Arizona's Unclaimed Property Act Geared Towards Returning Unclaimed Money

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(1888PressRelease) April 07, 2011 - If unclaimed property in Arizona was evenly distributed among its residents, everyone in Arizona would receive $139. In the most recent unclaimed money report, Arizona holds over $917 million in unclaimed property. This figure has become an immediate concern for Arizona state officials, especially considering $24.2 million was returned to its citizens.

Arizona, among other states, have been hard at work with great efforts to notify the public about the possibility of having unclaimed property. The Arizona Unclaimed Property Act requires that twice a year, the Unclaimed Property Department publishes notices with information on how the public can search for their unclaimed money. These notices are then published in local newspapers throughout Arizona.

Arizona has also created a website, courtesy of the Arizona Department of Unclaimed Property, which includes a searchable database so users can search for unclaimed money in their name. This website also contains the appropriate forms for filing a claim, along with general information about unclaimed money.

In addition to publishing information in local newspapers across the state, the property owners themselves are mailed notifications about their unclaimed property. These notices go to all records of unclaimed property, and include information on how to search and claim the property. The notifications also include the proper forms to fill out for claiming the money.

Despite the efforts the state of Arizona takes to notify the public on unclaimed money, their current figures are still in the billions, with new additions daily. Numerous initiatives have been implemented by the Arizona government to reduce the growing amounts of unclaimed money, however. The amount of claims for unclaimed property far exceeds the growth speed of unclaimed money.

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