The Arizona Unclaimed Property Section is currently matching the reported names and Tax ID numbers of possible unclaimed property owners with various databases in an attempt to locate an accurate address and return funds being held to the owner. When the Arizona Unclaimed Property Section identifies a potential new address for an unclaimed property owner, we mail a cover letter and claim form to the possible owner. This letter is an attempt by the State of Arizona to locate and identify an owner of a reported abandoned asset.
WHAT PROPERTY IS BEING HELD?
The Unclaimed Property Section is prohibited from providing you with any specific information about the property we are holding until we have received a signed claim form and appropriate identification from you, the claimant. This safeguard is in place to minimize the risk of fraudulent claims and to protect the privacy of unclaimed property owners.
Generally per Arizona law, property such as dormant savings accounts, utility/security deposits, insurance proceeds, unpaid wages, stocks, bonds, customer overpayments, and the contents of safe deposit boxes or the proceeds of their sale are considered abandoned assets or unclaimed property when the holder cannot locate the owner. An abandoned asset must be turned over to the Department of Revenue after the time specified by statute regardless of its value.
WHAT HAPPENS AFTER A CLAIM FORM IS SUMITTED?
- The Section will process your claim to ensure we have identified you correctly as the owner. If we need more information from you to verify ownership of the property, we will contact you during this time.
- If the Section determines that you are the owner, we will issue payment within 30 days of the date that your claim is approved. All claims are processed in the order that they are received. The length of time it will take for your claim to be completed depends on the number of claims received prior to your claim.