How CT Residents Can Reclaim Lost Money On 'Unclaimed Property Day'

CONNECTICUT — Thursday is Unclaimed Property Day, where Connecticut residents are encouraged to see if they are among millions of Americans who have billions of dollars in unclaimed property waiting to be collected.

One in seven people has some form of unclaimed property — such as inactive checking accounts, missed paychecks and utility refunds — according to the National Association of State Treasurers. That property is held by the state, but owners have the right to reclaim their money, the organization said.

There was about $3 billion in unclaimed property claims made in the last year alone, with an average value of about $2,080.

“With billions of dollars in unclaimed property accumulating each year, it’s worth taking a few minutes to search for any money or other valuables that you have forgotten about or may not have even been aware of,” the association said on its website.

Searching For Unclaimed Property In Connecticut

The Unclaimed Property Program in Connecticut has already returned more than $1 billion to residents. The CT Biglist website, maintained by the Treasury Department, allows people to search for and claim their unclaimed property. There's no fee for the services.

To make your claim, log into the site and run a search on your name or business. To better refine your results, you may also enter your first name. Exact name matches will be shown first. Property for entries with similar names will follow. Work your way through the screens, and be prepared to upload documents for larger claims.

Of course, you will also need to verify who you are. All claims require photo identification, and an official document displaying claimant’s social security number. If you would rather mail than upload your documents, address the package to:

• State of Connecticut
• Office of the Treasurer
• Unclaimed Property Division
• PO Box 5065
• Hartford, CT 06102

Residents without internet access can call 1-800-833-7318, Monday through Friday between 8:30 a.m. and 5 p.m., and speak to a customer service representative.

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Find more info in the FAQs.

Once you have submitted your claim, mechanisms are in place which allow you to "track your package." Be sure to note your claim number, which can be found on your claim form and in the email you received at the time of submission. You'll then be able to use that number at any time to query the most recent status of your claim online.

As with every other aspect of your computer networked life, scams abound. The State Treasurer's Office urges consumers to not respond to fraudulent letters or emails or provide banking information to unknown sources. Instead, delete whatever bogus emails you receive and then report them to the Internet Crime Complaint Center.

MissingMoney.com

Connecticut is also part of MissingMoney.com, a national site that makes it easy to search for unclaimed property and cash. The site also allows you to search for unclaimed assets in other states.

Simply use the search form to look for unclaimed property, file a claim and go through the verification process to receive your unclaimed assets. Anyone can visit the site, endorsed by the National Association of Unclaimed Property Administrators.

Types of Unclaimed Property

While many people know they might have an old checking or savings account, there are several other types of unclaimed property out there that might be less well-known.

This includes stocks, bonds, and brokerage accounts, life insurance proceeds, dividends and interest payments, uncashed checks, refunds, safe deposit boxes, annuity accounts, escrow distributions and even gift certificates.

This can happen when a company closes, merges or consolidates.

“As a result, accounts and other assets may get lost in the mix,” the association of treasurers said. “No matter the reason, property owners still have a right to the assets that belong to them.”

How Property Becomes Unpaid

When an asset sees no activity, the state determines how much time must pass before it transitions into unclaimed property status, a process that’s completed by the company or financial institution holding the property.

It starts with the property entering into a dormancy period, which for most states is 3-5 years. Once that period is reached, businesses will try to reconnect with the owners a final time. If unsuccessful, the property is turned over to the state, and the individual must enter the process of reclaiming the property with the state.

How To Prevent Your Property From Becoming “Unclaimed”

The treasurers association offered up several tips to ensure your assets don’t get turned over to the state as unclaimed property.

They include:

• Keep accounts active - maintain activity on all financial accounts, including checking, savings, and certificates of deposit.
• Update contact information - keep your contact information current with financial institutions, past employers, etc.
• Keep records - this includes any transactions dealing with money, checks and other assets. Keep electronic copies of financial transactions, such as tax filings, bank statements and investment account transactions.
• Share with someone you trust - keep a trusted contact informed of your account locations and types. This is especially important when the original owner dies.