News/Blog

Fact or Fiction?
Published on Mar 19, 2019



We find that many people have misconceptions about Unclaimed Property.  Here are some Myths that keep people from getting their own money back.

 

Myth #1: There will never be any unclaimed money for me.

Fact #1: Approximately 1 out of every 5 Utahns has unclaimed money waiting to be reunited with them. And even if there isn't any right now, you could lose track of something later so check every year.

 

Myth #2: You have to be rich to be owed unclaimed money.

Fact #2: That is SO wrong, but we hear it all the time. If you have ever banked anywhere, rented anything or bought something, there could be unclaimed money in your name. If you've ever put down a utility deposit, there could be lost money. The list goes on…

 

Myth #3: You have to have Social Security numbers and account numbers in order to search.

Fact #3: Not at all! The https://mycash.utah.gov/  website where you will begin your State of Utah search asks you to search using your name and then you may narrow the search by entering your city or zip code. It's a cinch. It's so easy you can look for friends, relatives and even loved ones who have passed away and might have left something the family can claim.

 

Myth #4: You will have to give a percentage of your unclaimed money to whoever found it for you.

Fact #4: There are hundreds of people called "finders" who have made a business of searching for unclaimed funds for other people and then contacting them to say they've found money and will only reveal where and how much if the recipient agrees to give them a cut. Don't fall for it.

Occasionally fee finders can be helpful in very complicated cases, but you shouldn't pay for information you can look up for free using the state’s website.  Look for the .gov ending on the url.  If any site asks for your credit card you are in the wrong place!  We don’t charge you for searching or filing a claim, ever.

 

Myth #5: Claiming your money is difficult.

Fact #5: If you find unclaimed money online then you click the CLAIM button to add that item to your claim listing instantly.  Complete your claim by submitting your information and uploading evidence right on the secure website. 

You may receive a check within weeks. If we ask for more information like sending in notarized paperwork via snail mail, consider yourself lucky. That often means you are owed a LOT of unclaimed money and we are taking more precautions to make sure it is really yours before paying the claim.

 

 

 


Heirs can claim too!
Published on Mar 19, 2019



Lost items reported to the Unclaimed Property Division are held for the benefit of rightful owners, FOREVER.  Even when someone dies before collecting their unclaimed property from the state the heirs can claim their portion.   

In cases where the sole reported owner is deceased for more than three years and the will was not probated in district court then heirs may collect unclaimed property via Utah’s intestacy (no validated will) rules.  These rules are established by the Utah Legislature in Utah Code*. 

Understanding all of these various intestacy provisions can be difficult.  Many of them are described like a computer program with many “if/then” statements.  However, when you find the applicable "if" statements you can see who gets how much of the money.  For example:

  • If only a surviving spouse survives the reported owner, that spouse gets 100% of the unclaimed property.
  • If only the children survive the reported owner, they get 100% of the unclaimed property, split equally among them.
  • If both a spouse and children of the reported owner survive:
    • if all the children are also children of the surviving spouse, that surviving spouse gets 100% of the unclaimed property.

                 OR

    • if any of those children are children of a person other than the surviving spouse, the surviving spouse gets half of the unclaimed property; all the children of the reported owner that are not children of the surviving spouse equally split the other half.
  • If only the parent(s) of the reported owner survive, the parent(s) get 100% of the unclaimed property.
  • If neither spouse, nor issue, nor parents survive the reported owner, the unclaimed property goes (in the order listed) to: (1) brother(s) & sister(s) or their issue; (2) the grandparents or their issue.

 As always, we recommend you submit your claim online with any supporting documentation you have to help us validate your right to the money.  If we need more information from you we will let you know.  Also, if you have any questions feel free to call our office at (801) 715-3300.

* 75-3-107 an elective share of the surviving spouse is not applicable here.


Good evidence = faster claim payment
Published on Feb 26, 2019



Our primary mission is to return lost funds to the rightful owners.  The Unclaimed Property Division cannot pay claims based on name similarity alone nor disclose the type of property or its value before verifying ownership or receiving a completed claim form.  Below are general requirements for filing a claim as well as information about more complex claims.  Evidence items may be uploaded to our secure website which speeds up the processing of your claim.  Original, notarized documents will also need to be forwarded to our office. 

 

Are you the Original Owner?

Please submit the following evidence to support your claim:


Provide a clear copy of your official photo identification or have the claim form notarized.

Provide proof of your social security number.

Provide proof that you or the original owner lived or received mail at the address listed on our web site.

Examples of address proof may include:

  •        Auto Registration
  •        Driver’s License
  •        Birth, Death, or Marriage Certificate
  •        Income Tax returns
  •        Postmarked envelope addressed to you
  •        Bank or Utility Statement
  •        Medicare card or Insurance Policy
  •        Credit Report
  •        School Transcripts
  •        Court Documents

Are you claiming on behalf of an Owner who is living?


Please submit the following evidence to support your claim:


Provide a clear copy of your official photo identification or have the claim form notarized.

Provide proof of your social security number.

Provide proof that you or the original owner lived or received mail at the address listed on the web site.

Provide current evidence of your authority to act on behalf of the original owner. If you are acting as an Attorney in Fact for the original owner then you must also provide a clear copy of their official photo identification. If the original owner does not have official photo identification due to incapacity provide a notarized statement of identity from a care provider on company letterhead.

Are you claiming for an Owner who is deceased?

Provide the additional evidence required for each question answered yes.

Did the Decedent have a Valid Will?
Is an application for appointment of Personal Representative pending or has a Personal Representative been appointed?
Is the value of the Decedent’s estate above one-hundred thousand dollars ($100,000)?

Also submit the following evidence to support your claim:

Submit a completed Affidavit for Collection of Unclaimed Property.  It is imperative that you complete EVERY question on the form and provide the supporting documentation directed for each question answered ‘yes’.

Provide a clear copy of your official photo identification or have the claim form notarized.

Provide proof of the deceased owner’s Social Security number, this information can normally be found on the Death Certificate.  Providing the decedent’s Social Security number is optional; however, if you choose not to provide this evidence there may be insufficient  information available to determine ownership and may result in your claim being denied.  If this evidence is provided it will only be disclosed to Section Staff involved in paying your claim and to the federal government as required by law.

Provide verification that the deceased owner of the property you are claiming lived or received mail at the address reported by the original holder of the unclaimed property.  The last known address can be found by looking up the property at www.mycash.utah.gov.

 

Are you claiming for a Business Entity?

Provide the additional evidence required for each question answered yes.

This business is/was a sole proprietorship

This business is a partnership.

This business is a corporation.

Also submit the following evidence to support your claim:

Provide a clear copy of your official photo identification or have the claim form notarized.

Provide proof of your business Federal Employee's Identification Number (FEIN).

Provide proof that you or the original owner lived or received mail at the address listed on the web site.

 


Treasurer Damschen announces new unclaimed property system, enhanced website
Published on Jan 30, 2019

Unclaimed Property Division reunites $24.4 million with rightful owners in FY 2018

SALT LAKE CITY – October 9, 2018 – Utah State Treasurer David Damschen today announced the implementation of a new unclaimed property management system and an enhanced website that incorporate the latest advancements in technology to provide claimants and holders with the simplest, most secure experience possible.

“The newly redesigned website makes it even easier for Utahns to search for unclaimed property and for holders to report unclaimed property to the State,” Treasurer Damschen said. “Some of the new features include an enhanced search function for more comprehensive searches, the ability to upload claim documentation directly to the website, improved online payments, manual online reporting for small reports and stronger protections to ensure security of personal information.”

Last year, the Unclaimed Property Division put $24.4 million back into the pockets of rightful owners and processed 19,705 claims – that is four times as many claims as 10 years ago. In recent years, the Division has paid more than 50 percent of claims in just one week. That percentage should increase with the new system.

“During the past several years, we have placed significant focus on leveraging technology to make record levels of unclaimed property payouts to rightful owners,” Unclaimed Property Administrator Dennis Johnston said. “The new KAPS system and enhanced website will take us to the next level, improving the claims process and enabling us to reunite more unclaimed property with rightful owners.”

The Division received more than $38.4 million in lost property at the end of 2017. This property comes from sources, such as dormant bank accounts, uncashed checks, safe deposit box contents and unpaid insurance benefits.

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

Video: https://youtu.be/NAA38ZYZrPM.


Utah leaders evaluate 10-year financial literacy effort
Published on Jan 30, 2019

Utah State Treasurer David Damschen and Auditor John Dougall are meeting with financial literacy leaders at the Utah Jump$tart Coalition Partners Meeting on October 19 at the Wells Fargo Building in Salt Lake City. This annual gathering focuses on how businesses, nonprofits and schools can work together to prepare youth for financial success.

“Utah is the only A+ state in the nation for financial and economic literacy education,” said Anna Tibbitts, Director of the Utah Jump$tart Coalition, “For the past decade, Utah has taken a proactive role in preparing students to make smart financial decisions. This gathering of financial literacy leaders is designed to evaluate what we have accomplished and what we can do better moving forward.”

The Office of the State Auditor recently released its review of Utah’s General Financial Literacy (GFL) graduation requirement and associated program. The 2017‐18 school year marked the ten‐year anniversary of the enactment of Utah’s GFL legislative mandate.

State Auditor John Dougall said, “The results from our Office’s review show that Utah students who have completed the GFL requirement appear to have better personal financial knowledge and make better behavioral choices than those who have not. The study also identifies opportunities to improve the effectiveness of the program itself to help further strengthen the financial skills of Utah’s young adults as well opportunities to enhance program oversight.”

The report may be found on the Office’s website at auditor.utah.gov and specifically at: https://reporting.auditor.utah.gov/servlet/servlet.FileDownload?file=015410000038ypZAAQ .

Treasurer Damschen chairs the Utah Council on Financial and Economic Education, an organization comprised of more than 50 private and public entities that share a common mission to increase the financial capability of Utahns.

“A primary objective of the Utah Council on Financial and Economic Education is to advocate for and strengthen K-12 financial education in Utah,” Treasurer Damschen said. “I applaud the outstanding efforts of organizations like the Utah Jump$tart Coalition and the Utah State Board of Education to make Utah the leader in the nation in financial literacy. The council is eager to support the implementation of the auditor’s recommendations to strengthen a program that is critical in providing our youth with the knowledge and resources they need to establish a strong foundation for a financially secure future.”


Utah maintains AAA credit rating from all major rating agencies, saves taxpayer dollars on transportation projects
Published on Jan 30, 2019

SALT LAKE CITY (January 15, 2019) – Utah Gov. Gary Herbert and Treasurer David Damschen today announced that S&P Global, Moody’s Investors Service and Fitch Ratings have reaffirmed the State’s AAA credit rating – the highest rating a state can receive.

“Utah once again stands out as a leader in the nation for its broad fiscal and economic success, which can be largely credited to our conservative approach to budgeting, debt management and other financial policies,” Gov. Herbert said. “In Utah, we are thorough and collaborative in our fiscal management. We have worked closely with the legislature to adhere to the principles of fiscal discipline and budgetary restraint, making our state one of only a handful to receive a AAA rating by all three rating agencies. I applaud the Utah team for this collective achievement.”

Agencies base their ratings on a range of financial, economic, managerial and institutional factors. Utah’s history of continuous AAA bond ratings dates back to 1965, when S&P initiated its rating system. The State’s AAA rating with Moody’s commenced in 1973 and with Fitch Ratings in 1992.

“We’re seeing overwhelming demand from investors for our bonds,” Treasurer Damschen said. “This is in clear response to the strength of our credit, which allows us to finance large projects at the lowest interest rates available in the market and ultimately save big for Utah taxpayers.”

The rating affirmations coincide with today’s legislatively authorized $128 million general obligation (GO) bond transaction, which will finance transportation projects. During the December special legislative session, the governor and legislature jointly approved additional appropriations for the prison project, which eliminated the need to borrow for the prison project this year and significantly reduced today’s transaction from the initially-planned $375 million – increasing savings on prison project costs.

As cited in the rating reports, the agencies’ rationales for Utah’s strong ratings include:

  • Strong governmental framework, with a constitutional requirement to maintain a balanced budget and a fiscal policy that allows for changes to the revenue structure and program spending by a simple majority of the legislature.
  • Conservative fiscal and debt management policies that include constitutional or statutory limits on appropriation growth and debt issuance to keep debt levels low and quickly amortizing, despite demands of population growth.
  • Continued leadership in the management and funding of long-term liabilities for pensions and other post-retirement benefits, leading to low fixed costs relative to its peers and contributing to the state’s good budgetary flexibility.
  • Successful and timely action when addressing budgetary imbalances.
  • Reserve funds that accumulate based on a statutorily determined formula.
  • Job growth across most major sectors, including solid growth in trade, transportation and utilities – the state’s largest employment sector.
  • An unemployment rate that is typically well below the national average.
  • Annual real GDP growth that has continuously surpassed the nation’s since 2013 and is expected to continue to outperform the nation due to a favorable industry mix and strong population growth.