MJP –
A record-breaking $88 million in unclaimed funds, including tax refunds, uncashed cheques, and funds from defunct bank accounts, were restored through a program run by the Arizona Department of Revenue.
An enormous increase, about twice the average of the previous five years, characterizes this year’s figures.
The Department has been actively working to promote awareness, according to spokeswoman Rebecca Wilder.
This, according to Wilder, was accomplished by advertising the yearly unclaimed property sale. People learn about the program because of that, and we get a lot of attention for it. Other days, like Small Business Week, have also been productive for us.
She mentioned that one common reason for property becoming unclaimed is because of outdated addresses or a lack of knowledge about the assets.
“The property is transferred to the Arizona Department of Revenue for safekeeping after approximately three years while we endeavor to locate the rightful owner,” Wilder clarified.
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Each refund totaled between one dollar and one and a half million dollars during the previous fiscal year.
We get the contact info from the institution that’s holding the property at the outset, Wilder explained. “The fact that the contact details are out of date is a common occurrence.”
According to Wilder, every year they send out thousands of letters trying to get in touch.
To contribute to the return of the still-unclaimed $2.2 billion, Wilder urged Arizonans to periodically check azdor.gov/unclaimed-property, even if it’s only a few dollars’ worth, to see whether any unclaimed property is under their name.
