The Arizona Department of Revenue’s (ADOR) Unclaimed Property program has identified approximately $65 million in unclaimed bank accounts that belongs to 5,000 Arizona residents.
The agency is sending out notices to these potential property owners and their families in an attempt to return the funds. Some of the properties date back 30 years. The largest individual property owing to a single individual is $1,542,624.
Unclaimed property generally consists of money due to an individual from sources like old bank accounts, uncashed payroll checks, tax refunds, credit balances, rebates, returned deposits and dormant safe deposit boxes. Often property becomes unclaimed because the company that holds the funds has an outdated or the wrong forwarding address for its customer and in some cases, a person passes away with no family members aware of the assets.
ADOR returns property to owners who provide documentation showing their right to claim the assets. Claimants must include with their claim form a valid photo ID, such as a driver’s license or other applicable identification, and documentation linking them to the owner’s last known address. Claimants must also provide documentation demonstrating a legal right to claim any property listed in another name.
ADOR’s Unclaimed Property program returned $48 million to rightful owners in fiscal year 2021 (July 1, 2020 to June 30, 2021).
For more information on the Unclaimed Property program, including how to make a claim and frequently asked questions, go to www.azdor.gov and click on the Unclaimed Property tab.