Utah State Treasurer David Damschen today announced that the Utah Unclaimed Property Division reunited a record-breaking $29.3 million in lost property with rightful owners in fiscal year 2019 (July 2018 – June 2019).
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. Last year, the Division received 382,349 unclaimed properties totaling $54.8 million. Unclaimed property comes from sources, such as dormant bank accounts, overpaid medical bills, uncashed checks, safe deposit box contents and unpaid insurance benefits.
“Our mission is to reunite lost property with rightful owners, and our team strives to consistently reach for record levels of unclaimed property payouts,” Treasurer Damschen said. “By leveraging technology and implementing aggressive outreach campaigns, our efforts are literally paying off for thousands of Utahns.”
The Division can attribute part of its success in recent years to a new outreach approach, wherein unclaimed property staff reaches out to individuals and businesses to advise them of their lost money, instead of relying solely on drawing owners to the Division’s website to search for their properties. Additionally, the Division has implemented technology to increase efficiencies and provide improved user experience, including a new unclaimed property management system.
“Despite our accomplishments, we still take in more property each year than we can return,” Unclaimed Property Administrator Dennis Johnston said. “One in five Utahns has lost money. Everyone should go online, find and claim their property – and check for family, friends and deceased relatives as well. It’s easier than playing the lottery, and the odds are better.”
“Even if you have searched for unclaimed property in the past, you should check again,” Treasurer Damschen said. “We might have received additional property since you last visited our website.”
For more information and to search property, visit mycash.utah.gov or call 801-715-3300.