JKB Ep. 35 — Unclaimed Property

In this episode of Joe Knows Better, Joe Ducey learns more about the Arizona Unclaimed Property Program, a service run by the Arizona Department of Revenue (AZDOR) to safely hold and return lost assets to their rightful owners. Guest Rebecca Wilder from AZDOR explains that unclaimed property can include inactive bank accounts, uncashed payroll or tax refund checks, security deposits, and items from abandoned safe deposit boxes (such as gold, silver, jewelry, and unique collectibles). The state receives the property after the original holder (like a bank) has been unable to locate the owner for about three years. AZDOR currently holds a staggering $2.7 billion in unclaimed property for Arizonans, holding physical items for about three years before auctioning them, but keeping the sale proceeds for up to 35 years. The most crucial takeaway is that the program is completely free to search and file a claim. If contacted about unclaimed property, listeners should be highly suspicious of any communication—especially phone calls or emails—that asks for an upfront fee or personal information, as the only legitimate communication method from AZDOR is currently postal mail.

Key Takeaways

• $2.7 Billion Held: The Arizona Department of Revenue is holding approximately $\$2.7$ billion in unclaimed property.
• Property Types: Assets include uncashed checks, forgotten deposits, inactive bank accounts, and items from safe deposit boxes.
• Free to Claim: It is absolutely free to search for your name and file a claim on the official AZDOR website.
• How to Search: Visit azdor.gov (or use the national database missingmoney.com) and search using your name and city.
• Scam Warning: AZDOR primarily contacts people via postal mail. If you receive a call or are asked for an upfront fee to get your money, it is a scam.
• Auction Proceeds Kept: Physical items are held for three years before being auctioned, but the money generated from the sale is held for the rightful owner for up to 35 years.