Florida’s Chief Financial Officer, Jimmy Patronis, has revealed that his office currently holds around $2 billion in unclaimed property, including funds from inactive bank accounts, insurance and utility companies, and trust holdings.
The state of Florida is urging its residents to check if they have any dormant bank accounts or unclaimed assets as part of an initiative to return unclaimed property to its rightful owners
Unclaimed properties are not limited to cash; they can also include tangible assets. To determine if individuals have forgotten safe deposit boxes or bank accounts waiting to be cashed, the Florida Department of Financial Services advises them to search for any abandoned or unclaimed property. Any property or financial asset that has been inactive for a year or more is considered abandoned and is handed over to the state’s Department of financial services.
Statistics from the Florida Department of Financial Services indicate that one in five Floridians possesses unclaimed funds from forgotten financial accounts. The value of these unclaimed properties is deposited into the state’s school fund until they are claimed by their rightful owners. Examples of intangible unclaimed properties include checking or savings accounts, stocks, uncashed checks, and utility deposits. Tangible unclaimed properties can range from safe deposit box contents to watches, jewelry, coins, and historical items.
Residents can utilize the department’s treasure hunt search tool to check for any unclaimed properties in their name or a business name
The search can be narrowed down by adding details such as a middle name, city, or ZIP code. If a search yields a result, individuals can proceed to file a claim. The claim requires valid government-issued identification with a current mailing address, such as a driver’s license or passport, along with supporting documentation to establish ownership or account information.
After filing a claim, which must be done by mail, it may take up to 90 days for the department to process the claim and provide reimbursement. However, claims typically do not require the full 90-day processing period unless there is a surge in claims volume. To check the status of a filed claim, individuals can use the treasure hunt search tool. The state of Florida aims to reunite its residents with their unclaimed property and ensure that these valuable assets are rightfully returned.
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