Is your money in Washington State? It’s possible.
If a business loses contact with a customer for an extended period of time, some unclaimed money, such as security deposits, uncashed wages, and the contents of bank accounts and safe deposit boxes, may be turned over to the state for safekeeping. It will be.
Last year, Washington’s Unclaimed Property Program received a record amount of funding and is set to hold it until the owners claim it. According to a new Department of Revenue report, $2.2 billion is now claimable.
Unclaimed property is often considered lost, forgotten, or abandoned.
From July 2023 to June 2024, the Washington program received a record $365 million in unclaimed property. This comes from approximately 12.4 million properties.
But don’t worry, Washington isn’t just holding on to this money without trying to return it. Last year, the program achieved an all-time record for returning properties to their rightful owners.
About 42% ($154 million) of the amount received last year was returned. This is an increase of approximately 11% over the previous year.
Part of last year’s return success was due to the state’s money match program, which became law in 2022. The program uses LexisNexis data to verify ownership and return the property without the owner having to do anything.
Despite last year’s record profits, about $2.2 billion is still claimable.
The national program deals primarily with cash and not with most physical assets such as real estate or vehicles.
To find out if the money is yours, visit the Department of Revenue’s Unclaimed Property page and enter your information. If you have property in the program, you will be asked to fill out a claim form and provide identification.
