Dept. of Revenue: $417M in unclaimed property refunded

The state Department of Revenue today announced it has surpassed $400 million in unclaimed property refunds issued since 1955. For fiscal year 2010, which ended June 30, the Department processed 98,362 claims and refunded more than $44.5 million. Over 55 years, the Unclaimed Property division has collected more than $1.1 billion. More than $750 million is still available for refunds. As of Aug. 1, approximately $417 million had been refunded.
About 3 million names — including those of familiar public figures and business leaders — are on unclaimed property lists at . Checking if you, family members, or friends have unclaimed property takes only moments. Once a year businesses are required to report to the state any unclaimed property held for at least three years. It can include a variety of items, such as paychecks, utility deposits, bank accounts, retailer refunds, equities, securities, and other lost property. Fiscal year 2010 claims increased from 2009 when more than 88,000 claims were processed in refunding $45 million. In fiscal year 2008, about 75,000 claims were paid worth $38.7 million.