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Claims Process for Holders |
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main objective of the Unclaimed Property Division
is to reunite owners or heirs with their lost or
forgotten funds. Our goal is to process claims in
less than 90 days.
When we process a claim, proof provided by a claimant
is compared with owner information and property
descriptions provided by you, the holder. When preparing
your report, assume each owner you list is a potential
claimant. It is ESSENTIAL that you list on your
report all available information that identifies
owners and properties. Social Security numbers,
last-known addresses, property description, and
account or check numbers are items we use to verify
ownership during the claim process. Providing this
and other descriptive information on your report
will reduce the need for the Unclaimed Property
Division to contact you for more information during
the claim process.
The Unclaimed Property Division may contact you
for clarification or more information where ownership
of the account is uncertain.
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| Filing
for Reimbursement and Refunds |
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There
are two types of payments the Unclaimed Property Division
will make to holders after you have remitted your
unclaimed property. The most common type is a reimbursement;
the second is a refund.
Reimbursement: In this process, a holder decides
to pay an owner and then files a claim with the Unclaimed
Property Division for reimbursement. We encourage
you to use the reimbursement process for your customers.
We make every effort to respond to your request as
quickly as possible. The requirements for obtaining
reimbursement are: |
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1. |
Complete
and send a notarized statement to the Unclaimed Property
Division requesting reimbursement for specific amounts
and reference the year the property was reported and
the tax identification number under which it was reported.
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2. |
Attach proof of payment for each owner you paid (a
copy of the cleared item such as original cashier's
check with the endorsement of the owner or other proof
that the account was reactivated). After we
receive your reimbursement request and proof of payment
to the owner(s) we will mail a
reimbursement to you in about 2 to 4 weeks.
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Refunds: Refunds are made when holders overpay
on an unclaimed property report. The over-payments
are usually due to accounting errors or other mistakes.
To file for a refund, provide proof or explanation,
verified or notarized, of how the error was made.
A refund will be mailed to you in approximately 2
to 4 weeks. |
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| How
an Owner May File a Claim |
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| If
an individual's name or company name is on a list
published in the newspaper or an individual has reason
to believe the Unclaimed Property Division is holding
funds which belong to him or her, the individual must
file a refund claim. |
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The law requires the Unclaimed Property Division to
verify the claim. The documentation we require varies
with the type of property being claimed and whether
the claimant is an owner, an heir, or an officer of
a company. A signed and notarized claim form and copies
of personal identification are required proof for
all claims. Other documentation may be necessary.
The Unclaimed Property Division will research a name
and process a claim at no charge to the owner.
Note: We cannot provide personalized claim
forms to third parties. We must deal directly with
the claimant. |
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