The state is looking for 5,000 residents who have approximately $65 million in unclaimed bank accounts. One person is owed $1,542,624.
The Arizona Department of Revenue said some of the unclaimed money goes back 30 years. The state is sending notices to people and their families who are owed more than a thousand dollars.
The money comes from a variety of sources like old bank accounts, uncashed payroll checks, tax refunds, credit balances and forgotten safe deposit boxes. Often companies have wrong or outdated addresses, and the money doesn’t get to the right person. Sometimes, people die without letting others know about the funds.
The Department of Revenue requires owners to provide documentation showing their right to claim the assets, including a valid photo ID and documentation linking them to the owner’s last known address. Someone claiming ownership of property listed to another name must demonstrate a legal right to the property.
In fiscal year 2020-2021, the state returned $48 million to rightful owners.
For more information on the Unclaimed Property program, including how to make a claim and frequently asked questions, visit azdor.gov/unclaimed-property.
