Utah returns a record $29.3M in unclaimed property to residents

(Elise Amendola | AP file photo) A record-breaking $29.3 million was recently returned to Utah residents.

Utahns were reunited with a record-breaking $29.3 million from overpaid bills, dormant bank accounts, unpaid insurance benefits and other lost property during the last fiscal year, according to state Treasurer David Damschen.

When a business owes money to someone it cannot find for three years, it remits the funds to the state’s Unclaimed Property Division. During the fiscal year from July 2018 through June 2019, it received 382,349 unclaimed properties totaling $54.8 million

“Our mission is to reunite lost property with rightful owners, and our team strives to consistently reach for record levels of unclaimed property payouts,” Damschen said. “By leveraging technology and implementing aggressive outreach campaigns, our efforts are literally paying off for thousands of Utahns.”

Instead of relying solely on owners to search for their property, the division has been reaching out to people it can identify to advise them about their lost money.

“Despite our accomplishments, we still take in more property each year than we can return,” Dennis Johnston, unclaimed property administrator, said.

“One in five Utahns has lost money. Everyone should go online, find and claim their property – and check for family, friends and deceased relatives as well," he said. “It’s easier than playing the lottery, and the odds are better.”

For more information and to search property, visit mycash.utah.gov or call 801-715-3300.

“Even if you have searched for unclaimed property in the past, you should check again,” Damschen said. “We might have received additional property since you last visited our website.”

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