Last fiscal year, the unclaimed property program of Tennessee’s Department of Treasury processed 78,000 claims, resulting in the return of approximately $63 million to rightful owners. Surprisingly, many of these individuals were unaware that they were owed this money.
Businesses, organizations, and other groups turn over money to the state when they are unable to locate the rightful owner. They have a specific timeframe within which to locate the owner before surrendering the property to the state for return through the unclaimed property program.
According to Shelli King, the director of communications for the Tennessee Department of Treasury, unclaimed property includes various items that were never returned to their rightful owners such as a lost paycheck, a utility refund, or an insurance refund. These are things that should have been rightfully returned to you but never reached you for some reason.
King states that the Tennessee Department of Treasury initiated its unclaimed property program in the 1970s, and presently, there is over $940 million in cash that is yet to be claimed by the lawful owners.
King expressed that when the program was initially discovered by people, there was a sense of disbelief, with many questioning if it was real. However, as more and more people became aware of the program and gained a better understanding of it, the response has turned into joy. People are excited to have found the program as many of them were unaware of the money they were owed.
According to King, the number of claims filed has increased despite a slightly lower dollar amount returned this fiscal year compared to the previous one. This may be attributed to the launch of a new portal that has made it more convenient for claimants to file their claims.
According to King, the simplicity of the claiming process has encouraged individuals to pursue lower dollar claims that they may have overlooked in the past. “People are now taking advantage of the ease of claiming and are submitting claims for smaller amounts, such as $25 or $15, which they might not have bothered with a few years ago,” he explained.
The Tennessee Department of Treasury has been making efforts to assist individuals in claiming their unclaimed property. They have been traveling to various events throughout the state to provide their services. One of the beneficiaries of this effort is Pamela Routh, who was able to claim $1,285.26 in unclaimed property.
Routh expressed his surprise to the TN Dept. of Treasury that his mother’s estate had accumulated a significant amount of money, approximately $1,200, over the last 10 years from small dividends. “Who would’ve thought?” he exclaimed.
Claiming your money through the state is completely free. To get started, simply click on the provided link or type in “ClaimItTN.gov” in your browser and search for your name.
The state of Tennessee primarily deals with unclaimed money through its program. However, they also make an effort to return military medals and decorations to their rightful owners as tangible items.
