Utah State Treasurer David Damschen has announced that the Utah Unclaimed Property Division reunited a record-breaking $40.6 million in unclaimed property with rightful owners in fiscal year 2020 (July 2019 – June 2020).
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 380,221 unclaimed properties totaling $56.4 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 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,” Damschen said. “I am particularly proud of our accomplishments this year. This money has the potential to make a difference in the lives of Utahns during these challenging economic times.”
The division has achieved a 19% average annual increase in returned properties for the past 10 years with methods that are both high-tech and high-touch. It utilizes high-tech 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.
“We encourage every Utahn to go online at least once a year to find and claim property – and check for family, friends, deceased relatives and organizations you support as well,” Unclaimed Property Administrator Dennis Johnston said. “Even if you have searched for unclaimed property in the past, check again. We might have received additional properties since you last visited our website.”