For the Fiscal Year ended June 30, 2019, the Unclaimed Property Division:
Returned $56 million to 16,954 rightful owners.
Since 2019 we received $138 million in unclaimed property, of which $81 million was voluntarily reported by financial institutions and other businesses, $40 million resulted from the sale of securities, and $17 million resulted from examination of company records.
Deposited a net $63 million into the General Fund.
Contributed $12 million to the Citizens’ Election Fund.
Maintains a website with $912 million in escheated property for 1.6 million rightful owners as of June 30, 2019.
Holder Alerts (updated October 2019)
Due Dates: Holder reports for calendar year 2019 must be delivered and received within 90 days of the December 31, 2019 presumption of abandonment date, but no later than Monday, March 30, 2020. Holder reports must be received — not postmarked — by the deadline.
What is “Unclaimed” or “Abandoned” property?
Unclaimed property is usually money, and does not pertain to real estate of any kind, such as land or homes. Property is considered unclaimed if someone “other than the owner” holds the property and has not had any contact with the owner for a set period of time, usually three to five years for most types of property. Unclaimed property may include:
- Inactive savings and checking accounts;
- Uncashed checks, such as payroll or refunds;
- Forgotten telephone or utility deposits;
- Inactive stocks and bonds;
- Life insurance policy proceeds
How do Funds Become Unclaimed?
Funds are deemed unclaimed if there is no activity or contact with the rightful owner for a set period of time, generally 3 to 5 years. Before funds are transferred to the State, banks and/or companies must perform due diligence to find the owners. They must send a letter, by first class mail, to the owner at the last known address on their records. If the owner does not respond to the letter, the property is presumed abandoned and sent to the State Treasurer for safekeeping until the rightful owner comes forward to claim the funds.
Why is unclaimed property sent to the State?
Unclaimed Property is sent to the state annually by various institutions such as banks, credit unions, insurance companies, utilities and businesses in accordance with Connecticut General Statutes section 3-65a. The Treasurer is the custodian of this property until the rightful owner comes forward to claim it. Unclaimed Property is sent to the State Treasurer to protect your funds, centralize your search efforts in locating property you lost contact with and to prevent a windfall to the company or institution that initially held your funds. The State does not assume ownership of the unclaimed property. The property is held in perpetuity until the owner or heirs come forward to claim it.
Is there a time limit for making a claim?
No, there is no time limit for claiming property that rightfully belongs to you. The State Treasurer is custodian of the money and holds the funds until they are claimed by the rightful owner or their heirs. Property is held in perpetuity until it is claimed.
Is there a fee for claiming unclaimed funds held by the State?
No, it is absolutely free! If at any time you can prove the unclaimed property is yours, the Treasurer will return it to you without charge.
How can rightful owners prevent money from becoming unclaimed property?
- Keep accurate financial records, including a current record, in a safe and secure location;
- Keep a list of all bank accounts, stock certificates, broker accounts, insurance policies, utility and other deposits, and your safe deposit box number in a safe secure location;
- Correspond with all financial institutions and other account holders at least once a year. Make a deposit or withdrawal from each account at least once a year. Make sure all accounts at any one institution are linked together;
- Cash all checks for dividends, wages and insurance settlements;
- Respond to any mail or due diligence forms from the institutions that hold your money;
- If you move, notify all parties of your new address;
- If you stop receiving dividends on stock that you own, contact the company immediately;
- Notify a family member or trusted advisor of the location of your records.
How do I find out if I have unclaimed property and file a claim?
There are two ways to claim your money:
1. You may look for your name in the online listing through the Treasurer’s website, to search for your property and download a claim form anytime seven days a week, 24 hours a day.* Once you download and print a claim online, your name will no longer appear on the website. Or by Mail to our offices.
What documents will I need to verify that I am the rightful owner?
Typically all claims require copies of the following: 1) an original, notarized signature on the claim form; 2) copy of photo identification (i.e., driver’s license); 3) copy of social security number; 4) documents that verify proof of ownership, such as tax return, original check, or utility bill; and 5) any additional information thay may be needed depending on the type of property being claimed.
What does the State do with escheated funds?
Unclaimed Property receipts are deposited in the Connecticut State General Fund, in accordance with state law. The State never assumes ownership of the unclaimed funds. The State Treasurer is the custodian of these funds, which are held in trust, until the rightful owners come forward to claim the funds. Owner information stays in the database in the owner’s name until the rightful owner (or heir) claims the funds.
What does the state do to find unclaimed property owners?
Under Connecticut General Statutes, the State Treasurer’s Office is mandated to publish an electronic notice that new names of persons appearing to own abandoned property are available. This is an effective method of reaching Connecticut residents about unclaimed property.
What is demutualization?
A demutualization is the conversion of a mutual insurance company that is owned by its policyholders, into a stock company, that is owned by shareholders. The insurance company continues to exist, but its corporate formation and ownership are altered. Eligible policyholders exchange their ownership rights in the mutual life insurance company for common shares of the new company and rights consistent with those of a typical publicly-owned company. Shares are also usually offered to other investors in an initial public offering (IPO). But your policy rights are not affected you still retain your policy and its associated “contract” rights. Demutualization does not affect your policy benefits or affect your policy premiums.
How and why did the demutualization happen?
The management of the insurance company determined that the company’s policyholder interests would be best served by converting from a mutual to a stock company. They proposed a “Plan of Demutualization” that was approved by both a majority of policyholders and by insurance regulators in the insurance company’s home state.
How did my demutualization proceeds end up on Connecticut’s unclaimed property list?
If you were an owner of a policy bought from a company that changed from a mutual ownership to stock ownership, the process called demutualization, and you met certain eligibility criteria, you were automatically entitled to receive stock or cash distributed in the demutualization process. If the company could not locate you, the demutualization proceeds would have been turned over to the custody of the state, as required by the unclaimed property law, until the rightful owner can be located.
What happened to the insurance policy?
The demutualization impacted only the policyholder’s “member” rights in the mutual company; it did not change any policy, or contract rights. The distribution of cash or securities from the demutualization does not reduce the cash value or coverage of the policy, nor would it result in cancellation of the policy. Neither will it increase any premiums. You will also still be eligible to receive any policy dividends as declared by the new company.
How do I know if my insurance company has gone through demutualization? I have not heard from my insurance company, what should I do?
The State Treasurer’s Office urges individuals owning policies in any insurance company to correspond with the company directly at least once each year.
What is done with the original shares of securities that were reported to the Office of the Treasurer in my name? Why am I only receiving the proceeds of the sale of the securities?
The Connecticut General Statutes give the Treasurer the authority to sell securities. CT General Statute 3-68a (d) reads, in part, “The Treasurer may proceed with the liquidation of the property upon receipt”. Securities – stocks and mutual funds – are sold upon receipt and the rightful owner receives the proceeds.
Are unused Gift Cards sent to the State as unclaimed property?
A landmark 2003 Connecticut law made Connecticut one of the first states to provide consumers with important protections in the use of gift cards and gift certificates. In the past, prior to the Connecticut law, consumers would lose money from the value of gift cards and gift certificates due to monthly fees and other charges, and expiration dates. Public Act 03-1 (sections 66-84 inclusive) became law on August 16, 2003.
Gift cards and gift certificates purchased by shoppers in Connecticut cannot have an expiration date or incur inactivity fees. However, if gift cards are issued and administered by federally charted banks, Connecticut law does not apply. Federally chartered banks are regulated by the federal office of the Comptroller of the Currency (“OCC”). The OCC has stated that state laws like Connecticut’s Gift Card law do not apply to federally regulated banks.
US Savings Bonds
Each year, 25,000 payments are returned to the United States Department of the Treasury as undeliverable. In addition, billions of dollars in savings bonds have stopped earning interest, but haven’t been cashed.
Connecticut Teacher’s Retirement Board
The Connecticut Teacher’s Retirement Board (TRB) is attempting to find former teachers whose accounts are no longer eligible for any additional interest accrual and are deemed abandoned. The TRB has additional information on its website. for you to check and determine your eligibility to collect contributions.
The Unclaimed Property Division is responsible for safeguarding assets turned over to the Office of the Treasurer in accordance with state law, until the rightful owners are located. The primary objective of the unclaimed property program is to reunite rightful owners or heirs with their unclaimed property, which is remitted to the Office of the Treasurer by business entities after the business loses contact with a customer for a period of three to five years.
Unclaimed assets include, but are not limited to: savings or checking accounts, uncashed checks, matured certificates of deposit, stocks, bonds or mutual funds, travelers’ checks or money orders, and proceeds from life insurance policies.
A permanent record of reports of unclaimed property filed annually by holders of such property is maintained by the Division. Unclaimed property holders include banks, credit unions, insurance companies, brokerage firms, utility companies, and businesses. The Division prescribes holder report forms and monitors reporting by holders. Such assets must be reported and remitted within 90 days following the close of each calendar year.
These assets are held in the custody of the Treasurer until claimants come forward to claim their property.
All claims require the following documentation:
- A notarized signature of the claimant on the attached Claim for Abandoned Property form. If more than one owner is listed, all owners are required to sign the claim form
- Property detail sheet must accompany the signed and notarized claim form.
- Photocopy of the claimant’s Driver’s License.Photocopy of the Original Owner’s Social Security Card or other governmental document bearing the original owner’s social security number. If someone other than the original owner files the claim, a copy of that person’s social security card may be required.
If address field in the Property Detail section is blank or “Unknown”, a letter from the holder company stating that you are (or the original owner is) the rightful owner to the property is required.
Additional documentation required, if applicable:
- If the claimant is acting as POWER OF ATTORNEY for the original owner or TRUSTEE of a trust, submit a notarized copy of the original Power of Attorney or Trust Agreement.
- If this claim is being made on behalf of a BUSINESS (Corporation, Limited Liability Company, General or Limited Partnership) the claimant acknowledges that he/she is authorized to act on behalf of said entity and that the entity continues to exist. The officer signing the claim form must include a copy of their company identification. If a company identification has not been issued, then include a copy of the signatory’s driver’s license.
- If the business is dissolved, submit a copy of the Certificate or Articles of dissolution.
- If the business was sold, merged or closed, submit a copy of the appropriate documentation to show the activity.
- If one or more of the ORIGINAL OWNERS is deceased,
- Photocopy of the Death Certificate(s).
- An orginal Probate Certificate which names the claimant(s) as appointed personal representative of the estate of said decedent. Such Probate Certificate shall not be issued more than six (6) months from date of execution of the claim form, unless certificate specifies otherwise.
- If the property type includes a negotiable instrument such as, but not limited to, a cashier’s check money order, Treasurer’s check or gift certificate / gift card, the original document must be submitted as proof of ownership.
- If the property was reported under two names and only one person comes forward due to divorce, include a copy of the divorce decree as proof of ownership.
- The state reserves the right to require a Bond of Indemnity to process any claim.
- If you are the Original Owner and your name differs from the name displayed in the Property Detail section, please provide documentation showing your name change (i.e. marriage certificate, divorce decree, etc.).
- For Custodian Accounts please submit a copy of a long form birth certificate (showing parent’s names). The birth certificate is required if the child is under the age of 21 at the time a claim is filed. If the child has attained the age of 21 they must claim the property directly. Individuals under the age of 18 are not permitted to execute the release and indemnification document.
OUR OFFICE RESERVES THE RIGHT TO REQUEST ADDITIONAL DOCUMENTATION, IF NEEDED.
The Top 10 of Connecticut State Treasury Unclaimed As Feb 2020 by regions
Claim yours, If still is belong to you, go at the top page and follow the instructions above.
For more information please visit: treasurydirect.gov/indiv/tools/tools_treasuryhunt.htm
March 2020 Source: ctbiglist.com/index.asp