The Florida Department of Financial Services, Division of Unclaimed Property just announced that in the month of March, over $44 million in unclaimed property was returned to Florida resident
Unclaimed property is a financial asset that is unknown, lost, left inactive, unclaimed, or abandoned by its owner. The most common types of unclaimed property are dormant bank accounts, unclaimed insurance proceeds, stocks, dividends, uncashed checks, deposits, credit balances, and refunds
Unclaimed property also includes contents from abandoned safe deposit boxes in financial institutions. Unclaimed property assets are held by business or government entities (holders) for a set time, usually five years. If the holder cannot locate, re-establish contact with the owner, and return the asset, it is reported and remitted to the Florida Department of Financial Services, Division of Unclaimed Property.
Florida law states that any business (holder of unclaimed property) is required to try to locate the owner. Still, when their attempts fail, they report the property and the owner’s name, last known address, and other information to the Department. The Department acts as a custodian for the State of Florida, but never takes legal ownership of the property. The State uses various methods, including database searches, in an effort to notify owners of their property. Citizens have the right to claim their property, at no cost, at any time, regardless of the amount.
Before the money is claimed, it is deposited into the State School Fund and used to support public schools. However, the owner or his/her heirs can always claim the original amount reported at no cost.
If an individual’s claim is successful, it could take up to 90 days before a claim is finalized. Because of the high volume of claims received by the department, the state says to get all of the required documentation and fill out their forms correctly. If the slightest mistake occurs when filling out your form, it could delay the processing of your claim.
For further information about a possible claim, visit FLTreasureHunt.gov.
