Over $1 Billion in Unclaimed Property in Arizona
Home Over $1 Billion in Unclaimed Property in Arizona
May 10, 2018
Residents of Arizona could receive their share of unclaimed property, just like one Valley grandmother did recently. Cathy Exiga received a $5,000 restitution check that was owed to her from a drunk driver crashing into her home over a decade ago. "I can't even believe it. Feels like a dream almost," she said.
From old bank accounts and uncashed payroll checks to tax refunds and credit balances, the Arizona Department of Revenue (ADOR) has approximately 7 million separate unclaimed property accounts.
Regarding the unclaimed assets, ADOR spokesman Ed Greenberg said, “Often, property becomes unclaimed because the company that holds the funds has an outdated address for its customer or former employee, and in some cases, a person passes away with no family members aware of the assets. The Department of Revenue attempts to track down owners of unclaimed property through various ways, including sending out tens of thousands of letters and notices every year to people who have unclaimed assets they are entitled to, placing advertisements in local media in the state and working with other states to research and locate unclaimed property owners.”
There are two different ways for people and businesses to discover unclaimed restitution. First, they can try searching the ADOR database. According to azunclaimed.gov, the process consists of completing a claim form, providing a clear copy of official photo identification (or getting signature on the claim form notarized), providing proof of social security number along with a proof of address. Individuals can also conduct a free national search for unclaimed money through missingmoney.com.