Unclaimed Property Division received a record $128 million in lost money during FY 2024, now listed online to be claimed
SALT LAKE CITY – August 26, 2024 – Utah Treasurer Marlo M. Oaks today announced the Utah Unclaimed Property Division reunited $37.4 million in unclaimed property with rightful owners and processed a record-breaking 47,553 claims in fiscal year 2024 (July 2023-June 2024).
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. The division received 689,351 new unclaimed properties totaling $128 million. Unclaimed property comes from sources like dormant bank accounts, overpaid medical bills, uncashed checks, safe deposit box contents, and unpaid insurance benefits.
“Our team uses a variety of methods to return unclaimed money to rightful owners, including implementing aggressive outreach campaigns, leveraging technology, and forging partnerships with charities, local government leaders, and the news media,” Treasurer Oaks said.
The division launched a new Unclaimed Property program last year called MyCash Now, the most significant development since the division was established in 1957. Utah Tax Commission data and Unclaimed Property Division data are securely matched to verify an owner’s identity and recent address. The office can then automatically issue a check to rightful owners who are owed $2,000 or less without requiring them to file a claim. This has resulted in a record number of smaller payouts.
The division has sent out 25,000 MyCash Now notice letters so far and has automatically paid out $6.9 million as part of the new program.
“We are excited about the potential of the MyCash Now program, as we continue to refine it. While the program allows us to automatically return lost money to tens of thousands of Utahns, there are many properties that won’t be matched. We encourage all Utahns, including those who received money as part of the match, to search the unclaimed property database at mycash.utah.gov at least once a year,” Treasurer Oaks said.
For more information and to search property, visit mycash.utah.gov.
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