The state of Utah has launched the MyCash Now program, a Utah Unclaimed Property Division system that allows Utahns to receive reimbursement for lost or forgotten money without filing a claim. Utah Treasurer Marlo M. Oaks announced the start of the program that the division said could result in up to $65 million being automatically mailed to Utahns by the end of the year.
“This is the most significant development in Utah’s unclaimed property history since the Unclaimed Property Division was created in 1957,” said Oaks. “Under the new program, we’re able to return more unclaimed money to rightful owners with a reduced risk of fraud and less hassle for Utahns.”
Legislation passed in the Legislature’s 2023 general session authorizes the division to cross-check databases, proactively locate certain types of unclaimed property owners and automatically initiate payment without the need for additional paperwork. Under the MyCash Now program, Utah Tax Commission data and Utah Unclaimed Property Division data are securely matched to verify an owner’s identity and recent address. The state treasurer can then automatically issue a check to rightful owners who are owed $2,000 or less without requiring them to file a claim.
The division recently began mailing 135,000 letters to individuals and businesses matched through the program. The letter asks owners to review the name and address listed on the letter. If this information is correct, no other action is required to receive the funds and a check issued by the state treasurer will be mailed to them after six weeks. If any information is no longer accurate, owners can contact the division to provide proof of a new corrected address. Notice letters will not be forwarded to a new address if the owner has moved, even if their mail is being forwarded. When the division receives a returned letter from the United States Post Office, the address is identified as undeliverable and a check will not be mailed to the owner. In these cases, the division will attempt to identify a new address and start the process over again in a subsequent round of mailings.
Owners with more than $2,000 of unclaimed property matched through the program will receive a letter notifying them that the division has property belonging to them valued at more than $2,000. They will need to submit a signed claim form and, in some cases, additional documentation to receive their property.
When a business owes money to an individual it cannot find, it remits those funds to the state’s Unclaimed Property Division after three years of non-contact with the owner. Unclaimed property comes from sources like dormant bank accounts, overpaid medical bills, uncashed checks, safe deposit box contents and unpaid insurance benefits. The division has returned $417.5 million since its inception.