Utah State Treasurer Marlo Oaks today announced the Utah Unclaimed Property Division reunited $36 million in unclaimed property with rightful owners in fiscal year 2021 (July 2020 – June 2021).
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 449,998 unclaimed properties totaling $52.1 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. “We have an exceptional track record. During the last decade, we have more than quadrupled annual claims payments.”
The division employs methods that are both high-tech and high-touch. It uses digital advertising and claims processing technology 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.
The division recently launched an initiative to reunite unclaimed money with rightful owners in Utah’s most economically depressed communities. In partnership with the Utah Automated Geographic Reference Center, the Unclaimed Property Division created a tool to search unclaimed property data by census tract, county, senate district and house district. One use of the tool—matching unclaimed property data with corresponding census tract median income data—enables the division to focus more strategically on areas of the state with the greatest need. As part of this effort, the division has sent out 183,364 direct mail postcards to these communities during the past six months.
“Despite our innovations and accomplishments, we still take in more property each year than we can return,” Unclaimed Property Administrator Dennis Johnston said. “Every Utahn should go online at least once a year to find and claim their property – and check for family, friends, deceased relatives and organizations they support as well.”
“Even if you have searched for unclaimed property in the past, check again,” Treasurer Oaks said. “We may 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.