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Record $202.9M in Unclaimed Assets Returned to New Jersey Residents in FY23
New Jersey's Unclaimed Property Administration (UPA) sets a new record in asset recovery, with a robust outreach initiative promising a strong start to FY24.
The New Jersey Unclaimed Property Administration (UPA) broke its previous record in the Fiscal Year 2023, returning a whopping $202.95 million in assets to rightful owners from a total of 73,686 claims filed.
This success comes as an improvement on the UPA's previous record in Fiscal Year 2022, when it returned $164.13 million in assets based on 50,867 claims. To date, the program has returned more than $2.4 billion since its inception.
The UPA serves as a safeguard for property that has been lost or abandoned for three years in the state of New Jersey. This includes items like bank accounts, utility deposits, insurance payouts, and even tangible physical property.
New Jersey Treasurer Elizabeth Maher Muoio commended the UPA's efforts, stating, "Our team returning more than $200 million dollars during a time of inflation and economic uncertainty is a wonderful example of what public service can accomplish for our State."
In a bid to improve each year, the UPA carries out various outreach initiatives. These include mass mailings, media campaigns, and presence at state fairs, community centers, and other public locations and events. Collaboration with legislative district offices has resulted in reaching over 24,000 people in the past year alone.
The Administration further expanded its campaign by reaching out to the 350 municipal and county governments that have unclaimed property with the State. Within three weeks of initiating this outreach, over $1 million has been claimed by 135 different local government organizations.
Unclaimed Property Administrator Steve Harris said, "I'm thrilled with how many people have searched for free on our website, unclaimedproperty.nj.gov, or met with a member of our outreach team and found money that we've been holding for them."
Nearly 1 in every 10 people in the United States, amounting to approximately 33 million individuals, has unclaimed property. These can include unpaid life insurance benefits, forgotten bank accounts, utility deposits, and unused rebate cards. The UPA allows individuals to search for their property on its secure website, free of charge. Once approved, the asset is returned to its rightful owner, complete with interest.
The UPA encourages individuals to search for their names, maiden names, or the names of businesses or nonprofits on https://www.unclaimedproperty.nj.gov/ or www.unclaimed.org/ to see if they have any unclaimed property.
