A record $64.3 million in unclaimed property was returned to rightful owners in 2017-2018 under the Arizona Department of Revenue’s (ADOR) Unclaimed Property program.
Amounts given back to people ranged from one dollar to more than $1.2 million.
Unclaimed property generally consists of money due to an individual from sources including old bank accounts, uncashed payroll checks, tax refunds, credit balances, rebates and returned deposits. Often property becomes unclaimed because the company that holds the funds has an outdated address for its customer or, in some cases, a person passes away with no family members aware of the assets. Most accounts are considered abandoned and are turned over to the state after three years of inactivity.
The $64.3 million returned during the agency’s 2018 fiscal year (July 1, 2017 to June 30, 2018) exceeds the
$57 million in fiscal year 2017. In the past three fiscal years, about $180 million has been returned to individuals and businesses unaware of the funds’ existence.
The Department of Revenue’s Unclaimed Property unit’s mission is to efficiently and effectively collect, safeguard and distribute unclaimed property. In addition to information on the agency’s website and working with other state agencies in Arizona and across the country, ADOR advertises in local media in the state to locate people entitled to unclaimed property that has been turned over to the department.
ADOR returns property to owners who provide documentation showing their right to claim the property. 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.
For more information on the Arizona Department of Revenue’s Unclaimed Property program, people can go to www.azdor.gov and click on the Unclaimed Property tab.
Friday, August 3, 2018