Unclaimed Money in Utah

Initiating a search online

To start the reclamation process in Utah, you’ll first need to locate the unclaimed property. Here’s how:

1. Access the MoneyBot5000 website dedicated to unclaimed property.
2. Conduct a search using your name or the name of your business.
3. After identifying potential property, verify the details and follow the prompts on MoneyBot5000 to start the claim process. This typically involves verifying your identity and providing additional information to confirm ownership

Claim validation

Once you’ve found your unclaimed property, validating your claim is the next crucial step in the process of retrieving your assets. The required documentation may vary, depending on your relationship to the property (original owner, heir, business representative, etc.) but commonly required documents include:

• Proof of identity: Typically a government-issued photo ID (e.g., driver’s license, passport).
• Proof of relationship to the property: Estate documents, if claiming as an heir, or incorporation documents, if claiming on behalf of a business.
• Documentation supporting the claim: Proof of address or historical records linking you to the unclaimed property.

Claiming in Utah

Unclaimed money regulations in Utah

Escheat laws are the regulations governing how unclaimed property is managed when it cannot be returned to its rightful owner. In Utah, these laws are crucial for ensuring that the funds from dormant bank accounts, uncashed checks, and various other financial assets are not permanently lost.

Legal obligations for reporting unclaimed money

Utah law mandates that businesses conduct an annual review of their financial records to pinpoint any unclaimed funds or securities.

If a business discovers it is holding assets that qualify as unclaimed property, these assets must be reported to the Utah State Treasurer’s Office, specifically the Unclaimed Property Division.
The review period for submitting unclaimed property in Utah runs from July 1 to June 30.

Non-compliance with these legal responsibilities can have significant repercussions for businesses. These can range from fines and penalties to other legal actions.

For entities operating outside of Utah but holding property or assets owed to Utah residents, compliance with the Utah Unclaimed Property Act is mandatory.

Before reporting and transferring unclaimed property to Utah, it is required by law for entities to make reasonable efforts to contact the owners, such as sending a written notice to the last known address.

If the property owner’s last known address is in Utah, then the property is reportable to Utah. If the owner’s address is unknown, the property should be reported to the state where the business holding the asset is incorporated.

Claim your unclaimed money in Utah