The Arizona Department of Revenue’s program meant to help people file claims for unclaimed property returned a record $88 million worth of things like uncashed checks, tax refunds or money left in old bank accounts.
This year’s numbers represent a significant jump that almost doubles the past five years’ average.
Spokesperson Rebecca Wilder said the Department has been making a concerted effort to raise awareness.
“We've done this through promoting our annual unclaimed property auction,” said Wilder. “We get a lot of attention for that, and that lets people know that the program exists. In addition, we've been taking advantage of some other days, such as Small Business Week.”
Outdated addresses or simply not knowing about the assets, she said, are often behind property going unclaimed.
“After about three years, the property is turned over to the Arizona Department of Revenue for safekeeping while we try to search for the rightful owner,” explained Wilder.
The amounts returned this past fiscal year ranged from a dollar to $1.5 million each.
“We receive the contact information from the institution that is holding the property initially,” said Wilder. “So often that's — it really is that the contact information is not current.”
Wilder said they send thousands of letters attempting to make contact annually. But even if it’s just a few dollars’ worth, Wilder encouraged Arizonans to check whether any unclaimed property is under their name every few years to help return the still-outstanding $2.2 billion at azdor.gov/unclaimed-property.
