Millions of dollars in unclaimed property are turned over to the state every year. This money comes from sources like dormant bank accounts, uncashed checks, safe deposit box contents, and unpaid insurance benefits.
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.
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. Rightful owners or heirs can claim their property in perpetuity, meaning if they find property belonging to them or a deceased relative, they are able to claim it no matter how much time has passed. In any case where there is more than one heir, the heirs can each claim their portion of the property.
The Unclaimed Property Division consistently strives to make record-breaking unclaimed property payouts to rightful owners by employing new strategies, implementing aggressive outreach campaigns, leveraging technology, and forging partnerships with charities, local government leaders, and the news media.
The division has achieved a 19% average annual increase in the value of properties paid to rightful owners during the past 10 years with methods that are both high-tech and high-touch. It utilizes claims processing technology and digital advertising to reach the greatest number of unclaimed property owners, while also implementing more personalized outreach and locating efforts to identify owners who might otherwise be missed. In Fiscal Year 2020 alone, the division returned a record-breaking $40.6 million in lost cash, stock, and other properties to individuals, businesses, and charitable organizations.
To learn more about the Unclaimed Property Division and to search for unclaimed property, visit mycash.utah.gov.