Utah unclaimed property division recently returned over $30,000 in unclaimed money to 5 local charities. Many people think that unclaimed money is limited to individuals, but businesses can be owed money as well. Five representatives from the Utah Treasurers Office recently brought some oversized checks to these charities to return their missing money.
The largest amount was $21,014.67 which was handed to two marines who represented Toys For Tots. Others receiving the “Big Checks” were
- $1,027.58 was handed to Prevent Child Abuse Utah
- $3,579.80 to the Utah Domestic Violence Coalition
- $5,210.23 for the Salvation Army
- $3,393.00 for the Utah Food Bank
According to a report, the Utah Food Bank said these funds would provide 12,469 meals to those in need throughout the state.
How Does This Happen – Utah Unclaimed Property
So how does all this money go unclaimed? There are several ways this money could have gone unclaimed with the most common being stale bank accounts. Charities can change bank accounts regularly and sometimes have multiple accounts. The person changing the account may not know about all of them and therefore the account can go unclaimed. After a period of time, the bank is required by law to turn over those assets to the state. The state then lists the account in the Utah unclaimed property database.
Some outreach is done and in this case the Utah Treasurers office chose to focus on non profit charities with unclaimed money. This raises awareness for both businesses and individuals that their could be money owed to them but the state.
Utah alone has over $300 million in missing money. Their current Treasurer is using some creative tools to try and get residents of Utah to claim their money. They have some YouTube clips, a blog to help expedite the claiming process as well as an easy searching database.