(The Center Square) – The Minnesota Department of Commerce distributed a record $62.6 million in unclaimed property to Minnesotans during fiscal year 2023.
That tops the $53.5 million record set in fiscal year 2022. The state’s fiscal year runs from July 1 to June 30 of each year.
Minnesotans can check the Commerce’s unclaimed property website for unclaimed property.
Each year, Commerce receives millions of dollars in unclaimed property from businesses and organizations that have lost contact with the owners. The department is responsible for safeguarding the funds or property until claimed by the rightful owners or heirs through a process to legally verify their claims.
“The Department of Commerce wants to reconnect Minnesotans with the money that they may be owed by financial institutions and other companies,” Commerce Commissioner Grace Arnold said in a statement. “We’re pleased that Minnesotans are submitting more claims because that means they’re increasingly aware of the opportunity and the work we do to collect and return unclaimed property.”
Property is considered unclaimed if it is being held by a business or organization that has not had contact with the owner after three or more years, depending on the type of property. Common types of unclaimed property are:
- Dormant bank accounts
- Uncashed checks
- Unclaimed wages
- Insurance claim payments or benefits
- Stocks or bonds
- Items from safe deposit boxes
In fiscal year 2023, Commerce processed claims for nearly 247,000 shares of stock and nearly 60,000 other types of financial property.
Businesses and organizations are required by law to review their records and attempt to contact the owner of the property when it appears to be abandoned. If the owner doesn’t respond, the property is considered abandoned. The property is then sent to Commerce’s Unclaimed Property unit.