ARIZONA NEWS

Arizona Department of Revenue seeks owners of $65M in unclaimed property

Oct 25, 2021, 7:00 PM | Updated: Oct 26, 2021, 9:44 am
(Pexels photo)...
(Pexels photo)
(Pexels photo)

PHOENIX — The Arizona Department of Revenue is trying to find the rightful owners of $65 million in unclaimed bank accounts that belong to 5,000 residents.

Unclaimed money usually comes from old bank accounts, unchased payroll checks, tax refunds, credit balances, rebates, returned deposits and dormant safe deposit boxes, according to a press release on Monday.

Money often goes unclaimed when a company has an outdated or wrong forwarding address for its customer or the owner of the money passes away with family members unaware of the assets, the agency said.

The agency is sending out notices to potential property owners and their families, according to the release, and people can also see if they have any unclaimed money online.

The largest individual property owned to a person is just over $1.5 million, the agency said, and some date back 30 years.

Property is returned when a person shows documentation supporting their right to claim the assets, including a valid photo ID such as a driver’s license or other identification linking them to the owner’s last known address. If listed in another name, the person must provide a legal right to claim the property.

The agency’s unclaimed property program returned $48 million in the last fiscal year that ran from July 2020 to June 2021, according to the release.

Lifetime Windows & Doors

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

(Pexels Photo)...
KTAR.com

Valley contractor owes employees $2.6M in wages, damages in settlement

A Phoenix-area construction contractor agreed to pay $2.6 million in back wages and damages as part of a settlement reached last month, authorities said.
24 hours ago
President Joe Biden tours the building site for a new computer chip plant for Taiwan Semiconductor ...
Associated Press

President Joe Biden touts economic plan at TSMC chip plant in north Phoenix

President Joe Biden on Tuesday visited the site for a new computer chip plant in Phoenix and touted his economic plan.
24 hours ago
(Facebook File Photo/Phoenix Police Department)...
KTAR.com

Child killed in 2-vehicle collision on Thomas Road in central Phoenix

A child is dead and three other people are in the hospital after a collision in central Phoenix on Tuesday morning, authorities said.
24 hours ago
(Photo by Kevin Dietsch/Getty Images)...
KTAR.com

Special counsel investigating Trump sends subpoena to Valley elections officials

A federal investigator wants know what Donald Trump and his surrogates said to Maricopa County elections officials before and after the 2020 election.
24 hours ago
(Unsplash Photo)...
KTAR.com

Pecking orders from Chandler expand rules on keeping backyard chickens

Families in a Phoenix suburb will be counting their chickens, but only up to five, after the city government approved backyard chickens.
24 hours ago
(KTAR News File Photo)...
Kevin Stone

Police say possible gun at Scottsdale school was just computer equipment

The student who reported a possible gunman at a Scottsdale high school last week actually saw somebody carrying computer equipment, police said.
24 hours ago

Sponsored Articles

...
Day & Night Air Conditioning, Heating and Plumbing

Prep the plumbing in your home just in time for the holidays

With the holidays approaching, it's important to know when your home is in need of heating and plumbing updates before more guests start to come around.
(Desert Institute for Spine Care photo)...
DESERT INSTITUTE FOR SPINE CARE

Why DISC is world renowned for back and neck pain treatments

Fifty percent of Americans and 90% of people at least 50 years old have some level of degenerative disc disease.
(Photo via MLB's Arizona Fall League / Twitter)...
Arizona Fall League

Top prospects to watch at this year’s Arizona Fall League

One of the most exciting elements of the MLB offseason is the Arizona Fall League, which began its 30th season Monday.
Arizona Department of Revenue seeks owners of $65M in unclaimed property