BY BRITTANY GRIFFIN – UTAH STATE TREASURY PUBLIC INFORMATION OFFICER
Ogden residents have nearly $3.5 million in lost money waiting to be claimed by rightful owners. This property comes from sources like dormant bank accounts, overpaid medical bills, uncashed checks, and unpaid insurance benefits.
When a company owes money to an individual or business it cannot find, it remits those funds to the Unclaimed Property Division of the Office of State Treasurer after three years of non-contact with the owner. Each year, the state takes in $30-60 million in unclaimed property. It is then the division’s responsibility to try to find the rightful owner.
Ogden City and the Office of State Treasurer recently joined forces to reunite unclaimed money with Ogden residents through a data-matching project. As a result of the project, the state mailed hundreds of letters to individuals and businesses in Ogden who were identified as possible owners.
Even if you did not receive a letter, the odds are still good you or somebody you know has lost money. In fact, one in five Utahns has money in state custody.
“There are many ways to lose track of property. People might move and forget they had a deposit with the utility company, or they might be the beneficiary of a life insurance policy they didn’t know existed. Checking to see if you or your friends and relatives have lost property is simple and something everyone should do at least once every year,” Unclaimed Property Division Administrator Dennis Johnston said.
Partnerships with cities help the state ensure money is returned to the right people and reach Utahns who might not have heard about unclaimed property before.
Residents are encouraged to search the state’s database at mycash.utah.gov and help spread the word about unclaimed property in personal conversations and on social media.