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Dept. of Revenue looking for rightful owners of unclaimed property worth millions

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Posted at 10:54 AM, Mar 04, 2021
and last updated 2021-03-04 11:54:39-05

MADISON (NBC 26) — The Wisconsin Department of Revenue (DOR) is looking for rightful owners of unclaimed property worth millions, and has already matched about $8.2 million in unclaimed property to its rightful owners.

The department will be sending out letters this month in an effort to help people recover their unclaimed property. The department will mail 700 "notice of unclaimed property" letters in March worth more than $5.5 million to claimants it matched with property worth more than $2,000. The letters will inform claimants of the property in their name with instructions on how to claim it.

Also, during this time, DOR will mail $2.7 million in checks automatically to over 26,000 claimants matched with property worth $2,000 or less. Checks automatically distribute when the amount is $2,000 or less.

This annual process done by DOR—the state's regulatory holder of unclaimed property—locates, verifies and delivers property to its lawful owners.

$625 million still unclaimed

Beyond the $8.2 million in matched claims is another $625 million yet to be claimed by the many thousands of potential claimants listed. An unclaimed property search on the DOR website takes seconds and is available to everyone.

Unclaimed property includes funds from savings or checking accounts, uncashed dividends, insurance policies, or other accounts that the owner may be unaware of or forgotten. Banks, credit unions, insurance companies and other businesses must report unclaimed property to DOR each year by November 1. The property is held by DOR for safe keeping until the owner claims it.