Check your mail: Utah to start reuniting Utahns with their unclaimed property automatically
Oct 17, 2023, 10:55 PM
SALT LAKE CITY — Check your mailbox. There is a good chance you will have some money in there that you weren’t expecting.
The State of Utah has been working on a better way to reunite Utahns with their lost property, as it is holding onto hundreds of millions of dollars in unclaimed property.
These are funds turned over to the state from dormant bank accounts, uncashed checks, life insurance policies, unpaid wages, stocks and dividends, refunds, and more. When a company, employer, or financial institution can’t find you, they send your property to the state to safeguard until you claim it.
But now, the Unclaimed Property Division will send it to you, and you don’t have to lift a finger to get it. People with unclaimed property can expect a check in about six weeks.
“I’m very excited about this,” said Utah State Treasurer Marlo Oaks.
Oaks worked to change the law, allowing his department to match people with their money and proactively send it out.
Until now, people have needed to search for their money and then claim it.
“I think this is the most significant development in unclaimed property history,” Oaks said.
It’s a development that will mean a lot of money being pumped back into Utah’s economy.
“We’ve estimated about $65 million,” Oaks said.
He says that is about double what is claimed each year.
“This is people’s money,” Oaks said. “It is our job to get that money back to the rightful owners.”
Amounts above $2,000 won’t be sent automatically. You’ll still have to verify your identity and claim it. But for any amount under that, you could have a check in your hand before the end of the year.