By Marina Wagner, Building Kentucky
What if just a few minutes could reconnect you with money you didn’t even know you were missing?
Across Kentucky, nearly $1.2 billion in unclaimed property is being safeguarded by the Kentucky State Treasury, waiting to be reunited with its rightful owners. Those assets belong to individuals, families, businesses and local government agencies throughout the Commonwealth – and many people don’t realize they have money waiting to be claimed.
Unclaimed property comes in many forms, including:
- Uncashed payroll or vendor checks
- Bank accounts
- Utility deposits or refunds
- Life insurance proceeds
- Stocks and dividends
- Safe deposit box contents
- Other financial assets that have remained inactive for several years
So how does property become unclaimed? People move, businesses close, checks go uncashed and financial institutions lose contact with account holders. When the owner cannot be located after the applicable dormancy period, Kentucky law requires banks, businesses and other organizations to transfer those assets to the Kentucky State Treasury. Rather than allowing the funds to remain with the holder, the Treasury safeguards them until the rightful owner comes forward.
Searching for unclaimed property is simple, secure and completely free. Kentuckians can search by name through the Kentucky State Treasury’s online database. If property is found, owners can begin the claims process by providing documentation that verifies their identity and ownership.
It’s also worth searching:
- Previous addresses
- Maiden or former names
- Businesses you have owned
- Deceased family members, as heirs may be entitled to claim their property
Many claims involve relatively small amounts, like an old utility refund or forgotten paycheck. Others can include insurance proceeds, investment accounts or the contents of a safe deposit box. Regardless of the amount, the property already belongs to its rightful owner, the Treasury is simply holding it until it can be returned.
The Kentucky State Treasury’s Unclaimed Property Division exists for one purpose: to safeguard unclaimed assets and reunite them with the people who own them. The search is free, takes only a few minutes and could uncover money you didn’t know you had.
To learn more or search for unclaimed property, visit kyclaims.unclaimedproperty.com
