For Immediate Release
Communications Director & Public Information Officer
Colorado Treasurer Dave Young Wants to Return Almost $1.5 Million in Cash to Gunnison Residents
Almost $2.5 million cash in Gunnison County available to be claimed
GUNNISON, COLORADO: In Gunnison alone, there are 12,430 claims available, including $1,477,627 in cash, 32 items from safety deposit boxes, and 953,026 stock shares available.
In Gunnison County, there are 21,358 claims available, including $2,490,667 in cash, 7 items from safety deposit boxes, and 14,068 stock shares available.
“The Great Colorado Payback wants to make sure that you’re reunited with your money. And 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,” 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 year, The Great Colorado Payback returned almost $50 million to nearly 55,000 claimants through our Unclaimed Property Division. To simplify the claims process, a pilot program which proactively returns funds was started, returning $4.1 million to 13,700 rightful owners without requiring additional paperwork for identification purposes. The average claim last year was $1,832. To date, the Great Colorado Payback has reunited over $600 million to their rightful owners.
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.