Notices Sent to Owners of $9.2 Million in Unclaimed Property
Last week, the Department of Revenue (DOR) began the process of sending unclaimed property checks worth $3.3 million to over 32,000 people matched with unclaimed property. Additionally, the department sent 750 letters to potential claimants for unclaimed property worth an estimated 5.9 million. If all they all respond, the payout will be worth a total of $9.2 million.
“We want to match owners with their property,” says Department of Revenue Secretary Peter Barca. “Consider yourself fortunate if you receive one of these letters or checks because it means that we were able to match you to your unclaimed property. Be sure to follow the instructions and claim what is rightfully yours. Our goal is to match all unclaimed property to its rightful owner.”
- CHECKS: If the matched unclaimed property value is $2,000 or less, you will receive a check that you may cash because DOR has already verified you are the owner of that unclaimed property.
- LETTERS: If the matched unclaimed property value is more than $2,000, you will receive a letter with instructions on how to claim the property. Follow the instructions on the letter to make an official claim.
In June 2015, DOR launched the matching program. It makes the process more efficient and benefits those taxpayers who may not even be aware they have unclaimed property. In total, the agency has returned $37.4 million in unclaimed property since 2015.
Unclaimed property includes funds from savings or checking accounts, uncashed dividends, insurance policies, or other accounts that the owner may have forgotten. Institutions such as banks, credit unions, insurance companies, and other businesses are required to report unclaimed property to the department each year by November 1. The department then holds the property for safe keeping until it is claimed by the owner.
Visit DOR’s Unclaimed Property webpage for more information about the program. You can also search an online database for unclaimed property in Wisconsin.