by Tom Haraldsen
For years, the office of Utah State Treasurer has made efforts to help state residents reclaim funds and properties from the Utah Division of Unclaimed Property. This year, for the first time ever, Treasurer David Damschen and his staff have broken down those unclaimed items by county.
Here’s the good news for Iron County residents—there is $2,672,786 in unclaimed funds or properties involving 6,412 residents—an average of $417 per claim. Statewide, one in five Utahns has property awaiting to be reclaimed.
The Division currently holds over $375 million in funds and properties awaiting reclaim from rightful owners or their descendants. Seventy five per cent of these properties were reported to the state with outdated or incomplete last known addresses.
“This is one of my favorite jobs as state treasurer, because it’s a bit like playing Santa Claus,” Damschen said. “If you could use a little extra cash this holiday season, check mycash.utah.gov to see if any of the over $375 million in unclaimed property is yours and claim it today. Maybe you moved and forgot you had a utility deposit or didn’t leave a forwarding address on an old account. Checking to see if you’ve lost property is simple, easy and something everyone should do for themselves, their families and friends – especially this time of year.”
Along with states across the nation, Utah adopted the Uniform Unclaimed Property Act (1956) – ensuring abandoned or lost property of its citizens is turned over to state government for safekeeping and reclaim – not kept permanently by companies, employers, service providers and others. Examples of such property include uncashed payroll checks, dormant bank accounts, overpaid bills, and security deposit box contents.
Lost or abandoned property turned over to the state is searchable online at mycash.utah.gov or by calling 801-715-3300. The 2015 launch of the simplified mycash.utah.gov website and updated marketing campaign fueled a 107 percent increase in Utah’s paid claims volume. The new website makes it easier for residents to search for – and collect – money that might be theirs. In 2015 alone, a record $22.5 million was paid out to owners or descendants of owners who filed claims.
“All that stands between you and money you’ve lost is a simple online search or phone call,” added Unclaimed Property Division Administrator Dennis Johnston. “The average amount awaiting reclaim is over $400, which would cover a lot of holiday expenses. So get online, call and start your claims process today.”