Every year, the Alabama Treasurer’s Office receives millions of dollars in unclaimed property when businesses cannot contact the rightful owners.
According to the Treasurer’s Office, businesses reported an additional $66.6 million in unclaimed assets last year, bringing the total property awaiting recovery by Alabama residents, businesses, churches and other organizations to $317.6 million.
"Unclaimed property can be in the form of uncashed checks, stocks, bonds, dividend checks, utility deposits, and even items found in abandoned safe deposit boxes," state Treasurer Kay Ivey stated in a press release. "After a business has held unclaimed property for a number of years set by law, they turn it over to the state treasury and we hold it until individuals come forward to claim it. … There are no fees associated with filing a claim, receiving your property, or even looking up your name on our database."
Although the Treasurer’s Office reportedly paid a record $22.9 million in claims to less than 40,000 owners last year, more than 1.9 million listings remain in the state’s unclaimed property database.
While searching the database, Tyson Thompson, a member of Ridgecrest Baptist Church, Montgomery, in Montgomery Baptist Association, has helped friends, a family member and businesses find unclaimed property. He has also found many listings for Alabama Baptist churches.
"It’s very easy to find and claim the money," he said. "For an individual, all you need is a picture ID and some kind of proof that you lived at the address that is shown on the site."
Ivey added, "So much hard work goes into collecting these funds from businesses, banks, and insurance companies that are unable to contact property owners. All the hard work is worthwhile when owners are located and are able to connect with their assets."
To find and request unclaimed property, visit the state Treasurer’s Office Web site at www.treasury.alabama.gov or call toll free at 1-888-844-8400. (TAB)
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