Arizonans Have More Than $1.5 Billion In Unclaimed Money And Property
The Arizona Department of Revenue has close to $1.5 billion in unclaimed money, assets and property waiting to find its rightful owner.
Unclaimed property generally consists of money due to individuals, like old bank accounts, unclaimed paychecks, tax refunds, credit balances, security deposits, and even dormant safe deposit boxes, says Ed Greenberg, the Arizona Department of Revenue spokesperson.
"Often property becomes unclaimed because the company that holds the funds has an outdated or wrong forwarding address for its customer, and in some cases a person passes away with sadly no family members aware of the assets," Greenberg said.
Searching for unclaimed property is a relatively simple process, Greenberg says. The Arizona Department of Revenue's Unclaimed Property website has a free online search that only requires a first and last name. There's some paperwork involved with claiming the money.
"The claim process can take up to 90 days typically, but with proper paperwork and information, a claim can be completed in 60 days or less," Greenberg said. Claimants must be able to provide documentation to prove they have the right to claim the asset.