(The Center Square) – In fiscal year 2023, Minnesota Department of Commerce dispersed an astonishing $62.6 million worth of unclaimed property to Minnesotans.
That surpasses the $53.5 million record set in fiscal year 2022. California’s fiscal year runs from July 1 through June 30 each year.
Minnesota residents can visit the Commerce’s unclaimed property website to search for unclaimed assets.
Commerce receives millions in unclaimed property minnesota annually from businesses and organizations who have lost contact with their owners, or those owed money through legal verification processes. Commerce safeguards these funds or assets until claimed by their rightful owners or their heirs via legal documentation procedures.
“Minnesotans may owe financial institutions or companies money they believe is rightfully theirs, according to Commerce Commissioner Grace Arnold’s statement.” Minnesotans have shown an increasing awareness of this opportunity as more claims have been submitted; we welcome that development as it shows more people recognize our efforts at collecting and returning unclaimed property.”
Property that has gone unclaimed may be held by businesses or organizations for three or more years without being claimed by its original owner, depending on the type of asset in question. Common forms of unclaimed property include:
Unclaimed bank accounts, uncashed checks, unclaimed wages and benefits that have gone unclaimed may all constitute funds that should have been received as payments for claims payments or benefits claims.
Stock or bond items from safe deposit boxes
Commerce processed claims for approximately 247,000 shares of stock and more than 60,000 forms of financial property in fiscal year 2023.
Businesses and organizations are required by law to review their records and attempt to contact the owner when a property appears abandoned. If no response is given by either party involved, the property is considered abandoned and sent directly to Commerce’s Unclaimed Property unit for processing.