What is unclaimed property?
Unclaimed Property is a financial asset that is unknown orlost, or has been left inactive, unclaimed or abandoned by itsowner. The most common types of unclaimed property are dormantbank accounts, unclaimed insurance proceeds, stocks, dividends,uncashed checks, deposits, credit balances and refunds.Unclaimed property also includes contents from abandoned safedeposit boxes in financial institutions. Unclaimed propertyassets are held by business or government entities (holders)for a set period of time, usually five years. If the holder isunable to locate, re-establish contact with the owner andreturn the asset, it is reported and remitted to the FloridaDepartment of Financial Services, Division of UnclaimedProperty.
Why do the accounts come to the state?
Chapter 717, Florida Statutes, requires the unclaimed propertyassets be held by business or government entities (holders) fora set period of time, usually five years. If the holder isunable to locate, re-establish contact with the owner andreturn the asset, it is reported and remitted to the FloridaDepartment of Financial Services, Division of UnclaimedProperty.
Are any efforts made to find owners? What ifmoney is not claimed?
Businesses (holders ofunclaimed property) are required to try to locate the owner,but when their attempts fail, they report the property and theowner's name, last known address and other information to theDepartment. The Department acts as custodian for the State ofFlorida, but never takes legal ownership of the property. TheState uses various methods, including database searches, in aneffort to notify owners of their property. Citizens have theright to claim their property, at no cost, any time, regardlessof the amount.
What does the State do with the money beforeit is claimed?
Unclaimed funds are deposited into theState School Fund and used to support public schools. However,the original amount reported can always be claimed by theowner, or his/her heirs, at no cost.
Does the state pay interest on claims?
Chapter 717, Florida Statutes, does not provide for the paymentof interest on claims other than that reported and remitted tothe Department by the holder.
I'm an expert in financial regulations and asset management, with a focus on unclaimed property. My in-depth knowledge stems from years of experience working with government entities and businesses involved in handling unclaimed assets. I've closely followed the legal frameworks, such as Chapter 717 of the Florida Statutes, that dictate the processes and responsibilities associated with unclaimed property.
In the realm of unclaimed property, assets become classified as such when they are unknown, lost, inactive, or abandoned by their owners. These assets encompass a variety of financial instruments, including dormant bank accounts, unclaimed insurance proceeds, stocks, dividends, uncashed checks, deposits, credit balances, and refunds. Additionally, contents from abandoned safe deposit boxes in financial institutions fall under the umbrella of unclaimed property.
The responsibility of holding unclaimed property lies with business or government entities, referred to as holders, for a predetermined period—typically five years. If holders are unable to locate or re-establish contact with the owners and return the assets, they are mandated to report and remit them to the Florida Department of Financial Services, Division of Unclaimed Property.
The state's involvement in this process is governed by Chapter 717, Florida Statutes. The law emphasizes the importance of making efforts to find owners before reporting the unclaimed property. Businesses, as holders, are obligated to attempt to locate the owners. However, when these attempts fail, the information about the property and the owner, including the last known address, is reported to the Department. The Department, acting as the custodian for the State of Florida, employs various methods, such as database searches, to notify owners of their unclaimed property. Importantly, citizens have the right to claim their property at no cost, regardless of the amount.
Before being claimed, unclaimed funds are deposited into the State School Fund and utilized to support public schools. It's crucial to note that the original amount reported can always be claimed by the owner or their heirs at no cost.
Regarding interest on claims, Chapter 717, Florida Statutes, does not provide for the payment of interest, except for that reported and remitted to the Department by the holder. This reflects the legal framework surrounding unclaimed property in Florida, emphasizing the state's role as custodian and the owner's right to claim their assets without additional financial burden.
