Idaho government may be holding unclaimed money for you. Here’s how to check online
There’s a chance the state of Idaho is holding unclaimed money that belongs to you, and all you have to do is claim it.
The Gem State calls it “unclaimed property,” and it’s money that finds its way into the hands of the state government when a business or company closes or loses contact with a customer for an extended period of time. Most states track such property and try to return it through unclaimed property lists and searchable websites.
According to the Idaho State Treasurer’s Office, they have returned over $16,000 in unclaimed property to Idahoans. You can search for your name in the office’s database to see if you have any unclaimed property by visiting yourmoney.idaho.gov and submitting a claim online if you have money available.
What is unclaimed property?
Firstly, why is money being described as property?
According to the treasurer’s office, “Every state has an unclaimed property program, so to maintain uniformity, the industry adopted the use of the word property to mean money.”
Unclaimed property can come from numerous sources, including checking and savings accounts held with a bank to stocks, bonds and mutual funds. Whenever a corporation loses contact with its customer and does not know how to reestablish contact, the state government holds the money.
Most property is considered abandoned if left inactive for five years, but wages and utility deposits are considered abandoned after one year. Businesses are required to report abandoned property and can do so by filling out a form on the treasurer’s office’s website.
Reasons for a company to lose contact with a customer are numerous, such as an error in updating an address or name after marriage or divorce, the death of the owner, or even just forgetfulness on the part of the customer.
Claiming property
All unclaimed money is available forever, according to the state treasurer’s office. Claiming money for yourself only requires appropriate identification, such as a driver’s license, but Idahoans can also claim unclaimed property of deceased relatives.
Relatives have the right to claim property for a dead relative in the order indicated by Idaho’s “line of consanguinity,” which is as follows:
The surviving spouse
Children
Grandchildren
Parents
Brothers and sisters
Nieces and nephews
To claim the property of a dead relative, the claimant must include a copy of the death certificate and documentation of how the claimant is related to the deceased.
For people whose name has changed, proof of a name change through a marriage certificate, divorce decree, adoption papers, or certificate of name change is required.
