New Jersey Treasury Urges Residents to Reclaim $6.3 Billion in Unclaimed Assets
February 1 Marks Unclaimed Property Day: A Chance to Recover Forgotten Funds
MORRISTOWN, NJ – On Unclaimed Property Day, the New Jersey Department of the Treasury is calling on citizens to check for forgotten assets. Almost 33 million Americans, including many in New Jersey, might have unclaimed properties such as dormant bank accounts, unpaid insurance benefits, and unredeemed utility deposits.
Assets become "unclaimed" when there's no activity for years and the owner remains unreachable. The State's Unclaimed Property Administration (UPA) is currently holding a staggering $6.3 billion in such assets.
State Treasurer Elizabeth Maher Muoio highlighted the UPA's efforts: “Our Unclaimed Property Administration works diligently year-round to safeguard and reunite people with unclaimed assets,” she said. "UPA has broken its own records for returning property to rightful owners for two consecutive years."
UPA Administrator Steve Harris shared the joy beneficiaries feel upon discovering and reclaiming their assets. He encourages the public to search for potential unclaimed properties on the UPA website, noting that these funds can make a significant difference in people's lives.
“One quick search on our website can reunite people with property they’d entirely forgotten, or didn’t know they had,” said UPA Administrator Steve Harris.
The process of searching and claiming unclaimed property is free on the official UPA website. In contrast, some third-party services may charge a fee for similar services. The website allows searches under various names, including maiden names and business or nonprofit names.
In the fiscal year 2023 alone, the UPA set a new record by returning $202.95 million through 73,686 claims. This achievement surpassed the prior record of $164.13 million returned in 2022. Since its inception, the program has returned over $2.4 billion to rightful owners.
Residents can visit the Unclaimed Property Administration's website for more information and to conduct a free search for any forgotten assets.