Arizona Department of Revenue seeks owners of $65M in unclaimed property
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Money often goes unclaimed when a company has an outdated or wrong forwarding address for its customer or the owner of the money passes away with family members unaware of the assets, the agency said.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.