A number of AZ residents are in for a surprise. And with the economy getting worse and no signs of gas prices going back to normal levels, it won't come at a better time. The Arizona Unclaimed Property Section of the State's Department of Revenue is trying to match names and ID numbers of possible recipients of Arizona unclaimed money with numerous unclaimed property databases. This is in lieu with their efforts to reunite residents of Arizona with their lost money from financial assets they've lost track of.
AZ unclaimed funds come from uncollected salary checks, abandoned bank accounts, stocks and bonds, gift certificates and the like. The banks, businesses and financial entities in possession of these are required by national escheat laws to turn these lost assets over to the government as State unclaimed property after a dormancy period of 3-5 years. It then becomes the State's responsibility to locate and return the Arizona unclaimed money with the rightful owners and right now, there's over $600 million of it in the Department of Revenue according to NBC4 news in Phoenix. The lost money is sitting in a big vault in the State's capital- waiting for the rightful owners to show-up.
$3.5 million of the Arizona unclaimed money pile comes from unclaimed tax refunds alone and it belongs to 4,000 residents. "It's money that's allocated to these individuals that's waiting for them on the IRS books," IRS spokesperson Bill Brunson says. "These are individuals that filed timely, overpaid their tax, and provided an incorrect address to the IRS."
Forgotten or abandoned contents of safe-deposit boxes are also sources of unclaimed money in Arizona. "Anything and everything you can imagine," said Daniel Corcoran of the Arizona Unclaimed Property Division. Various jewelry, old coins, collectibles, antiques and odd mementos are also turned-over to the State from deposit boxes. These items may have been lost when owners of safe deposit boxes die without telling anyone about their stash. These are collected by the Department of Revenue and sealed in folders and bank bags. "Really we have no idea of the value," says Corcoran.
The AZ Unclaimed Property section of the Department of Revenue mails a cover letter and claim form when they identify a likely current address of the owner of Arizona unclaimed money. They try to locate owners of unclaimed property worth over $50 or 1 share of stock. During these times of high foreclosures, energy costs and unemployment, it might be wiser for residents to take the initiative and do a quick online unclaimed money search. They just might find some of their missing money.
