Salt Lake City, Utah (The Daily Dish) — The Utah Unclaimed Property Division of the Office of State Treasurer is a vital resource for anyone looking to reclaim lost money. The division serves as a lost and found for abandoned funds, which come from sources like dormant bank accounts, uncashed checks, safe deposit box contents, overpaid medical bills, and unpaid insurance benefits.
When a business owes money to an individual or organization that it cannot find, it remits those funds to the division after three years of non-contact with the owner. Rightful owners or heirs can claim their property in perpetuity, meaning they can claim it no matter how much time has passed. If there is more than one heir, they can each claim their portion of the property.
The Utah Unclaimed Property Division has implemented several strategies to return unclaimed money to rightful owners. These include leveraging technology, forging partnerships with charities and the news media, and implementing aggressive outreach campaigns. The division also utilizes claims processing technology and digital advertising to reach the greatest number of unclaimed property owners while implementing more personalized outreach and locating efforts to identify owners who might otherwise be missed.
In 2022, the Unclaimed Property Division received another $77.2 million (496,880 properties) in unclaimed property. Since its inception, the division has returned over $396 million in unclaimed property, including the 36,821 properties totaling $30.6 million reunited with rightful owners in 2022.
Last year, the division shifted its efforts to reunite unclaimed money with rightful owners in Utah’s most economically depressed communities. This move helped reunite lost money with more Utahns than ever before, including those who needed it the most during these challenging economic times.
This year, H.B. 360: Unclaimed Property Amendments was signed into law. It allows Tax Commission data to be securely matched with Unclaimed Property data to verify an owner’s identity and current address. This enables the division to automatically mail a check to residents who are owed less than $2,000 without requiring them to file a claim. The division estimates that up to $102 million could be automatically returned to rightful owners.
The Utah Unclaimed Property Division of the Office of State Treasurer serves as an essential resource for anyone looking to reclaim lost money. With their various outreach campaigns, partnerships, and technology-driven approaches, they have helped reunite millions of dollars with rightful owners, including those who need it the most.
If you suspect you may have unclaimed property, visit their website or reach out to the Utah Unclaimed Property Division or call (801) 715-3300 to see if any of it belongs to you.
*Sponsored by Utah Unclaimed Property Division.