For Immediate Release
July 20, 2022
Communications Director & Public Information Officer
Colorado Treasurer Dave Young Wants to Return $65 Million to Colorado Springs Residents
Almost $100 million in El Paso County available to be claimed
COLORADO SPRINGS, COLORADO: In the city of Colorado Springs alone, there are 576,662 claims available, representing $64,930,768 in cash, 433 tangibles from safety deposit boxes, and 36,731,451 shares available.
In El Paso County, there are 886,027 claims available, representing $97,560,579 in cash, 626 tangibles from safety deposit boxes, and 48,468,427 shares available.
“There’s a chance – at least 1 in 10 – that there’s unclaimed property, like gift certificates, unpaid wages, or uncashed checks, with your name on it. And the Great Colorado Payback wants to make sure that you’re reunited with your money,” Dave Young, Colorado State Treasurer and former President of the National Association of Unclaimed Property Administrators said. “It only takes 30 seconds to check colorado.findyourunclaimedproperty.com to see if you have money waiting to be claimed.”
The Great Colorado Payback
Last fiscal year, The Great Colorado Payback returned almost $43 million to 23,462 claimants through the Unclaimed Property Division, and instituted new rules to simplify the claims process, including launching a pilot program which proactively returns funds.
Even businesses lose track of property and payments, occasionally resulting in unclaimed property which can be claimed. Corporations, municipalities, schools, nonprofits, hospitals, and small businesses are also listed among the many individuals whose assets are in the possession of the State.
Money or property turned over to the State Treasury for safekeeping is held for the owner or heir of the account and there are no time limits for filing a claim. The Colorado State Treasurer currently maintains a list of over 1.7 million names of individuals as well as businesses for whom property is available.
Go to colorado.findyourunclaimedproperty.com to search for unclaimed property for individuals, nonprofits, and businesses.
Unclaimed Property Laws
Unclaimed Property laws began in the United States as a consumer protection program and they have evolved to protect not only the owners, but also their heirs and estates. Unclaimed property is tangible or intangible property that has had no activity for a specific period of time. Unclaimed property includes, but is not limited to, abandoned financial assets such as stocks and dividends, mutual funds, checking and savings accounts, unpaid wages, securities, life insurance payouts, uncashed checks that are without activity for a certain period of time, as well as the contents of safe deposit boxes for which the rent has been expired for at least five (5) years. It does not include real estate or vehicles.
The organization holding the original obligation is required to make every effort to contact the owner and establish activity. If they are not able to make contact, that asset is reported to the state of the owner’s last known address.
Once the property is in the custody of the state of Colorado, outreach begins through mailings, the website, advertisements, and local media coverage.