SALT LAKE CITY — Nearly $180 million of "lost money" is waiting for Utahns to claim it as their own and put a smile on their bank accounts.
In a note to all Utah residents, State Treasurer Marlo Oaks urged people to log on and search for cash that is rightfully theirs, as unclaimed property has risen to record numbers.
"Lost money" is money owed to residents by a business, such as overpaid bills, dormant bank accounts, unpaid insurance benefits, or uncashed checks. If the rightful owner of that money is unable to be reached after three years, the cash is sent to the state's Unclaimed Property Division.
According to the Treasurer's office, "lost money" reported to the state last year hit $178.3 million, a massive leap from the $30-$60 million annually reported for nearly a decade before 2023.
Oaks said the increase in "lost money" stems from the "growing volume of new property," which adds more money to the system.
“The amount of unclaimed money reported to the state continues to grow as businesses improve compliance through better technology, streamlined reporting processes, and increased education," said Oaks. "This ensures more money is available to be claimed by rightful owners, and we are committed to building the capacity needed to keep pace.”
Last year, $43.4 million was returned to Utahns.
