$900 million in unclaimed money
The Arizona Department of Revenue’s (ADOR) Unclaimed Property program has identified more than $900 million that belonged to more than 1.1 million people with last known addresses in Maricopa County.
The agency is sending out notices to the potential property owners and their families to attempt to return the funds. Some of the property dates back more than 30 years with one property being worth $500,000.
Unclaimed property generally consists of money due to an individual from sources like old bank accounts, uncashed payroll checks, tax refunds, credit balances, rebates, returned deposits and dormant safe deposit boxes. Often property becomes unclaimed because the company that holds the funds has an outdated or the wrong forwarding address for its customer and in some cases, a person passes away with no family members aware of the assets.
ADOR returns property to owners who provide documentation showing their right to claim the assets. Claimants must include with their claim form a valid photo ID, such as a driver’s license or other applicable identification, and documentation linking them to the owner’s last known address. Claimants must also provide documentation demonstrating a legal right to claim any property listed in another name.
ADOR’s Unclaimed Property program returned $48.4 million to rightful owners in fiscal year 2019 (July 1, 2018 to June 30, 2019).
There is currently $1.5 billion in unclaimed assets in the state being safeguarded by the Arizona Department of Revenue.
For more information on ADOR’s Unclaimed Property program, including how to make a claim and frequently asked questions, go to www.azdor.gov and click on the Unclaimed Property tab.
Friday, March 13, 2020