your friends and relatives have lost property is simple, easy and something everyone should do at least once every year,” Unclaimed Property Division Administrator Dennis Johnston said.
Unclaimed property is usually money, but the Unclaimed Property Division also regularly receives items from abandoned safe deposit boxes that can be claimed. The Division has a vault containing interesting items like coins, baseball cards, art and photographs. These items are periodically sold via auction, and the proceeds remain available to be claimed by the rightful owner.
Individuals may submit a claim for properties of deceased relatives if they can prove they are the rightful heir. In any case where there is more than one heir, they can claim their portion of the property.
For more information and to search property, visit mycash.utah.gov or call 801-715-3300.