Between July 2023 and June 2024, the Copper State broke its record for property returned in a fiscal year, easily topping the $57 million it averaged over the last five years. Why the big jump? Arizona’s Department of Revenue said it raised awareness of its Unclaimed Property Program among its citizens, sending out thousands of notices to potential property owners and promoting it through the media.
The Arizona refunds ranged from just $1 to a whopping $1.5 million. And while some of us can only picture ourselves on the low end of that scale, imagine being the person or small business on the higher end.
Now, the state you live in may have some of your forgotten goods. Here’s what you need to know to get what’s rightfully yours.
What is unclaimed property?
Unclaimed property as defined by state treasuries includes old bank accounts, uncashed paychecks, tax refunds, credit balances, rebates, returned deposits and dormant safe deposit boxes. Even refunded security deposits and unused gift certificates qualify.
If it sounds odd that anyone would leave such assets behind, think of all the life events that can get in the way. Moving in particular raises a host of possibilities, from unforwarded mail to boxes of important paperwork lost between the old and new addresses. And while it’s hard to imagine anyone forgetting a paycheck, it happens when employers make a final payout and the departed employee has no idea it exists.
It takes a dormancy period of three to five years for property to go from inactive to abandoned, with each state setting its own guidelines. Approximately 1 in 7 people have unclaimed cash or abandoned property, according to the non-profit National Association of Unclaimed Property Distributors. That breaks down to $70 billion in state treasuries with an average of $2,080 per claim and $5 billion returned annually.
Finding two grand in a lost HSA
Writing on her blog, Lauren (Kitty) Torres admitted how much she hates articles about quick-and-easy money. Then she traveled the unclaimed property route and tracked down $1,926.95 in just minutes.
When Torres checked online, she found a health savings account (HSA) she abandoned from "my first-ever Big Girl corporate job." She never noticed the $50-a-week contributions that accumulated over several years because she forgot to sign up for the HSA during the avalanche of paperwork during her first week on the job.
Once she uploaded the proper documents to her state’s online portal, a check appeared about a week later. “Sometimes,” Torres wrote, “disorganization can be a superpower.”
