Record-Breaking Year: Tennessee Unclaimed Property Division Returns $68.7 Million to Rightful Owners
Photo by 金 运 on Unsplash
Today’s “In The Know with Gino”…
In a record-breaking fiscal year, the Tennessee Department of Treasury’s Unclaimed Property Division has successfully reunited individuals, local governments, and reciprocal states with an unprecedented $68.7 million in cash property during the fiscal year 2023.
This achievement marks the highest amount ever returned by the Division in a single fiscal year.
Not only did the Division set a new benchmark in monetary returns, but it also surpassed previous records in terms of the number of individual claims processed. Between July 1, 2022, and June 30, 2023, a total of 65,150 claims were successfully addressed, showcasing a remarkable 4.1% increase over the previous record of 62,549 claims in FY19.
Unclaimed property, encompassing various forms of money, including utility refunds, uncashed paychecks, credit balances, rental deposit refunds, gift certificates, securities, and abandoned bank accounts, is entrusted to the State by businesses and organizations unable to locate rightful owners. The Unclaimed Property program, operated by the Department of Treasury, serves as a crucial consumer protection initiative that endeavors to reconnect this unclaimed wealth with its rightful recipients.
An impressive aspect of the program is the swift processing of claims, with approximately 70% of claims being paid within an average of two weeks.
Individuals can easily check if they are entitled to any unclaimed property by searching their name on ClaimItTN.gov and can file a claim online if they discover property rightfully belonging to them.
In an effort to enhance user experience and accessibility, the Treasury launched a new Unclaimed Property online claims portal in November.
The portal, available at ClaimItTN.gov, boasts improved search capabilities and features a new dashboard interface. The comprehensive online database includes all unclaimed property in Tennessee from the inception of the program. The Treasury encourages users to search for potential misspellings of their names and addresses to facilitate the retrieval process. Additionally, the website provides a link to search for unclaimed property in other states.
The Unclaimed Property Division employs various methods to locate owners of unclaimed property, including mailing letters to the address provided when the property was turned over by businesses. Letters are also sent to employers of potential claimants whose Social Security Numbers match records from the Tennessee Department of Labor and Workforce Development. On an annual basis, the Division dispatches hundreds of thousands of letters to potential claimants, who can verify the information by searching the portal at ClaimItTN.gov if they have received a letter.
Importantly, there is no time limit for claiming unclaimed property, and individuals should be cautious of any service requesting payment to assist in the retrieval process. The Treasury emphasizes that there is never a fee to claim unclaimed property in Tennessee. If individuals are ever contacted regarding unclaimed property in Tennessee and wish to verify its validity, they are encouraged to visit ClaimItTN.gov for further assistance.
SOURCE: Chattanooga Pulse
